The diamond drill. (Crystal Falls, Iron County, Mich.) 1887-1996, 1896-08-15
REED RENOMlNATED.
Maine Statesman Unanimously
Chosen to Succeed Himself
I'm Accepting the Honor He speaks Upon
the Financial Question with Telling
Eject and Denounces the
Democratic Platform.

upon the nnnncial question as lolioWss
I'VE In Maine. have got 10 make up our
minds on the great issue of this campaign
and a great deal depends on what we do I'm
September. When we see two men stand
Ing on a corner and both men seem 10 be
somewhat uneasy and unable 10 fully com
prenend what they are talking about, you
may rest assured that they are talking
about the currency. l shall not attempt
90 fully explain the currency question 10
you, but I shall say something about H.
We often hear that silver was demonetized
In 1873, stealthily and by the influence or
foreign embassies. As a matter or fact the
congressional record OF that date had 1876
columns OF speeches on the silver ques-
tion and the foreign embassies had moth
ing 10 do with IT, No fraud or wickedness
was practiced In 1873.
Chicago Platform Fraud.
''rhe only question Is what monetary
system Is the best. You hear great deal
about bimetallism. The platform Of the
Chicago convention was not blmctallic
platform. and don't let them try and make
you believe that bimetallism is what they
are after. The object OF bimetalllsm Is 10
give TO the currency greater stability by
spreading IL over the surface. very COM
mon illustration OF IL Is this: If you have
lake anywhere and II is subject 10 all the
peculiar incidents OF the region IN which
II is. this rainfall may lift IL. that drought
may lower II. Now. IL YOU want perfectly
I
appearance outside OF the lake. Suppose
you can join IL 10 another lake I'm different
climate which Is differently affected. III
you join them perfectly together then there
will be the same level I'm both lakes and the
disturbances I'm one will be counter-bal-
nnced by the disturbances In the other
lake. and the tendency will be to have
steadicr level. That will all be perfectly
true. provided your two lakes do balance
and You get more stable current
Now. there is some reason and sense In
the idea that the whole world, II IL took
gold and silver at a proper ratio. could
preserve a greater level OF prices, n tirmer
and more stable level OF prices. This no
GinRie country could do. But II one OF the
lakes was very violent I'm its fluctuations.
I think the part OF common experience
would be 10 leave II out or. IN that lake
was not big enough 10 have a proper effect.
In short. under some circumstances the
two lakes might be worse than a single one
might be However, that is question OF
legitimate discussion. But In this cnse II
Is not proposed TO have two lakes IL is
proposed 10 say that we have two lakes
and shift from the one We have 10 one we
have not. tApplGusel
some History on the Question.
LET Us see II the history OF this country
shows us anything upon the subject Real
bimetallism. and that Is the kind we must
have. because. as / said 10 you at Alfred
IL this II disease at all II II world dis
ease. and has got 10 have a world remedy
Nothing else will attend TO II. tApplause.I
Why, we had some experience In this coun-
try, but mems memories are short. In 1889
our earlier fathers determined to marry
the two metals together. What was the
first thing they did? II was TO ascertain
the MARKET value OF the two metals as they
stood side by side then, and they thought
that they were fifteen TO one-not sixteen
10 one, but fifteen 10 one. What was the
AZ wa "A a
Yes, the gold In n gold dollar was worth
less than the silver I'm n silver dollar. W bat
was the result2 Why II a man had twp
dollars, one OF which was worth 100 cents
and the other was worth 1902 cents. he kept
the lO2-cent dollar longer and passed of
the other one quicker. tApplause.l don't
mean that the average man did that. Two
cents OIL n dollar. even I'm those days, was
not worth making much fuss about, but
the money changers were on the alert and
bank or reached the money changers he
put Il out OF circulation.
cold Was stored Away.
II have misstated. I should have said
that gold was more valuable. 80 that we
had silver alone during that period The
gold. being more valuable. fed away
Well. now, the gold disappearing. our IA
theirs I'm 1884 thought they had better make
a change and see N they could not keep
gold and silver together. So they changed
the ratio from fifteen TO one TO sixteen to
one, or to be exact, 10 1899 TO /. That
turned out 10 be an generalization the other
way. and what was the result? The re-
suit was that gold reigncd supreme.
Then. In 1861, we had war and we is
sued greenbacks, and greenbacks being
cheaper for IA years, drove out both gold
and silver, but IN 1879 we resumed specie
payments. and the result was that we re-
sumed them. as we agreed TO do IN 1873
upon gold basis. And that has been the
case ever since.
'''rhis. then. In the experience OF the
United States encountering sinRle-handed
the question OF currency. We never were
able when there was difference OF two or
three per cent. 10 keep the one metal along
side the other. IL was always either gold
or silver. never both. Now. II the United
States then could not lift a silver dollar
that was worth only two cents less than
the gold dollar, can she now lift 50-cent
dollar 20 the height OF 100 cents7 lAp-
plausel And II she can. why should we
want 10 do Il? Suppose You have got
house-is II worth any more. is II any diff
ferent house whether Il n worth 1000 silver
dollars or 200 gold whole dollars? lap
plause.l II you want 10 count your house
at more dollars, why not cut the gold dollar
I'm two and measure II by gold7
Must Be One standard.
'Aro there any more potatoes iu 1000
pecka than there are In 1000 bushels2 III I
haps I don't. your house Is the same. your
farm r. the same II produces the same re-
suit. oh. but YOU say. our prices have
gone down. and they have gone down on
account OF the appreciation Of gold, and
therefore we want 10 change II into silver
40 that II will go mp again. Whether gold
has appreciated or not, do not suppose
that any man knows: but whatever it's APP
probation has been. II has been a long time
doing Il. and It's effect upon prices. IN my
Judgment. has been nothing.
Tho democrats talk about the fall In
prices OF cotton and wheat because gold
has appreciated In value. My friends,
every one I'm this country. even the farm
ers. are liable 20 meet with some trouble
ia their business. More people go into the
business and the profits OF the business de-
crease because there arc 30 many 10 divide
them. Why has wheat gone down. Not
because the silver was demonetized. hut
because Russia and the Argentine Repub-
lie are raising millions OF bushels OF wheat,
and they can sell u here as cheap as our
farmers can. Now. we Will always nave
money, even VI We demonctize every dollar
OF gold and silver In the world. And we