The Yakima herald. [volume] (North Yakima, W.T. [Wash.]) 1889-1914, 1896-07-30
A CHAMPION OF SILVER
The Studied Arguments Of The Cold
Bugs SIfted and Turned Down.
FACTS FOR TIE THINKING PEOPLE
An Able Exponent of che VIII OF
the People Comes From wall
ssreet 90 Help Along the Cause Of
Justice and the Hardened Masses.

Banker w. B. ST. John Of New York,
who was forced to retire from the presi-
dency of the Metropolitan National bank.
through the opposition OF his associates
on account Of his advocacy Of silver, was
selected as permanent chairman OF the
recent silver convention and in assuming
his duties he made an excellent speech OF
which the silver argument is herewith
reproduced and will appeal to those who
are seeking to be enlightened on the sub
iect:
| 1.-THE increase OF our population at the
rate Of about two millions a year, scat
tering over our immense territory, calls
for increasing changes and thereby de-
mands an increasing number Of dollars
in circulation. The increase in the num-
Der of dollars when dollars are confined
to gold is not sufficiently rapid to meet
the growth OF our exchanges. The con-
sequence is growing value of dollars or
a diminishing value of everything else
expressed in dollars; which is to say a
tendency towards constantly declining
prices, the fountain head of our prosperi.
| tv has run dry. Our farmers all over the
country have endured the depression in
prices, until they get about So or so per
acre. Their credit at their country store
is exhaused. The country store ceases to
| order from from the city merchant, the
city merchant reduces his demand upon
the manufacturer. Manufactures are
curtailed. The consequence il that en-
ployes and all elements OF labor are be,
ing discharged and wages are lowered to
those who continue in employment. The
suferiDgs of the farmers, who constitute
nearly one-half Of our population, are
thus enforced upon the city merchant,
the manufacturer and all forms OF labor.
The banker also is without prosperity I'M
less prosperity is general throughout the
| United States. He must learn to distin-
guish between cheap money and money
commanding a low rate of interest. The
dollar worth two bushels OF wheat is a
dear dollar, and yet ii commands interest
in Wall street at present of but two per
cent. per annu on call. II the dollar
can be cheapened by increasing the num-
Der of dollars, so that each dollar will
buy less wheat, the increasing price of
wheat will increase the demand for dol
lars to invest in its production. Then
the borrower of dollars to invest in the
production of wheat, being sure OF a
profit from that employment of the
money, can afford to pay interest for it's
use as part of his profit, or in other
words, interest is share of the profit on
the employment of money. So that
abundant money. money readily obtaina-
BILE, which is to say, really cheap money,
is the money which commands high
rate OF interest, share of the profit OF
the borrower in using it. AS We appeal
to the country in the justice of our cause,
one or two points of common inquiry
must be satisfied as follows: The expert
ence of Mexico is held up for our alarm.
We answer, first, that Mexico is conspic-
uously prosperous at present. Her in
crease in manufactures, railway earnings
| and the like In recent years is phenome-
nal. Second, Mexico is no criterion for
the United States, for the reason that she
has form OF trade Indebtedness Of about
$40 100000 annually in excess OF the
value OF her exports OF cotton, sugar,
coffees, hides, etc., which must be paid
for in the surplus product of her mines.
Her silver goes abroad as merchandise
and at valuation fixed by the outside
world. The United States, on the other
hand, is nation OF 10000, 900 OF people,
scattered over territory seventeen times
the area of France. A single one Of the
railway systems, the Erie. exceeds the
aggregate railway mileage OF all Mexico.
| We offer an employment for money TO
an aggregate greater than the worlds
spare silver will furnish us. Hence, our
silver money, at home and abroad, will
be valued as the money OF the United
States. The opposition threatens us with
food of Europe's silver upon our re-
opened minis. We answer, Europe has
no silver but her silver money. Her sill
yer money values silver at FROM three
cents to seven cents on the dollar higher
than ours. Hence the European mer-
chant or banker must sacrifice from 8 to
per cent. OF his full legal tender money
in order to recon it at our mints
Europe's silver ware like Americas
silyerware, carries on il the additional
value OF labor and the manufacturer
er's profit. They threaten us with a
food OF silver from the far east. We an
swer that the course OF silver IS inva ri
ably eastward and never toward the west
British India is perpetual sink of silver,
absorbing it, never to return, by from
$50, 100000 to 10000 900 worth every
year. And Iudia's absorption of silver
will be enlarged by the stesdiness OF price
for silver fixed by our reopened mints
They threaten us with a sudden retire
ment Of 5000 900, 900 gold, with the ac-
cOmnanving manic eauSinu contraction