Evening star., 1896-07-30

Periods Of depression are common to the
human race. Doubtless you and I think
that II we had the world to make We would
have had human progress arranged OF q
continuous upgrade, ten feet or better to
the mile. But God knows human nature
more perfectly and knows we could never
and down dale. But while depressions are
Common, they have their a8gravating
causes, which must be removed. Then
when confidence comes prosperity follows.
How I think that can be reached Will tell
you soon.
Meantime let US see what Is proposed by
those gentlemen who within the last two
months have discovered new cure for all
the Ills flesh is heir to- and who proclaim,
as they did four years ago, that they alone
hold prosperity in their grasp.
Meaning of Free Coinage.
'Their remedy Is the coinage Of silver at
16 to 1. What does that mean?
Heretofore, whenever gold and silver
have stood together it has been at the mar
ket value. When we tried to make gold
and silver circulate together we have al
ways married them according to their mar
ket value. Today we find them, not 16 to 1,
but 81 to l. and we are going, they say, to
lift silver to twice its value not by the
universal sense Of mankind. which alone
makes values. but by the statute of the
United States single-handed against the
civilized world.
why should the United States try to do
this alone?
"If the demonstration of silver Is a dis
es sc at all. 1t Is a world disease. 1 defy
al ybody to find q single argument which
proves that the remonetization of silver
would be good for the whole world. If it
Is world disease, how can it be reached
except by world remedy. International
bimetallism can understand, but this driv-
Ing out Of gold and substitution of silver
Is only silver monometallism for the United
States. 1t Is not bimetallism for the world
ard stable currency, but the shifting
from gold currency ald civilized Europe
and going over to silver and Mexico, ia
pan, India and China. Oh, but China and
Japan. India and Mexico are prosperous
Just now. Yes. bur what kind Of prosper
ity? The prosperity Of cheap labor grow
lrg cheaper every day.
manufacturers there may be prosperous
and traders may be prosperous. but the
in Maine and New Hampshire paper pulp
IS made cheap. How? Because the manu-
facturer is close to cheap labor. In silver
countries labor Is cheap and kept cheap by
want that kind of prosperity I want a
prosperity which, by good wages to all, is
shared by all. We want broader life,
broadening every day for all our people
free coinage of silver will raise It to par or
not Very few people claim that 1t will,
and If they did could not believe them.
Il was told In 1890 by two of the most
that the purchase of 100000 ounces a
month would raise silver to par, and when
we did buy 1t silver went down like lead.
Silver men have not been good prophets
In the past.
Effect of n Cheap Dollar.
IF then we are going to have dollar in
ferior to what we have today what will be
the effect of 1t? Higher prices, they say
Not for everything. If you have a hundred
In fho x-iy,rv,
get one hundred gold dollars from the bank.
If this wild project succeeds and you are
Paid In silver. you will get the one hundred
dollars, but they will be 80 or 60 or 7O-cent
dollars. If you nave pension, that must
be scaled down If you have bond, that
does down, too. VIII the wage Garner be
any better off? What yeu buy will go up
And Will your wages go up, too? There
you nave experience to guide you. Wages
during greenback times measured in gold
did not go up as other things did, They
Went part way, but not all the way up
and were very slow about that But
wouldn't business be better for more
money? 1t might be after a terrible crash
with bad currency, and then we would have
to get back again. Brandy may seem to
strengthen, but plain bread and meat are
The surest- What we want Is not more
money, but more capital; money always
comes with capital We have money now
more than we can use lying idle. We have
Just exported lot of 1t. Money Is the
transferrer of capital, as a hayrack and
horse Is a transferrer of hay. More hay
re cks will never make more hay. hut more
hay Will require more hayracks, and Is sure
to get them.
If I sell my house in Portland or mort
gage 1t for 5000 and send the result to a
Washington state coal mine and 1t Is spent
and comes back to Casco Bank nv s5OOO
worth OF capital is in Washington Just the
same. What this whole country needs is
capital from abroad, from the whole world.
1 expect some Of you will be surprised. and
ask whether the wealth of the United
states is not immense and sufficient. I'm
mense, yes; sufficient, no.
Capital Needed.
"Our capital is great, but the United
States is very much greater There are
millions of square miles, and 100000 Of
people, and undeveloped riches without
stint But there is not capital enough to
keep 75.0O0.OOO Of people at work. When
are we the most prosperous? It Is when
the 15.OOO,OO are all at work, and when
that happens we borrow Of the rest of the
world thousands of millions of dollars.
Let me give you one plain proof Of the
fact that money comes with capital. In
1880 we were prosperous. Our people were
all at work. Consequently, there were
good wages and wealth greatly Increased.
At that time the figures show that in that
year we had $4,000 600 Of gold more than
in 1Ss2-every bit Of that had been I'm
ported or kept. the product Of our own
mines. We were busy transferring this
vast capital we had borrowed and that
which we owned ourselves.
Now, just as soon as this election Is
ever and the future position of the United
States Is assured. both as to money and
to the employment of our people, capital is
ready to come to US from abroad and from
our own people, and we shall again be PROS
porous.
Il know this plain, temperate statement
does not seem go high colored as will be
given by speakers who are not really re-
sponsible for what they say. but 1t has one
advantage. it will be found to be true.
Lessons of the Past.
God keeps the future for Himself Only
His eye can see in the fullness of truth the
days to come. but He has left us some
glimpses Of them in the past. and If men
will only take guidance from experience,
they will. they can IN no other way,
show their superiority over the brutes
which perish.
You and I, my friends, have been to-
gether for twenty years; two-thirds the life
Of a generation of men. 1t would be singu-
lar If the past gave us no help in the crisis
of our affairs. But 1t can. We have been
through all this once before. The green
hackers Of 1878 were not bad men, They
were sincere. and had a better case than
the silver men of today. In fact 1t was
l.