Birmingham state herald., 1896-06-02
AN ORLECT LESSON.

That the tide is turning in favor of free coinage is not only evidenced by the states now electing delegates to the dem ocratic national convention at Chicago, but the shoe is beginning to pinch even the foot of the cobbler who made it. Prices for labor and every commodity known to commerce have continued to fall until the money magnates them selves are beginning to see that they have started stream they cannot dam. For months Wall street brokers have refused to heed the plaintive cry of the producers of the south and west until now the banks are beginning to cave around their own domicile.
 The following from the New York Financial News of May 2S g.ves In con- else way the status of the situaton
 "The smallness of the business gives an idea to what things have got to in Wall street, hardly enough legitimate commits sion business being transacted to support one of the large brokerage establish ments. Wall street, though, is still better off than the west The Wall street bro kers have not been needing the plaintiye cries of the western debt-ridden farmers for an increase of the currency but the shoe is beginning to pinch our friends ill the street.
 "They will soon find out the cause of the trouble now. They are wondering how 1t is that from California to Ohio free coinage delegates are being sent to the Chicago democratic convention. They will learn-as the people of Illinois, lndi- ana and Ohio have-as they see their bus mess disappear, that 1t is on account Of the quantity, not quality of their money, value of their properties decline, and dn turn they will ask for a change of imam cial policy from contraction. The Wall Ct n iC i11fa spite of his most positive opinion to the contrary, in the remonetiZation of silver than the western farmer, and his position is certainly bad enough The Chicago Herald, in yesterdays issue, thus pie lures it;
 There was never a time when every thing the farmer grows brought as little money as at present. Last year wheat was sensationally low, but corn and oats were bringing high prices; hogs and cat tie also brought fair prices. At present all on the list, without any exception wheat, corn, oats, barley, rye, f1axseed, provisions and hogs-are at a very low level Everything the westerner has on his farm is going at discouragingly low figure
 What does this mean? That the farm CT cannot afford to buy many luxuries; that he cannot pay his debts, if he has any; that he has to default on his taxes It means that the railroads will have to
 
 produce; that the manufacturers who de- pend upon him for a market will do a small business, and general business will be dull and stagnant. What will the fu- ture be of railroad securities? Will they be in great demand? Will the people have lots of surplus to invest in them? Will Europe rush and buy our securities with this dismal outlook ahead? The stock exchange is looking to the nomina- tion of Mckinley, or some other sound money man, and he is expected to bring about immediately bright and rosy con- dition of affairs.
 "On the sound money gold platform Just as though we had not had this dear money for some time; just as though It had not cost us nearly 100000, 900 during the past year, and that this sound mon ey' platform policy of Cleveland, and, for that matter, the preceding administra- tons of the government, had not brought down steadily the price of wheat, so that one of those honest gold dollars today buys nearly twice as much wheat and other products as it should. The sum total of business of the stock exchange yesterday is hardly worth recording be- yond that it is an object lesson of. the idocy of the United States financial pol icy."