The diamond drill. (Crystal Falls, Iron County, Mich.) 1887-1996, 1896-08-08

Secretary of Agriculture Morton Talks
Against Free silver


mense audience i'm the opera house at
Nebraska City. Nebraska, August |. on
the money question. IL was n nonpar-
tisan meeting in the sense that repub-
licnns and democrats who stand tor
sound money made up the larger part of
his hearers. Following is synopsis NJ
the address, which throughout elici'sd
mucifapplause:
Man. in a barbaric state. issued no
money. Humanity began civilized ca
reer by means OF trade The money or any
people at the dawn OF its civilization hGs
been made out OF some staple product.
There Is not recorded an attempt TO create
money out OF something which has no
value as n commodity. Aristotle. 400 years
before Christ. said; Money Is an inter-
mediary commodity designed 10 facilitats
the exchange OF other commodities.
Among the Greeks and Romans and
modern political economists like Smith.
Whatley. Mcleod and others value Is heid
TO consist In exchangeaollity. McLeod
says: The sole origin and cause OF valae
Is human desire When there Is dem and
for things they have value. The currency
OF "A people must be readily exchangeabls
| for those things which the people desire
and demand. The currency itself must be
desirable.
free coinage Theories Attacked.
"The advocates OF this system OF coming
! silver at double its commercial value ami
gold on an equality with its commercial
value declare themselves TO be bimetallists,
| and yet their statements show that they
themselves have only one unit or value.
| The free and unlimited coinage OF silver -
| silver recommendation Silver was not de-
| monetized by the act of 1873. but had been
| previously iemonetizcd by the legislation
OF 1853 The value OF silver declined be-
cause OF its increased production, causing
4 Anrta no mi Al
/ coinage laws AS early as lsSs these "a
| lions EXPRESSED fears that the United
| States would so 10 a silver basis ana be-
| gan 70 throw back upon American markets
our securities. This was one OF the prin-
/ cipal causes OF the panic OF 1898
| I'VE are told that plutocrats, or money
| lords OF the country are endeavoring 10
crush the plain people, ana that we are
| debtors ground under the heel OF the east
| ern creditor is II probable that owners
OF money ore endeavoring to bring about
| a state OF affairs which shall ruin those
| who already owe them money ana prevent
their ever recovering their loansY Having
| established silver as our measure OF value
and medium Of exchange. All who puy OF
us will pay us IN silver, all OF whom we
buy will demand OF Us gold, ana we VIII
| nay the premium on that metal.
| To-day Mexico ls on a silver basis. y
draft on New York, which IS the equivalent
OF gold ~ worth n premium OF " per cent.
| must nay the difference between her dol
lars. not noated at parity with gold, ana
our collars. which up 20 this time nave
been held at that parity 10y the pledge o'
the government. by the action OF the pres
ent secretary OF the treasury ana ny the
courage of Grover Cleveland. president 0i
the United States
Peril OF "a silver Basis.
illustrative OF this money fallacy II th'
rosltion Of the man who works. who sell
service or the results OF services. In Mexico
the imports are enhanced I'm value because
~ i,nnorter oays a sufficient price 10 cover
The probable fluctuations OF silver M inc
| Landau market The exporter buys as
chepply as possible 20 meet the sar'
auctuations so "A silver country ~ oetweet
the upper and the neither milistohe. ~
| imports are enhanced anu It's S"P"iN' ~
diminished IN value.
"a maxim which Is almost an axiom "
political economy Is found In McLepa An'
reads thus: The relation or supply q
| demand ~ the sole regulator OF NRlue.
This rule Is nheNible. lnexorable ana AZ
ways vigorously operative. IL applies =
saIt. starch, silver. gold. soap. horses ah'
oats In fact. IL applies 10 every sai'p"
thing on the face Of the civiliged globe An'
this accounts for the decline ia ~" com
modify of silver. MoJern methods 4"
treating ores have increased the supply o
silver Until IL IS all cut Of proportion VII
the natural demand for silver and th
Bland Allison act ana the sherman &c
show that artificial demand cannot u
created Under any circumstances so az Z
, uphold the ancient ,,rice OF tH1t metal
Neither national bimetallism, as X !
, termed by the United States nor bt'netal
lism agreed on oy all the civilized power
OF the earth can Tx ana aaintain the pric
or silver IN gold at one ounce w the lattt
! 10 sixteen 81 the former when Il Is eS
changed everywhere as bullion al thirty
two 70 one. WIN ne advocates OF the ~"
r coinage OF silver AZ sixteen TO one tell u
{ how the silver ftandarl can dement, Dos
1 the producers and CONSUMERS OF loFn pI"u
p, ucts and simultaneously raise the Nhln' y
= silver FOR the mine owner and lower tn
= value OF the dollar FOR the debtor
Figures for the Farmers
! THE debtor class ~ not made up OF arm
= ers. mecnantcs and lAborers. Briefly IN
e condition 81 the American farmer ~ snow
d by the fact thar lie owns 4.JGi.6h farms
valued AZ more than Sl2.OooO00.0OO IN aBSte
a gate. and az an average OF z.s9s each ~
d households. OF the farmer averages ~"
q The rural population OF the United state
o last year fed the urban population. tuf
Q nishing them cereals, meats. vegetables
!. fruits, eggs, milk. butter, cheese an
!, poultry. This urban population Is . re
1. | cent. or all the people Of the united State'
/, Thus 4 Is seen that the ~ per CEN. WI
: live upon farms. after feeding ana clotf
L ing themselves. fed more than iooOc,VOv 9
Z the detizens Of yillages and cities The
g did no. furnish this food gratuitously an
y they will rot furnish II a. a loss
= During the same year the United state
= exported in products ana domestic CON
u modit.es ana merchandise a valuation ,
/. $685. O,OOO The value OF he agriculture
e products included In that sum was $O'S 10
q Sl7 IL u seen BY the above that the Amer
= can farmer fed himself and ciothen h
~ family. then fed all the village and populi
"a ton Of the union. aud after that soid va -
\ worlds markets more than tJp.Vvy
"a worth OF surplus food products. How the
&c con the y per cent. OF toe people OF ~
!. United States hich feeds the reinainif
~ 81 PEI cent. and then furnishes more ma
"a 90 per cent. % the tUtai exports OF the coui
n try be mak.ng lcss profits than those Who
20 they !erd VIXEN the latter supply y per cen
~ Of Anlsticen eNDOrtsi
y This republic l. not a Judas lscari'
y among civilized nations II refuses (, p
=, tray honest dealing u scorns even thur
y million lines thlrty pieces OF silver ana
lie compelled by lis Judgment and its eoi
n science 90 reieot ,he opportunities OF taoi