Reporter and farmer. [volume] (Webster, Day County, Dakota [S.D.]) 188?-1946, 1896-10-01

lan,atioa scn governor, to Issue a pror.
.anna.lon OF thanksgiving for bounteous phor-
vests? There is wealth bara = nar-
tne urge cities. The Highways ara an
Win ramps. Men don't tramn from oha,oa
~ %o' AFTER the passage of tho Shermon
49, mere were no tramps. We have tha
haehinery; we have the hands IN yvorl,
m yut we nave ceased to have customars
profit. y" PROMISES a
who VIII build this wear wbon 49,,
every prospect that he can pnild ehaands
neat year! What Is the use of star,,na
MN or opening a farm or estohIi.hins
s.oie Wheh the prospect Is that Won can IA
- .heaper next yearI Falling prices Is tho
ueierfihg influence. My friend will snr
lnat II Is lack Of confidence. Confidence IN
viii In our money? Isn't our money good
ianr 20 goes deeper than that. 1t Is
am OF coincidence In business itself Tb.,
the "0u 'onnuence Is
~, Hope of Profit.
the reasonable expectation az ,o,, M
- hohe when prices Of everything are 20.
ing Gown, down, down. Nv frinnd &C..
.nat TINS condition has come 10 stov and
that nothing will help 1t except war 7 te,i
you, my friends, this is a doctrine | daniora'
:. IS tne doctrine of despair. We ara not
v heipiess' humanity will not allow itsoIf
- e',oy'a' III Is not rational. | be-
heFe that human development has IFS ,est
opportunity In times of neace ana 80 ~
.,mes Oh war, | say that peace Is the time
~ ougnt TO bring better prices.
ne VIII tel you that credit goes n greot
Ways 90 IL does. We all know that credIt
cuts a great figure in the production of To-
uay: III Is all carried on practicable an
hn.aua' un'ess II be farm production, and the
banks are the cornerstone of nroductinn
nltu are cOIlnplln1 70 Itga1... n
Inc amount Of credit possible denends n,on
,ne oahk reserves. You can't do business
III u pahk on confidence. The banker has bIs
reserve. anu when times are good no con-
roam closer down to the % per cent reserve
Wnich ne Is compelled by law TO keen
"heh times are bad and confidence Is Lack
~ ,"e uahh must Keep a larger reserve on
hahu Ihat Is all that confidence amounts
10. lou can't have credit without having
actual money back of IL. 1t can't be other.
wise, ana IT isn't otherwise. Credit is based
upon the bank reserves, and they depend
upon the amount Of money in the world III
there Is TOO little money, our bank reserves
are not sufficient 10 furnish a basis for the
credlt necessary to do the business of the
world. N
I'm the spring 1t was heralded abroad
that the factories were again starting but
when wages had to be paid, and i'm cash
ana the balk reserves were lowered by the
necessary withdrawal OF cash, credit col
la?sed, and here we are in the dumps again.
For the last three years we have had a
panlcky condition, every thirty or sixty
aass' when the banks were calling in their
ioahs 10 repienlsh their reserves. We have
been trying 10 do business on too small
reserves. There has been less money rela-
lively 10 an increasing business and prices
have shrunk TO keep within the limitations
or TOO small an amount Of money. IL Is
an absolute impossibillty to keep on doing
business at prevailing prices. They must
go lower or the amount Of money must be
Increased.
'My friend will refer TO the effect of i'm
proved machinery In decreasing prices. l
haven't heard Of any improved methods In
fattening pigs or in feeding calves.
I'm some lines OF farm production there
are improved methods, but 1t Is not true
in all. Prior TO 1913 we had some Of these
improved methods, but prices continued 10
rise. ! will tell you why. When the
gold fields OF California were discovered
and that immense production began to flow
into the channels OF trade TO help silver
bear the burdens there was up TO 1873 more
money. a larger basis for credit and prices
rose. The production Of the precious metals
increased with production of property.
Now all we need TO restore that condition,
or partially restore ii, is TO restore silver 10
It's position as money, TO do the work 1t
had done. side by side with gold, since
the dawn of the worlds history. That is
what Is needed.
II ask the professor to tell you why silver
was demonetized. Let him give you some
reason for 1t. | don't care whether il was
a crime or not, but IL was done. | ask him
TO name one American statesman who has
claimed the credit for doing this great
thing, If the demOnctiZation of silver was a
great thing. Every man who hal anything
TO do with Ii has pleaded ignorance or apol-
oglzed for being in public life at the time.
The condition which afllicts us is world
wide. No patchwork bank act will help us.
| contend that the restoration of silver to
its old place Is the only thing that will
help us. The increased purchasing power Of
the dollar is the result OF the demonetiZa-
ton Of silver. That was done by law, ana
the way TO undo II Is by law. My friend
believes In q dollar which is constantly in
c~reasing In value, a policy which makes
property cheaper and money dearer. l
want 10 ask him IL he believes In a standard
of deferred ymen that makes the bur-
den OF the debtor larger and more burden
some. IL you do not. how do you and your
party propose TO remedy the existing con-
ditionF'
McCIeary I'm Reply.
Congressman McCleary was then intro
duced aud was greeted as warmly as MS
predecessor, His address was so full OF
''meat" that scant justice can be done IL
I'm any condensation Of his remarks. He
said In brief: =,
F~ellow-Citizens and Friends: My friend
has carefully concealed from view the rene
DIV for the evils he has so graphically re-
vealed. The fundamental complaint Is that
things don't cost SO much as they used TO.
7 remember that in 1870 n hand rake reaper
cost more than a selfbinder does to-day.
I remember TO have sold myself two mar
yesters that cost me $40 and 500. Calico
used 10 be % cents n yard. 1t Is now 4 or
Z cents. but we don't hear any complaint
about that sort of falling prices.
81 was surprised at one OF MS questions.
He asks you whether you would NOT nhe
Things you don't have. He falls TO dls'ih-
puish between desire and a business ue-
mand. He complains that the products OF
the farm are too low. Four years ago they
asked YOU 10 look at the high prices OF What
Won bought and never said a woru aoou,
nrices of what you sold. Now they can
yonr attention TO the prices or what you
seII but never say a word about what you
buy. u,.b him
al nropose to take issue squarely Win him'
No Is thinking about the prices since lo9.'
sinca tho party with which he Is now ami
ating has been In power. / will ask you 10
look at prices before that time. MS Whoie
orpument Is that there Is not enough ihoney
and I'm consequence prices nave iai'en.
deny both propositions. In 1917, the year
before .stbe awful crime" there was IN tue
c.a.o, S=o2 900 OOO OF actual money,