Warren sheaf. [volume] (Warren, Marshall County, Minn.) 1880-current, 1896-08-20


the United States was $3,045, FOG, oil. In
1890 1t was $2,O27, 17O, 54G; decrease Of
81, O1S, G15, 4G5.
Now, let us look at 1t In another way
Nobody wants to be unjust, nobody wants
to confiscate or take away the earnings Of
other men. And yet think, and say,
that Is what Is produced and will re-
suit from putting into operation Of 5O-cent
dollars.
Take the state banks, trust companies
and private banks in this country. They
owe $1,34O,OOO, 900 to 100000 people. The
national banks owe $1,70O, 653,521 to 1,0OO,-
600 depositors, Of whom 1,724,OOO have less
than $1,000 each. OF 5000 building and
loan associations in the United States, l.
100000 shareholders have paid dues Of $780,
1000. Two million people have taken
out life insurance policies, equaling $4,2O2,-
1851 1853. Cooperative and fraternal ASSOC
Citations represent large amounts; indus
trial associations the same way.
Thirty years ago, 2,OOOOOO men capitalized
their val0r, their lives, and their patriotism
to preserve the Union; and they did it, and
to them there Is an annuity of honor Of
$15O, 900 600 year, due annually.
The Minnesota school fund amounts to
about s., 900 900; and Mr.. Koerner informed
me yesterday that of this school fund there
was invested In Tennessee and Alabama
securities 1891 900, Of which $2,8S0,000 is
invested in the bonds Of the state of Ten
nessec, and $632, 900 in bonds of the state
Of Alabama, and these are free coinage
states
Taking these vast amounts, the savings
banks. the life insurance, the building asso-
citation, the pension roll, the Minnesota
school fund, invested in the bonds Of Ten
nessee and Alabama, does it accord with
the honor and honesty of the American
people to say that they can be paid off in
currency Of SO cents on the dollar? For
that Is what 1t amounts to- Does not the
sense of American honor revolt at such a
proposition?
Who is most interested in this question?
Is 1t the labOring man, the wage Garner?
II any man Is entitled to the best dollar
that the world affords. it is the man who
earns 1t by the sweat of his brow. ZAP
plause.) He ought to be enabled to become
the best customer Of the American farmer.
The wealthy man can get around this mat
ter and make money out Of it; if a change
comes, he Is not the man to be distressed.
1t is the man who goes home at sunset
with his days earnings who will suffer. Ii
! have been correct in showing that the
policy Of the free coiners Is contraction, on
their own theory it reduces prices, and
that would reduce wages.
say. it will throw men out of employ
ment; it will not be a question of wages at
ALL it will be q question Of starvation.
But concede that they be employed, it will
reduce wages.
What are wages In Mexico and Japan?
In Japan the blacksmith gets ~ cents n
day, the bricklayer SO cents, the carpenter
so cents and so on. Mexico is a little bet
ter. Is any American mechanic or laboring
man going to Mexico-that paradise of IL
to 1? daughter and applause.) And it he
gets there. don't you suppose we would
pass a hat around in St. Paul TO raise money
to bring him back (Laughter =
There Is an invariable rule in vio-
lent changes of currency-of monetary
standard, that when currency tiuctuates
prices vary, and it is also rule, attested
to the memories Of men here over sixty.
that wages are always the first to fall and
the last to rise. In: other words, the rise
in prices may benefit employers in two
ways; by rapid rise in what they produce
and by wages meanwhile remaining sta
tionary, or rising slower than prices. This
was never more cOnvincingly illustrated
than in our own experience as nation
And am going to read you some figures,
not mine, have not Invented them, l have
invented nothing here tonight. l want to
go back to the history of the war, when
there was the most violent change in our
currency, and yet nothing so violent as
that which Is sought to be brought about
by. the free coiners. In 1862 legal tender
paper money was issued and metal money
Immediately vanished OF course it did,
Don't you know that, you old soldiers?
Cries of 'Yes.')
Mr.. Davis: Did yop see silver half dol
lar or dime for years? (Cries Of '.No')
Mr.. Davis: And as for gold piece, why,
1t appeared to have gone into the ground; J.
1t was as invisible as If 1t had returned to
the mine from which it came Wages
thereafter were paid in deprecated paper.
Then came q rise In prices, to the disad-
vantage9vof wages; for those wages rose
very much slower than the prices for those
things which the wage Garner was COM
PEELED. to pay to support his family Here
are, the results Of the report of the senate
commission upon that subject, carefully
and exhaustively made, and not vet chal-
lenged by anybody: In 1862 wages had risen
per cent, commodities had risen is per
cent; In 1853 wages had risen 1O1a per cent,
commodities 40 per cent; in 1864 wages had
in. 1855 wages had risen q per cent, COM
modities 116 per cent The laboring man.
under those circumstances, always carries
fhe heavy end of the stick; it is lightened
last, II ut all, for his benefit. The reason is
an obvious one. Changes of currency pro-
duce distrust in Investment, and laboring
men compete with each other. Anyhow,
the cupidity Of men caused that most evan
escent object Of human sale-wages- to
sbe the last given to rise
!. Now, my fellow citizens, want you to
consider these matters. They are the words
'of neighbor, and l hope, you know, Of ~
friend. 1 would not for the world misleatl
one of you, and II my convictions were
different from what they are, think you
know l would fearessly express them.
am Oppre ssed, my fellow citizens, with
feelings Of foreboding for the safety of the
government and the perpetuity of our in
stitutions, as I have not been since the
day closed my Office to go forth to war
to aid to preserve the Union. lApplause.)
have the greatest faith in the intelli-
gence, the honor, the integrity, the. fairness
of the American people. One hundred and
twenty years ago last fourth OF July our
.forefathers sent forth this glorious republic
as a, divine, and it Is to be hoped. per-
tan she