The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1896-11-03
DICKSON FOR
DEMOCRACY
CONTINUED from Page IL

abrocd to meet the demand we have 10
meet in the payment to foreign vessels for
carrying the freight OF this country, TO
say notning Of the large amount of money
annually expended by wealthy tourists,
which leave out OF consideration, be-
cause IL can only be estimated, but take
those certain figures a bout which there is
no need or guessing, and about which no
man or woman need be in doubt as to the
trIth this foreign charge against US an
nav S three hundred millions of DOL
lars. We deduct from that the trade bal
ance III our IaVOr OF seventy mi INNS a ear
and we have foreign charge against US
yearly OF TWO hundred ana thirty millions
Of collars. How Is il 10 be pad? Must
II be in gold? That would be one y.ay:
but the gold is not in the country; because
II we take the last report OF Carlisle, sec
rotary OF the treasury, We IND outside OF
the treasury reserve land we know he
placed the figueS as high as he could, be-
cause IL was to his interest to do so out
side Of the treasury reserve, there was in
the United States five hundred and TWEEN
ty-five millions OF dollars in gold only. II
we undertook to pay this foreign charge
against us with gold, in two years il
woul- take the last dollar in gold out of
the country, practically. That is lmpoSsi-
be: that IS .nDracucable: II cannot be
met in that way. Now, what other way is
there to meet Il? One, and only one. The
wsv that Mr.. Cleveland has been forced
II meet it. and that is by selling from
time to time bonds and borrowing more
gold-and il Will go on, II the financial pol
icy OF this country is not changed, until
the credit of the country is exhausted,
and We are driven TO national bankruptcy.
Somebody has asked, How can that re-
suit be avoided?" IL we were 10 go back
10 bimetalIisnn, open the minis of this
country to the free coinage of silver, L
think l see the way that could be avoided
upon the bimetallic basis. The great sta
plies of this country for export, as We all
know. are wheat and cotton. so far as
values of exports are concerned. Our
wheat and cotton comes in direct competi-
ion ttrirh = xx-hGp IN ton of Indi
in the London market, does 1t not? Now,
with silver demonetized, driven as it is TO
% cents an ounce, the British merchant
can come to the United States, purchase
o-- silver at 80 cents an ounce, take 1t
to India and there purchase with ii wheat
and cotton at the ratio of 1S2 cents
ounce. Suppose, for moment, that our
mIntS are reopened 10 the free coinage OF
silver at the ratio of 12S. the British mer
chant could no longer come here and pur-
cs--Se silver at any less than 129, and If
this silver with which he has been Dur-
chasing India wheat and cotton goes to 129
an ounce il would destroy the ability of
1ndtS TO compete in the markets of the
world with the wheat and cotton OF Amer
lea: and the inevitable result OF that
would be that the price OF wheat and
COTTON in this country would be, almost,
il not quite. doubled in value, and at the
same time Great Britain would have TO
import Just as much OF her wheat and cot
ton as she does new-nay, she would have
to import more than she does now, be-
cause having raised the price of silver, In
Ola would be That much less able TO COM
Deto with our wheat and cotton in the
markets Of the world. So that, with the
price of wheat and cotton thus enhanced,
ycE can see that instead of the balance
of trade being seventy millions annually,
in our favor, within year after that pol
lev became law, the balance of trade
in this country would be not less than two
hundred and probably four hundred mil
hons of dollars: and we would no longer
have TO go into the markets of the world
to peddle our bonds TO buy gold. The mon
ey WIlld be pouring into this country with
the balance OF trade thus forced in our
favor.
Has anybody that you ever listened to
who advocates the election of Mr.. Mckin-
ley, or have you observed in any speech
that you have read, made by speakers and
writers OF the east, who are advoca ting
his election, any attempt TO explain 10 the
people how the election of Mckinley and
the tilkering with the tariff would enable
Mr.. Mckinley's administration TO avoid
the sale of bonds from time to time and
the borrowing of more money, just as
Mr.. Cleveland has been compelled 10 do so?
SO far as my observation has gone, and l
have given as close attention as l could
to this campaign. not only here but
throughout the country, l have never yet
seen any attempted explanation of how
Mr.. Mckiniey,scr those who support him,
hope that he can, if elected, avoid walk
ing. as l said before, in the footsteps IN
wh.ch Mr.. Cleveland has been walking
since the day of his last inauguration.
The same policy which is forcing this
country into national bankruptcy is fore
ing the people into individual bankruptcy
and ruin. 1t is a truth in national fin
ances. which is automatic. that the con-
! tracing of currency means falling prices
! of labor and all the products of l2bor.
/ and OF course we all understand that fall
/ ing prices means hard times, unless they
are arrested. The man who owes money
/ to another. who has borrowed money on
a year, TWO years or fVe years time, finds
! thar ne must toll and sweat more hours
IL the day in order TO meet the interest
| charges against him: he must give up
more bushels OF wheat each year, more
| BOUNDS of cotton. more bushels of oats,
| potatoes, corn or any of the products of
| the soil or factory-any of the products of
| labor in shOrt-in order to meet the inter-
| est demand from year to year and though
the number of dollars exacted from him
| are not being decreased when the final
| dav of payment comes, he finds it will
| take vastly more of the products of his
! toll to settle. up the principal Of the money
he borrowed than would have been re-
! ouired on the day or year in which ne
| borrowed it. And so il is that the great
| toi.1ng masses of this nation are being
gradually driven into bankruptcy; and sc
it is. from the same reason that the
wealth OF this country is becoming rapidly
concentrated in the hands OF COMPARE
lively few people. The same evil that OPP
| crates in that manner to deprive the Ia
boring man works to the advantage of the
interest-gatherer or non-producer. While
up more hours of his labor
to meet the interest demands against him
| at the same time the Interest gatherer
IS taking into his hands from year TO
| year. and month to month, and week to
week, to greater proportion of the prod
ucts of labor. So the tendency, say, is
that where the currency is contracted
| and prices of commodities are falling, to
the constantly increasing concentration
of wealth; and we have only TO look al
the surface of things to see how rapidly
| that has operated in this country. For
tunes of $10000,OOO, $4,000 600, $50,
! COO Geo. $40, 600 coo and $4,000 600 in private
fortune of s., 000.00 was IS years ago; and
| these colossal fortunes have become and
are a menace 10 the liberties of the
people of the United States. That wealth
has a dominating influence in the halls OF
legislatures; it shapes legislation and ii
! determines governmental poIcfes-nay
worse than all that. it does not fail to
attempt, it does not hesitate to attempt
times may make the attempt with sue
cess-to poison the fountains OF justice,
our courts and the laws which are the
buiwork and safety of the people. GAP
plause)
| Speaking of the tendency 10 concen
trate wealth into the hands of a few
people brings me to the contemplation OF
another question that l wish all of you
| between now and tomorrow morning. &c
| consider and that is whether or not IL be
the signs Of the times as they have beer
made manifest in this campaign, does not
see for himself or herself that there is g
still more important issue to be deter
the financial question, and that is
whether or not in the future this couu
try is not TO be governed by a desDotisn
OF wealth-a despotsm more hateful, anc
e.. al 4fIZ I,