The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1896-09-18

the Republicans have made more cap
ital by denouncing this administration
than in any other way. What do you
think now when the Republicans of
North Carolina become the sponsors
for the Democratic administration?
(Wild applause.) / am not surprised
that earnest and sincere Republicans
prefer to stand with the Democratic
party in demanding bimetallism which
even the Republican party of four
years ago said was dear to the Ameri-
can people through tradition. / am not
surprised that Republicans who eight
years ago stood upon a platform
that denounced the Democratic party
for it's attempt to demonetize silver,
/ am not surprised that those Republi-
cans join with us to-day in demanding
bimetallism, which had been the his
toric policy of the United States until
1873 and received the support of all the
statesmen, Republican, Democratic,
Wing and everything we ever had in
this country. (Long and continuous
applause.)
"Let me briefly, because
have but moment more, call your at
tention to what Henry Clay said in
regard to protecting the volume of
money in this country. have been
told that Henry Clay was the only
presidential candidate who had ever
come here during a canvass prior to
my coming. Let me tell you what he
said, in regard to tne contraction of
currency. This speech was made in the
Co. 4 e
January, 1910: of all the conditions of
society, that is most Sdverse in which
there is a constant and rapid diminu-
tion in the amount of the circulating
medium. Debtors become unable to
pay their debts And have you had
such condition during your lifetime
my friends? (Cries of ''Yes, yes.") Pro
perty falls We have had that con-
dition also. The market is gutted.'
And yet great party with a glutted
market before them demand the open
ing of the factories when there is
nothing for the factories to do after
you open them, my friends. (Applause.)
The market is glutted, business de-
clines and labor is thrown out of en-
ployment. Sellers become enormous
from the production of their property
which is now falling in price and pur-
chasers become scare from an unwil-
hngness to make investments with the
prospects of almost certain loss
''When money is rising people want
to turn everything into dollars and
during that time we must have stag
nation of business. Falling prices
make hard times and you cannot stop
hard times until you stop the general
fall of prices.
Have gentlemen reflected upon the
consequences of the system of deple-
tion?' That question, my friends might
be put to the Republican party. Mr.
Clay adds: i have already stated that
the country is going down by the
weight of debt. If the currency be
greatly diminished as beyond ali ex-
ample That has been, how is this debt to
be extinguished? Property, the re-
sCnrce on which the debtor relied for
his payment, will decline in value and
it may happen that aman who honest
ly contracted debt in the face of prop
erty which had a value at the time
sufficient to warrant the debt will find
himself stripped of his property and
his debt remains unextinguished.'
'Mr. Clay simply described the very
conditions which confront the Amer
lean people to-day, and yet the Repub-
lican party not only refuses to recog-
nize that condition and bring relief
from that condition, but the Republi-
can party pledges itself to a 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 then leaves the debt unextinguish-
ed to hang over him still. Great APP
plause.)
my friends, I must leave. (Cries of
'Oh don't stop.') In the State of North
Carolina, where the people can still
listen to the echo of the words of their |
great statesmen Vance, Great APP
plause.) it is not necessary for one
to come from abroad to call your at
tention to the perils which surround |
you. You remember that one of the |
last speeches that he ever uttered was |
upon this question, in which he showed |
to the American people that the great |
contest between the money power and /
the common people was at hand. If |
there is one in this audience whose |
sympathies in this contest are with