The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-10-25
SPEAKER REED IN KANSAS
AND THE WAR GENER L IN PHILA-
DELPHIA LAST NIGHT.
Pointed Speech by ..Dan" SickIes-Sen-
atOr Qua VS. Prediction I'm an Ad-
dress at P~ittsburg.
Special to the Indianapolis Journal.

SPCCNA ilClO Hi III Cli u NONCiL lOI
Altgeld's criticism of Mr.. Schurz's Chicago
speech. While most of the address tonight
was similar to previous ones made by Mr..
Schurz, strength was added to some of his
points. He said, i'll part:
Il deny emphatically that the demone-
tiZatiOn of silver in the United States by
the act of 1873 has been the cause either
Of the hard times or of the low prices, and
L deny with equal emphasis that the free
coinage of silver in the United States alone,
without waiting for the aid and consent of
any other nation, would be the remedy.
I assert that in point of fact the act OF
1879 paraded by the silver men as a great
crime has not diminished the volume of
currency, has not made the remaining dol
lar a two-hundred-cent dollar at ali, and
has not in that way depressed prices. My
reason for this assertion is simple and con-
elusive. If prices had been depressed by
a sweeping change III the purchasing power
of the money of our country that change
would necessarily have operated upon all
things equally. But did it? Do we not ali
know that The prices of some things. among
them some agricultural products, substan-
italy maintained themselves for several
years after the act of 1913. which is said to
have demonetized silver, while others Went
down a little and still others went down
considerably. Now, if the dollar had be-
come a wo-hundred-cen dollar by TIE act
of 1873 it must have been the same two-
hundred-cent dollar for wheat as we'll as
for hardware. and for corn as we'll as
shoes. and for oats as well as beer, and
for potatoes as We'll as cigars. 1t could
not be a wo-hundred-cen dollar for one
tflllIS anu q 1 III Ill liiIit d lDV VI o-tt
dollar for another. Now, if ali prices were
not equally affected, as everybody knows
been caused by a sudden and great change
in the purchasing. power OF the money OF
the country. Nothing could be clearer
What then. is the reason for the decline
of the prices of SO many products of agrl-
culture as well as of industry 1t is sim
ply that those products are produced far
cheaper and in far greater quantities than
before. In other words, that the genius OF
invention. the progressive CIVILIZATION OF
our age, has devised new machinery, fac1ll-
tated and cheapened transportation elim-
mated the element CT time and almost also
the element OF cost from the transmission
of intelligence and thus conferred upon
mankind the inestimable benefit of pro-
ducing u greater quantity of those things
which constitute the neceSsarieS of life Or
contribute to human comfort and enjoy
ment, and of making them more attaindbie
to the great mass of humanity by making
them more abundant and cheaper. r
WAGES ALWAYS SUFFER.
There is no country in the world and
there never has been one in which a de-
preciated currency raising the prices did
not leave wages behind. 1t is said that but
few people profit from the experience of
others. but Americans shall at least be
keen enough to profit from their own.
When during our civil war the greenbacks
appreciated, prices rose. Wages rose, too,
but not at all in proportion to prices. In
1865, after this had been going Oh for four
NNAC ~ AHot AAP-h - ~ 1870 NAtA
wages only 43 per cent. The laboring man
thus lost in the purchasing power of every
dollar he received as wages more than 80
cents. 1t required many years for wages
to catch UP with prices, and during those
years the laboring man was constantly a
loser. Although wages at last did catch
up, the loss suffered by laboring men in the
meantime remained a dead loss and was
never made good to them. Who will make
good to the laboring man what he will in
eVftably lose through the depreciating sill
Yer dollars? Certainly not Mr.. Bryan, nor
will anybody else.
Would not this be a very sad and mis-
chievous interruption to the cause of wages
as it has been for the last fifty years?
Amid the far-reaching decline of prices
that has taken place during that period
wages were the only value that largely and
steadily rose, for wages have doubled since
1910. and they have risen more than 60 per
cent. since 1860. The labori1lg man has thus
been blessed with a double advantage
larger number of dollars and for every dol
lar more of the cheapened necessaries and
comforts of life. Free coinage, with it's dis
astrous consequences, would give him a
setback not to be retrieved in many years.
1T is evident. therefore, that the estab-
lishment of the silver standard, as the free
coinage men design it, viii be a blow to
which recovery will be extremely painful
and slow. Indeed, this is so evident that
the workingmen in the gold-standard coun-
tries of Europe, who are accustomed to re-
ceive their wages in money that does not
deceive them, fairly stand aghast at the
who give themselves to the infatuation OF
the silver craze and thus deliberately con-
Citl dScliISl their OWL WttlaIp
silver man has successfully denied
that free coinage, which is equivalent to
bring these hardships upon the wage-earn-
ing class. They say. however, that free
coinage will make business so lively as to
give them the advantage of steady and
therefore remunerative employment. This
is like promising an empty stomach a
plentiful meal of wind.
What? Plentiful and remunerative en-
ployTnent in the paralyzing panic which
Mr.. Bryan himself admits will follow his
election! Abundant pmDlOyI1ent a mid tho
ruin and desolation of the business crisis
which the sudden change of the standard
of values is sure to bring forth. the pros
rating effects of which will last nobody
knows how long? The men who promise
plenty of employment under such circum-
stances seem to be heartless enough to
make fun of their poor victims. =
There have been great upheavaIs in
human affairs suddenly accomplished.
pynasties have been upset by a battle of
one day Forms OF government have been
changed by insurrections of one day. But
IN the history of the world there has never
been anything like q sudden change of the
standard OF values TO the extent of 80 per
cent. in a great business community like
the United States. 1t will be like an
economic earthquake, producing a crisis
which only the most solid banks. mer-
camille and manufacturing houses will be
the inevitable disaster are fairly meal
culable.. Is it a wonder that every think
ing business man in the country who has
anything at stake looks forward to the
possibility of Mr.. Bryan's election with an
anxiety bordering on dismay? This the
- t@f1S1tA wins ~ l L
certainly does not deny it. Some Of the
leaders of the silver movement have them
selves given signs that they expect the mis-
cnleI 70 happen. DO not mean Mr.. Bryan.
who talks like a child about q business
pare the great reformation OF society which
he thinks of accomplishing: but among the
symptoms of such expectations We may
reckon the fact that some of the silver
leaders themselves have been preparing for
the event. :
WHAT BRYAN N ALTGELD SAY.
Consider. then, what attitude Bryan and
kltgeid hold before the people of this COM
munity. Illinois is the greatest agricul-
tIral,, manufacturing and commercial State
in the interior of the Union. 1t possesses
resources of incalculable value. It's COM
mercial capital. Chicago. is known all the
world over as one of the greatest. richest.
most enterprising. most public-spirited,
most important business centers of the
globe. No community can be more inter-
ested in having a sound financial system.
honest and orderly government, a good rep
utation and unquestioned credit How do
Governor Aitgsld and Mr.. Bryan, that pair
of brothers and canuadates, stand before
the people Of Illinois? IL they were to tell
A. MAN#&M2k&