The copper country evening news. [volume] (Calumet, Mich.) 18??-1907, 1896-10-08

or can again spend money nc the store, can
again spend money at the shop, spend
money at the college. spend money In trav-
FL, there will como universal activity. The
manufacturer will again find a market for
what he makes, and labor will be employ
sd, and the tendency will be On revive uni.
versal activity and prosperity.
Mine Owner and Farmer.
Like the common run of gold standard
orators. Mr.. Schurx appealed to the preju-
dice Of his audience by bringing In the
mythical rich mine owner. Now, there srs
two things to be said In regard 10 the
mine owners. First, q rict mine owner IL
largely n myth. They are all In distress.
Second, the price Of the mine owner prod
uots has not fallen any more than have
the prices Of farm produotA They stand
exactly on the same level AS measured
by gold silver sells for Just one-half what
II did, and that is true on an average Of
all farm products The mine owner has
an enormous advantage over the farmer In
breasting the hard times In this, that
when he finds that IL doee not pay 20 oper>
ate his mine he simply shuts II up, and
the people who suffer directly are the labor
ers who are thrown out Of employ mont
But the farmer cannot stop farming No
matter how low products go In price, the
farm has 20 20 on as before. He must sup
port his family there. He must make his
taxes He Is obliged TO 60 on cultivatins
his farm and raising more products whether
they bring him big prices or little price.
So that the mine owner In the hrst In
stance does not suffer as much az the farm
er and can protect himself In . manner
that the farmer cannot Therefore In the
future would suggest 10 the gold stand
ard orators that they drag In the rich farm
or and use him ~ bugaboo, a. the man
who Is going 20 profit by the restoration
Of silver. But to show the utter want OF
consistency, II not Of good faith, call your
attention 70 the fact that throughout the
whole Of Mr.. Schurz's speech he speaks Of
a 90 cent dollar. He Describes the condi-
tons that are going to exist after Mr.. Bry-
an Is elected and after the now regime has
been introduced, and he tells you how sill
YER dollars will be worth only 90 cents un-
der the new order Of things and the great
injustice that win be done 20 creditors ny
giving them dollars that are worth In tho
market only so cents He dwelis on this
In q manner that Ii pathetic, and. strange
to say. he does this after having told his
hearers that the mine owner was the man
who was 10 be made enormously rich by
the restoration Of silver. Now, II the mine
owner In to be made rich, IL will have 90
he by raising the price Of silver In the mar
ket. and, II by reason Of the increased de-
mand for silver and It's use again a. mon
ey tho price of silver rises In the market,
then there will he no 90 cont dollar II all
Of the new silver dollars can be used To do
~ hat Anla
would do, then IL is self evident that the
gold dollar will have to como down from
its high perch and be worth no more than
o silver dollar.
Savings Banks.
During the last few years we have heard
q great deal about the deposits IN savings
banks increasing. This allegation, like
that Of the rich mine owner and tho 30
cent dollar, is constantly harnessed up
and made 20 do duty by the gold standard
people, and one would get the impression
that instead of stagnation In industry and
In business In this country there was the
greatest activity and that all of our people
were employed and TINT everybody was
happy. But the fact Is that, inasmuch rs
the savings banks pay high rate OF Inter
est, higher than the ordinary commercial
banks do upon deposits, people of large
means In many cases deposit their money
I'm the savings banks rather than in the
commercial hanks. They do this because
money cannot be used profitably In bust
ness, and as they do not desire TO loan II
permanently they put IL into the savings
bank, where It can be withdrawn OH short
notice and where in the meantime they
get the highest rate Of interest, - that
instead of the large deposits In savings
banks at present being an indication that
we are prosperous or that our laborers are
employed they show I'm themselves that
capital cannot be prontably or safely used
In business OF In manufacturing or any
Of the great industries OF this country.
Panic Of 1893.
Mr. Schurz attributes the panic OF 1898
to the fact az he says: The grave doubt
arising In the public mind whether the
government would be able TO maintain
the gold standard. We were then within
a hairbreadth OF a very widespread bank
ruptcy Of the banks, and only the wisest
management and the utmost efforts of the
clearing houses prevented H." Now. Mr.
Schurx is entitled to credit for being the
only man In the world who made the dis
oovery that the panic Of 1898 was brought
about by the cause he named, and he II
entitled 10 the greatest credit because OF
the fact that he never ran hank or .
business or a manufacturing establish
ment or q suilroad and was never engaged,
% far ~ We know, In any commercial
business. He had an established reputa-
tion ~ q rhetorician and as q man who
could make an equally good speech on any
side Of any question. II the panic OF 1893
was due to the Gauss to which no ascrtbes
Il, then we arc liable to have panics Of that
character every year % long a the exist
ing conditions continue; but, my follow
citizens, that panic was not local 20 the
United States, and the depression that fol-
lowed from II Is not local. but exists all
over Europe, and, In fact, nearly ell over
the world, and Ii most severe In the gold
using oountries There was no doubt In
the minds Of the public at that time about
England's maintaining the gold standard,
nor about Germany maintaining the gold
standard, nor about tho other countries
that had recently adopted gold standard
maintaining 10. and yet In all of thoss
countries the distress and paralysis an
even more severe than I'm our own. Mr..
Schurx may be able 70 patent his idea In
this country, but his letters patent will
he worth nothing In Europa
bond sAles-
But perhaps the straneest part Of the
speech IL that which emphatically indorses
and commends tho bond issuing policy OF
tho present administration. / ask you Il
consider this moment During times ol
profound peace In less than four years thu
national debt Of this country has boon In
creased $3.50, 900, 600, not 20 support the
government, for President Cleveland de
clared expressly that this was not needed
70 support the government, a. they had
money In the treasury 10 meet the currcn,