The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1896-07-23


pleasure. Robert f. Diffendeinfer. of
Pennsylvania. was named as secretary.
In concluding his report Colonel Brad
shaw briefly eulogiZed MIR. st. John.
The report was adopted with a cheer.
While committee was escorting Mr..
St. John to the chair, Mr.. Newlands
announced that Mr.. Towne would ad-
dress the convention tomorrow. The
delegates appeared delighted to know
that the business of the convention
was not to be rushed through and
final adjournment reached tonight. as
had been rumored.
Mr.. Newlands then introduced Mr..
st. John as permanent chairman. Mr..
St. John prefaced his remarks by say
ing that 1t having been intimated that
he would be asked to preside over the
convention he had put his remarks In
writing, so that what he had to say,
might be in a shape which he would not
regret having said (cheerS). He there
fore asked the Indulgence Of the con-
vention while he read rather than trust
to the eloquence of the occasion. At
the outset Mr.. st. John captured the
utltSdteS pS u
that he should speak from bankers
standpoint and that if he We're ad-
dressing gathering of bankers he
would use no different terms.
ST. JOHNS SPEECH.
Gentieme;, of the Convention.
The Skill and efficiency of your labors
in the past have been rewarded by the
adoption OF our de maId for legislation by
two great organization OF the people.
namely: The Democracy and the Peoples
party. Ii now you are able to Induce
coalition of these two organizations Tor
the one purpose, the desired achievement
on behalf Of the people will ensue.
Assuming then that you will prevail
upon those patriots calling themselves the
Peoples party to endorse the nomination
of Bryan and Sewall. It is adviSabl. 10
warrant the desirabiity Of the end in
view.
1t is among the first principles in finance
that the value of each dollar. expressed
In prices, depends upon the total number
vi dollars in circulation. The plane OF
prices is high when the number of dollars
in circulation Is great in proportion to the
number of things to be exchanged by
means of dollars. and low when the dollars
are proportionately few. The plane "
prices at Drestn; and for some time past
is and has been ruinously low. The IN
crease of our population a! about 2.Wp,UV
year. scatterd over oar immense terr.-
tory calls for increasing exchanges and
thereby demands AN increasing number Of
dollars In circulation.
The increase III the number OF dollars
when dollars are confined To gold Is not
sufficiently rapid to meet the growth Of
our exchanges. The Consequence Is
growing valne OF dollars or diminish
ing value OF everything else expressed IN
dollars which is to say, Il tendency to-
ward constantly declining prices.
The fountain head Of our prosperity has
run dry. our farmers all over the conn-
try have endured the depression in prices
until they get about Ss or 81 per acre tor
an expenditure OF SO uer acre, and the
like Their credit is exhausted at their
country stores. The country store ceases
to order from the city merchant, the city
merchant reduces his demand upon the
manufacturer. Manufactures are cur
tailed. The Consequences that employees
and al elements of labor are being dis
charged and wages are lowered to those
who continue in employment. The SUI
fering of the farmers, VINO constitute
nearly oue-half of our population Is thus
enforced upon the city merchant. the man
| ufacturer and all forms of labor. These
| combined elements constitute the over
whelmins majority OF voters. Their in
| te!ligent conclusion will be felt wnen eN~
pressed at the polls.
BANKERS PROSPERITY
The banker also IS without prosperity
unless prosperity is general throughout
the United States. He must learn to dis
tingusi between cheap money and money
commanding u low rate of interest.
The dollar worth two bushels of wheat
Is dear dollar and yet it commands in
| terest in Wall street at present of but
per cent. per annum on call. IT the dol
lar can be cheauened by increasing the
number of dollars, SO that each dollar will
buy less wheat. the increasing price Of
wheat will increase the demand for dollars
to invest in its production. Then the hor'
rover Of dollars to invest in the produc-
ton IF wheat being reasonably sure OF II
prC.it from tiiet employment of the money
can afford to pay interes; for its use as Il
part of his profit. In other words, interest
is a share of the profit on the employment
of money. So that abundant money.
money readily obtainatle, which Is. 10
say. really cheap money, is the money
which commands a high rate of interest.
as q share of the profit Of the borrower in
| using it,
AS We appeal 10 tnt country, III tHe JUS
tice of our cause, one or two points OF
! common inquiry must BE- satisfied as fol-
lows:
The experience CT Mexico il held ~ for
our alarm We answer. first. that Mexico
Is conspcuously prosperous at home. Her
increase in manufacture, railway earn
ings and the like i'm recent years Is pheno-
menal.
second. Mexico is no criterion for the
United States, for the reason that che has
q foreign trade Indebtedness of about So
OgU 600 annually in excess of the value OF
her exports OF cotton, sugar. coffee. hides,
and the like. which must he paid for I'm the
surplus product of her mines. Her silver.
therefore, goes abroad as merchandise,
and at a valuation fixed by the outside
world The United States. on the other
hand is nation of IJ,uUJ,UJO OF people,
scattered over a territory seventeen times
the area of France. A single one OF our
railway systems. the Erie. exceeds the
aggregate railway mileage Of all Mexico.
We offer an employment for money to an
aggregate greater than the worlds spare
silver will furnish us Hence. our silver
money, at home and abroad. will be val
! ued as the money of the United States.
The opposition threatens us with a Hood
of Europes silver-upon our reopened
minis. We answer. Europe has no silver
bu, her silver money. Her silver money
IN