The copper country evening news. [volume] (Calumet, Mich.) 18??-1907, 1896-10-09

der of the debt that would have been neces-
sary TO pay the whole Of tho debt at the
time we resumed specie payments.
Who Profits Now?
We nre producing nation, and the policy
of our government has tended 60 reduce the
prices Of our products. Twenty years ago
when foreign bondholder took one Of our
OIL 900 bonds and clipped off the interest
coupons for year, amounting, say, 10 $50,
he could buy with them only from 40 10 80
bushels OF wheat or proportionatea amount
OF other American products. Today when
that bondholder clips off the coupons for "a
years interest that same $50 will buy him
100 bushels Of wheat or "a proportionate
amount of other American products
ask you, my fellow citizens, in whose
interest has the American government
been run during this timer And II this
policy Is 10 be continued, IL this gold
standard IL 20 be maintained, II we are TO
20 on with "a constantly increasing popula-
ton and nonincreasing volume OF money,
then there must BIO further and con-
tinuous decline in prices over tho world,
and when another generation has spent its
life paying at this national debt IL will
then take nearly twice as much Of Ameri-
can products 20 pay the remainder of the
debt then existing as IL will take today to
pay It.. Is II any wonder that the gold
standard people do not want this subject
discussed! Is It any wonder that they
charge that we are trying TO arraiRn class
against class when we call attention To
what are simply the hard facts? The
American people are the sufferers, and tho
only people who profit by this policy are
the foreign and the eastern bondholders
and their American agents. In one of the
bond transactions under the present adj
ministration New York banker and his
associates, who represent English capital,
made upward of $10,000,00U out OF the
government in a few weeks Is it any
wonder that those men want to continue
this policy Do you really think, my fell
low citizens, that policy which lowers
the price of all American products while IL
increases the American debt can be said To
be wise American policy
Indebtedness Of This Country.
The Indebtedness of our country, when
you consider the vast corporation, munich
pal and other debts, almost battles compu-
tation. IL is nearly all held abroad. The
interest has to be raised by the toll and the
labor Of American people. 1t has to be
paid by American products. Shall we pur-
sue policy which will keep the price of
American products down so low that IL
takes practically everything that the Amer
lean nation can earn TO annually pay the
interest on that Indebtedness, and thus de-
stroy their ability to buy, which means
destruction of the American marketp Can
we reasonably hope for any prosperity in
the futureS Talk about maintaining this
gold standard and paying these vast sums
f,, rAll hv than. Ia erolh annnnh m
all the world to pay fractional part Of
the interest on our debt in gold, and In re-
cent years we have repeatedly seen gold
manipulated in such manner that few
great institutions control IT, In other
words, they were able TO corner the avail
able gold 1 have already shown you that
| In the entire United States there is only
| el27, 00O, 900 of available gold That in
| cludes all the banks have, and the amount
| Of gold In sight In the world which Is
available at any time is very small, and
| we therefore must expect If we stay on this
| basis that gold will be cornered repeatedly
| from time To time. The spectators will
| profit, and the producers will suffer.
| steadiness of Standard.
Mr.. Schurz claims that the gold standard
| is steady standard and therefore desirable
| for the commercial transactions Of the
| world. Other gold standard advocates
| have made the same declaration. IL Is i'm
| possible to understand why they have done
| so, for all the worlds experience IL to tho
| contrary England is a gold standard
| country. The Bank Of England rests on a
| gold standard. France is bimetallic coun-
| try. While it has coined no silver since
| 1873, the Bank of France rests on the bi-
| metallic basis. During the ten years from
| 1875 to 1884, inclusive, the Bank of Eng
land was Obliged to change the rate Of dis.
| count Sc times; the Bank of France only
| 10 times In other words, during those ten
| years the bimetallic standard was five
| times ms steady as the gold standard. And
| during the seven years from 1885 to 1891,
| inclusive, the Bank Of England was forced
| to change the rate OF discount so times;
the Bank Of France only O times. When
| one metal alone Is the standard, 1t is affect.
| ed not only by the change in production,
but by reason of its limited quantity Is
subject TO manipulation, whereas when
the standard Is supplied from two sources
there Is greater steadiness In the supply
and the volume being so much greater it Is
more difficult TO manipulate.
| Prices and Legislation.
Mr. Cochran argues that you cannot
change values, and then he uses this Ian
Euage, "A man may change prices by leg
islation." That sentence admits the charge
| made by the bimetallists and is In harmony
/ with the views of the greatest European
statesmen, who claim, with the bimetal-
lists, that when the governments Of the
world demonetize silver they by legislation
reduce the supply of money in the world,
and when they adopt single gold standard
they by legislation increase the demand for
| gold, so that by legislation the law of sup
ply and demand was in such manner in
terfered with as to force up the purchasing
power Of gold to twice what it formerly
was. II our committee were not so poor,
| I should recommend that they give Mr..
/ Cochran n check for travelling l 900 miles
to make that admission.
Cochran on Wages.
Mr.. Cochran further gave US the benefit
Of his views on political economy in this
language, Wages depend on production
and nothing else" Again he says, Wages
depend absolutely on production. IL this
Is correct and nothing further is needed
than to produce, then all that Is necessary
| Is for the mills to start up and go to pro-
ducing, and the more they produce the
higher the wages they can pay, and every
body will be happy II there are any
manufacturers in the house, I ask you how
this would strike you? Has Mr.. Cochran
covered the case9 Is there not something
wantings Has he not left out the most es-
sential element, and that Is the marketS
No manufacturer can run his mills unless
he has market for the things which his
employees make, and IL Is strange that all
OF the gold standard orators of the country
| narsisfently shut their eyes 70 the fact that