The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1896-09-24

wears ago said was dear to the republ-
can party through tradition;
LET me briefly, because l have but
moment more, call your attention 10
what Henry Clay said in regard to pro-
tecting the volume of money in the
country. | have been told that Henry
CLAW was the only presidential candidate
who had ever come here during Il can,
vass prior to my coming. Let me tell
you what he said in regard to the con-
traction of currency. This speech was
made in the United States senate jan
uary 20, 1910:
"IOf all the conditions of society that
is most adverse. it is that in which there
is constant and rapid diminutlon III
the amount of the circulating medlum'
debtors become unable to pay their
debts: and have you seen such condl-
ton during your life time, my friends !
Cries of yes, yes.) Property falls
We have had that condition also. The
market is glutted.' And yet II greater
party with glutted market before
them demand the opening of the facto-
ries when there is nothing for the rae
tories to do if you open them. zap
plause) The market is glutted, business
declines and labor is thrown out OF en-
ployment. When money is rising people
want 10 lUTl every tltHlS u'ii''',
and during that time we must have stag
nation of business. FaNng prices make
hard times and you can not stop hard
times until you stop the general fail OF
prices. Have gentlemen reflected ON the
consequences of the system OF depletion!
That question, my friends, might be put
to the republican party.
MIR. Clay adds: L have. already
stated that the country is gong dow u
by weight of debt. If the currency is
greatly diminished how is this debt to
be eXtinguishcd? Property, the resource
on which the debtor relied for his pay
mcnt, will decline in value and II may
happen that Il man who honestly con-
tracts debt on the worth of property
which had Il value ut the time sufficient
to warrant the debt will find himself
stripped of his property and his debt re-
mains uncXtinguishcd.'
MIR. Clay simply described the very
conditions which confront the Amcrl-
can people today, and the republican
party not only refuses to recognize that
condition and bring relief from that con-
dition, but the republican party pledges
itself to Il policy which increases the
financial distress of this country. makes
debts harder TO pay and summons the
sheriff to take charge of the property
of the citizen and leaves the debt un-
distinguished to hang over him.
My friends, | must leave. CCries of
don't stop In the state of North Car
oina, where the people can listen to the
echo of the words of their great states
man, Vance, it is not necessary for any
man to come from abroad to cali your
attention to perils which surround you.
You remember that one of the last
SnpprhpS he ever uttered WAS on this
question, in which he showed that the
contest between the money power and
the common people is at hand. If there
is one in this audience whose sympathies
are with the money power we do not cX
poet him to support the Chicago ticket,
but we do appeal to all those whose
sympathies are with the masses of the
people and who believe that prosperity
must first come to those who toll before
those who live on the toiers of this
country" (Applause.)