The representative. [volume] (St. Paul, Minn.) 1893-1901, 1896-03-11
s. NJ. OWEN SPEAKS.
He Shows How RuinOus the Gold
Standard is to the Prosperity
of the Country.

S. M. Owen addressed a large meeting
of the Gold and Silver Club In the New
York Life Building last night on Debt
Hon. d. f. Morgan presided. Mr.. Owen
said in substance:
''The people Of this country and gener-
alton are not sufficiently familiar with the
question of debt, the principles which con-
troll it and the manner in which it has
been created. They know that debt ex-
lists and that it is widespread. They do
not know that those good times we en-
Joyed decade ago were due to the fact
that we were borrowing money. They do
not know what is the cause Of debt today.
Some people trust in a change of admin
istraton to alter all things, but until sill
yer is reinstated no change of administra-
ton can cure the crying evils.
Financial ills are all laid at the feet
OF the system that has been tolerated
since the demonstration of silver. BY
that system comparatively few men
have been enabled to gather in to their
control over one half OF the
wealth in this country. One twen-
tieth of ! per cent of the popu-
lation owns one-half of the wealth. If all
the wealth in the country were divided
equally it would amount per capita to
$1,000. While under the actual condition
Of affairs if the wealth that belongs to the
great majority of the people, excluding
that favored one-twentieth of per cent,
were divided among that majority, there
would be per capita Of but $500. 1t is
necessary for the many to borrow from
the few. The wealth producers are rob-
bed
"All this robbery has been going on
ever since that gigantic contest of 1861
1866. Fictitious values favored an alb
sorption Of land by a-few. BY those few
we were, and are, robbed with malice
aforethought. The population of our
country has increased and our aggregate
of wealth has increased. but vastly more
has our real estate mortgage indebtedness
increased.
''The prices of farm products have de-
clined and the price of gold has in
creased because of this single gold stand
ard. Debt has not gone down. 1t takes
more Accent wheat, scent potatoes, and
20-cent barley to get gold dollar; but
this gold dollar buys just as much debt
as before. This gold dollar will buy much
debt. but will buy no more railroad trans
portat1on, no more interest, and no more
of those articles which are controlled by
monopoies. There is the difficulty. There
is the kernel Of the question.
"The one function Of precious metals is
the measurement Of values. When they
are changed in quantity other things are
changed inversely. Less metal makes II
more precious, and raises it's price; and
more produce is required to obtain given
amount When silver was demonetiZed
one-half of the standard of values was
taken away The gold bugs became rich
as the price of their metal went up. Sill
yer continued to be coined, but only tt
fool and cajole the people.
1.-The government, and the government
alone, can reinstate silver. Legislation
places the fiat on the silver. White colo
| is Gods money. Let the people deter.
mine what metal or metals shall be the
standard of values, and not the money
power alone. Government is numbering
| its constitutional duty to establish values
and is turning it over to the money lend
ers. We have improved in everything ex
cept in money system. In that respect
we are worse than barbarians.
IF we continue to work under this sys
| tenn we are not intelligent and progress
| sive people. There is no prosperity ant
| happiness unless we return to the system
| under which the world has always beer
prosperous and happy.
'"They who state that the silver senti
ment is dying out and rejoice in it, onl!
| rejoice over devastation, poverty, ant
| ruin. But Father forgive them, the!
| know not what they do To be an opti
| mist today is to be liar. To be truth
| teller under the present system is to be
| calamity bowler. The money question il
| the paramount issue today, and will b.
| until it is settled, and settled right. Thu
| tariff or any other question will not side
track it. Only the reform party will set
tie it. The old parties will serve only t.
| fool and cajole.''