The herald., 1896-10-10
Which Americans Don't Need in
Their Business
CLEVELAND COULDN'T COME
Because II Would Look Like Perniclous
Partisanship
The Secretary Asserts That the Higher
the Dollar Goes, the Better for
All the People.
Associated Press Special Wire

| Associated Press Special Wire
| CHICAGO, Oct. 9.--Secretary of Ag-
aiculture j. Sterling Morton spoke at
| the Auditorium tonight, under the au-
spices of the Sound Money league. The
hall was filled to the extent of its ca
pacity and when Secretary Morton ap-
peared on the platform he was greeted
with loud and enthusiastic cheering.
He was introduced by David B. Jones
of the Sound Money league, who paid
a flattering tribute to the secretary as
politician and as man.
Before beginning his address Secre-
tary Morton announced that an invita-
ton had been sent to President Cleve-
land requesting his presence at the
meeting. Mr.. Morton then read the
presidents letter regretting his ina
bility to be present, which was as fol-
lows:
GRAY GABLES, Buzzards Bay,
Mass.
Edwin B. Smith, Esq, Chairman
My Dear Sir: l am so much interested
in the work which the American Hon
est Money league has undertaken that
1 would be glad to do anything I con-
gret, therefore, that l must decline the
invitation to address the league on some
date previous to the approaching elec-
ton. Even if the pressure of official
duty did not prevent, I should hardly
deem it consistent with strict propriety
to mingle actively in the pending cam
paign
While 1t is impossible that any of my
fellow citizens should have the least
,11t - ,t,. hn ftol
question which at this time absorbs so
largely the attention of the people, the
work of advancing sound financial ideas
and the labor of enforcing the lessons of
public and private honesty and moral
lty. I feel must be prosecuted without
such participation on my part as you
suggest Wishing for the league the
utmost success in it's patriotic endeav-
ors, l am, sincerely.
GROVER CLEVELAND.
The secretary then spoke, in part, as
follows:
Secretary Morton began with the as
sertion that Chicago is the greatest
wholesale market for farm products
in the world, and that for this reason
here the financial question as applied
to the farmer ought to be considered.
Money, he said, is only a measure of
values and a. mediator of exchange.
Farm products. he said, would buy mon
ey only when they were wanted.
Continuing, he said: The farmer Is,
however. compelled by the unwrltten
law of markets to furnish food products
of such a high grade that will sell in,
or buy money in. any market at home
or abroad. Musty wheat or tain led
meat is rejected, and no economist,
banker, or even plain man of the peo-
ple," has ever attempted to establish
parity or equality between tainted
food and toothsome edibles, or to main
tain a ratio between the rotten and the
wholesome in dietary affairs. Expert
ence has taught the farmer that only
the best products have even the specific
purchasing power to buy money. The
farmer demands money for his staples
because real. honest money has a gen
eral purchasing power in all the mar
l.ets of the civilized globe, and that
money is real and honest. and that
money is best which has the least huc-
tuating purchasing power at all times
and in all counaries.
A dollar with too much purchasing
power is as impossible as a square meal
with too much nutritive power an acre
of land with too much productive ca
pactty. or an advocate of the Populistic
scheme of finance with too much logi-
cal ability
But gold dollar has never anything
but relative value. This day 1000
bushels of wheat sell for $70O in gold,
and this sale fixes, for the time being.
between that buyer and that seller. the
wheat value of gold and the gold value
of wheat. But tomorrow morning ca
blegrams report failure of wheat crops
in Russia. India Australia and the Ar
gentine Republic and before night
wheat sells at dollar bushel.
Gold has not deprecated, but the re .
lation of the worlds supply of wheat 10
the worlds demand for wheat has
changed. Demand remains undimin
ished, supply is lessened, and therefore
prices advance. The relation of sup
ply and demand is the sole regulator of
value. And neither gold nor the unlim-
tied and free coinage of silver at
l6 to l can repeal or mitigate that eter-
nal truth.
AS to the law of lower prices in com
modltles. 1t is natural and constant and
rot harmful; owing to the superior fa
cilities of production. through inven-
tion, cheaper transportation, a better
knowledge of agriculture and more skin
all the time to make available in prc-
duction all the free forces of nature.
Nature works for nothing The price
of products goes down in consequence
put natures forces can do nothing I'm >.
less combined with mans efforts. In
prices, therefore. now absolutely re.
duced, wages tend all the time to be n
larger element than what goes ont of
the same low prices to the capitalists.
| The only onerous elements in prodrc. d.
tion are labor and capital. Out of the
| lower prices wages gets a larger and
larger proportion, and capital less and
| less per cent. This law perfectly ac-
| counts for steady rising rates in wages.
while prices are going down And while
| prices are thus perceptibly declining
| and farmers ard other capitalists are
| getting less profit than before. are they.
| not naturally and fully compensated
by cheaper commodities to buy and
! wider markets to sell in?
SAID the secretary: Thirty years ago
dc facto government called the con-
| fedarate states of America existed. If
mad financial system based upon thu,
| Popuiistic idea that the government can
| py mere stamping on paper or metal.
create value. The confederate govern :
ment therefore issued paper currency.
| with all the fanatical faith in fiat f1nan-
ces that the leaders of the cheap monsy
mania develop in this campaign. Ana
| That confederate government then mum.
| bered among its ablest economists MANY
! OF the leaders of the present tumultuor,s
movement Tor silver monometallism
That profound publicist from Missouri.
George Graham Vest, was a stand
ard authority in confederate finance.
| SO was that learned and successful
hnancier, Isham G. Harris of Tennessee
and. also those patterns of confederate e
wisdom and sagacfty, Pugh and Morgan
OF Alabama These cogent and eloquent
| advocates OF new system of crrrenrv
| for this great republic, which tbcy
| would dispose of by shop worn samnIas
| from tho coufadcrof 10 footo.,.