Daily independent. [volume] (Elko, Nev.) 188?-1915, 1896-06-17
SENATOR DANIELS SILVER
SPEECH

ator Daniels silver speech:
The falling prices that follow every
contraction and stagnation of the cur-
rency cralnp and paralyze commerce,
man ufacture, and agriculture. The
merchant buys or rents Il ~storehouse,
hires a coterie OF clerks and helpers,
buys "a stock of goods for cash, or
more generally on credit, advertises
it for sale, sends out his commercial
travellers and is ready for business.
Then comes contraction of the cur
rency. His taxes remain at a fixed
figure, the charges for rent, for gas,
end for water remain at a fixed figure.
so his advertising expenses, his la
borers and the wages he pays, 80 his
outstanding notes and obligations;
but the goods fall in value Every
merchants goods fall in price also.
There is a let-down in the very base
OF his operations. Profits vanish; all
hope Of them vanish. To get out
even is now his forlorn hope. An
other merchant sells his goods out at
auction at sacriticial prices. The
bank or the wholesale dealer who has
trusted him presses for the payment
OF all notes given. The merchants
goods must go upon the Ealing mar
ket. Buckle and tongue will not
meet. The merchant fails.
The manufacturer depends upon
the merchant. What use to make
goods if a merchant al not buy at. a
profit to the maker? What use for
the merchant to buy if he can not sell
at a profit to himself? The c~ontagion
OF the paralysis passes from the mer-
chant to the the manufacturer. He
reduces wages, he cuts close and paws
lesser prices for his raw meterial.
But as the contraction OF the currency
continues prices of all products 20
lower and 10 wer; the prices paid for
this year will leave no margin of profit
for the next year. The manufacturer
gets desperate; his factory closes; his
machinery rusts; his plant DECAYS:
HE enterprise fails.
Meanwhile wages decline. The de-
mand for labor decreases as enter
prise decreases, and age decrease
as demand for labor decreases. The
laborers can not be paid at the old
rates when property declines; idle
laborers n get no work, or must take
any job they can get at any prlce that
Will hold soul and body together.
Ihe mechanics wife stares starvation
in the face; his children cal not keen
up decent appearance in the public
schools, or find work for their fingers.
Ihere are strikes and lockouts; then
come the tramp of soldiery and men,
aclng steel. The capitalist, if he is
of this, sits back in his easv
chalr and says: awe must have a big
army and a strong Government; the
days OF Jeffersonian Democracy have
gone by. and Macaulay's letter to
Sandall wal a true forshadowing Of
our future; the old idea that a Presi- +!
dent should never fill the chair but
twice belongs to a time of i~nexner;-
ence and adolescence. Suicides in
crease, burglaries increase, failures
increase. Money now buys O than
1t over wonld before; the usurer
thrives; the demagogue stands out
before the poor man, and with subtle
fiattery for his vanity tells him that
wants the poor man to have az
good u dollar as the rich man, and the
best money in the world. The Door
man meantime, who has few dollars Of
any kline and little or no work of anv
klnd' looks up with a dubious scowl
upon his face and marvels much at
this expression Of disinterested beneS-
oience. But money is getting dear-I
and dearer; it buys more and more:
and the self-complacent capitalist,
who is getting richer and richer on
'ther mems ruin, declares that times
prosperous, and that the discon-