New Ulm review. (New Ulm, Brown County, Minn.) 1892-1961, 1896-10-14

sIass|
way you can preserve 9 parity between
money and property, the only way that
you can maintain stability in price, uni
form average prices. is to have money
sufhcientiin quantity to keep pace with
the demand for money.
No party in the history Of this nation
has ever declared that the gold standard
was good thing; no party in all the
history of this nation has ever declared
that the gold standard is good thing.
If you say that the so.called National
Democrats have declared that the gold
standard is good thing, tell you that
that is not national party, because no ma
tional party ever nominated one ticket
for the express purpose Ct electing an
other ticket. No national party was
ever organized as al adjunct Of another
party already in existence; no national
party ever expected to have It's birthday
and its d,ath at one and the same time.
* x X +
My friends, our opponents say that
they want sound financial system. We
say that sound financial system must
rest on Something. II can't rest on "con-
fdence." There must be something to
rest that system upon. What shall it be?
They say gold. Well, where is the gold?
Well, now, my friends, the treasury re-
port estimates that we have about $780,
100000 of gold in this country. But did
you ever try to find it? Did you ever
try to locate it? You will find that when
you add together the amount in the
vaults at Washington, the amount in the
national bank vaults, and then guess at
amount in the state bank vaults and
trust company vaults, shat you will have
accounted for something like half of it.
And if you ask them where the rest of
that gold is, they will tell you that THAT
is what is called the invisible supply of
gold in the country
When the supply OF money does not
increase as rapidly as the demand for
money, then the value OF each dollar ri
:ses. That is a proposition that IS true.
1t is solid rock, and upon that PROPOSE
ton you can build system. We apply
the law of supply and demand to money.
We say, destroy half the crop of wheat,
and you will raise the price of wheat.
We say the man who has wheat profits
by the rise, and we say that he is glad
that wheat went up. We apply that law
to money. We say, destroy half the mon
ey, and the value Of the other half will
rise, and that the man who owns the mon
ey, or contracts payable in dollars, will
profit by the rise. And we also say that
he will be glad that money went up.
We apply the law of supply and demand
to silver as commodity. We say that
hostile Legislation has increased the de-
mand for gold and raised the purchasing
power of an ounce Of gold. We say that
hostile legislation has lessened the de.
mand for silver, and lowered the price of
silver bullion when measured by gold,
and we believe that you can undo by law
what you did by law; that if ;ou drove
the metals apart by hostile legislation,
that you can bring them together again
by friendly legislation.
X = 4 X
You tell me there is possibility Of a
flood of silver. l admit 1t. EVERYTHING
is possible. You would be astonished if
you stopped to think how few things are
absolutely impossible. Why, 1t is pos
sible there may be flood of gold. Our
opponents estimate how much gold there
is in the ocean, and it is barely possible
that somebody may find way of going
out into the ocean and getting it, and
thus deluging us with a flood of gold.
But it isn't probable. say all things
are possible. When it commences to rain
it is possible it may never stop. But I
have known it to be so dry that people
have actually prayed for rain, although
they knew if it commenced it might new
er quit. But why haven't they been
frightened? Because they look back
over 5000 years of history and they see
but one flood, and they say. "We will
take our chances.'' You tell me there
may be flood of silver. I admit 1t IS
possible. But ask you to look back