The herald., 1896-09-27
HISTORIC SPEECH OF
WILLIAM P. ST. JOHN
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Many requests have been made that
The Herald reprint the speech Of Will
lam p. St. John Of New York upon TAX
National Silver party. Following is the
full text Of the speech:
Gentlemen OF the Convention: The
skill and efficiency of your labors in the
past have been rewarded by the adop-
ton of your demand for legislation by
two great organizations of the people,
namely, the Democracy and the Peoples
party. II now you are able to induce
coalition of these two organizations for
the one purpose, the desired achieve
ment on behalf Of the people will ensue
Assuming then that you will prevail
upon those patriots calling themselves
the Peoples party to indorse the nomi-
nation Of Bryan and Sewall, 1t is advis-
able to warrant the desirability of the
end in view.
1t is among the first principles in
finance that the value of each dollar eX-
pressed in prices, depends upon the to-
tai number of dollars in circulation. The
plane of high prices is high when the
number of dollars in circulation is great
in proportion to the number of things to
be exchanged by means of dollars, and
low when the dollars are proportionate-
ly few. The plane of prices at present
and for some time past is and has been
ruinously low. The increase Of our pop
ulation at about two millions q year.
scattered over our immense territory,
calls for increasing exchanges and there
by demands an increasing number Of
dollars in circulation. The increase in
the number of dollars when dollars are
confined to gold is not sufficiently rapid
to meet the growth of our exchanges
The consequence is a growing value of
dollars, or diminishing value of every
thing elese expressed in dollars, which
is to say, tendency toward constantly
declining prices.
The fountain head of our prosperity
has run dry. Our farmers all over the
country have endured the depression in
prices until they get about sS or SO an
acre for an expenditure of $40 per acre,
and the like. Their credit is exhausted
at their country stores. The country
store ceases to order from the city mer-
chant, the city merchant reduces his de-
mand upon the manufacturer. Manu-
features are curtailed. The consequence
is that employees and all elements of Ia
Dor are being discharged, and the wages
are lowered to those who continue in
employment. The sufferings of the
farmers, who constitute nearly one-half
our population. is thus enforced upon
the city merchant, the manufacturer and
all forms of labor. These combined ele-
ments constitute the overwhelming ma
jority Of voters. Their intelligent con-
clusion will be felt when expressed at
the polls
The banker, also, is without prosper
ity unless prosperity is general through
out the United States. He must learn
to distinguish between cheap money and
money commanding low rate of inter-
est. The dollar worth two bushels Of
wheat is dear dollar, and yet it COM
mands interest In Wall street at present
of but per cent per annum on call. If
the dollar can be cheapened by increas-
ing the number of dollars, so that each
dollar will buy less wheat, the increasing
price of wheat will increase the demand
for dollars to invest in its production.
Then the borrower of dollars to invest in
the production Of wheat, being reason
ably sure of profit from that employ
ment Of the money can afford to pay in
terest for it's use as part of his profit.
In other words, in rterest is share of the
profit on the employment of money. So
that abundant money, money readily
obtainable, which is to say really cheap
money, is the money which commands