Barton County democrat. [volume] (Great Bend, Kan.) 1885-1915, 1896-07-30
FRIENDS OF SILVER.
speech OF w. p. st. John at the st.
Louis Convention.

Louis Convention.
Ii the national silver convention at ST.
Louis on Wednesday, July %, William
2. ST. John, the eX-national banker of
New York, spoke in favor of Bryan and
Sewall for executive heads of the nation
for the next presidential term and the
free coinage Of silver, as follows:
The fountain head Of our prosperity has
run dry. Our farmers all over the country
get about eight or nine dollars per acrs
for an expenditure of ten dollars 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 consequence is that employees
and all elements Of labor arc being dis
charged and wages are lowered to those
who continue in employment. The suf-
ferings OF the farmers, who constitute near
" one-half of our population. are thus en-
forced upon the city merchant, the manu-
facturer and all forms Of labor. These
combined elements constitute the over
whelming majority of voters. Their in
telltgent conclusion will be felt when ex-
pressed at the polls.
THE banker, also. is without prosperity
unless prosperity is general throughout
the United States. He must learn to dis
tinguiSh between cheap money and money
commanding q low rate of interest. The
dollar worth two bushels of wheat is
dear dollar. and yet it commands interest
In Wall street at present of but two per
cent. per annum on call If the dollar
can be cheapened by increasing the num-
Der of dollars so that each dollar will buy
less wheat the increasing price of wheat
will increase the demand for dollars to in
vest In Its production Then the borrower
of dollars to invest in the production OF
wheat, being reasonably sure of a profit
from that employment of the money, can
afford to pay interest for its use as part
of his profit. In other words. interest is
share Of the profit on the employment Of
money. So that abundant money. money
readily obtainable. which is to say really
cheap money, is the money which COM
nandS q nigh rate of interest, share
Of the profit of the borrower in using 1t.
1.-The opposition threatens US with a food
of European silver upon our reopened
minis We answer: Europe has no silver
but her silver money. Her silver money
values silver at from three cents to seven
the European merchant or banker must
sacrifice from three to seven per cent. of
his full legal tender money in order to re-
coin it at our minis.
They threaten us with a sudden re-
tirement Of 5000, 600, 900 in gold with the
accompanying panic, causing contra ction
answer that our total stock of gold other
than about SO, 200 SIS. OO0, 900 circulate
ing on the Pacific coast. is already in re-
tiremsnt. Practically all our gold is in the
United States treasury or held by banks.
This is what will follow the reopen
Ing of our minis to silver: The gold al
ready IN the treasury VIII remain there II
common sense dictates the treasury man
agement; that is. if the treasurer eXer-
cises the option to redeem United States
notes in silver. premium on gold will
not occasion contraction of the currency.
bank boards of gold continuing to serve as
a portion of bank reserves against bank
liabilities. A premium on gold will tend
to increase our exports by causing q
higher rate OF foreign exchange: that is to
say, by yielding q larger net return IN dol
lars on the sale of bills of exchange drawn
a Cr1in m inv Will
tend to diminish our imports by increasing
the cost of bills of exchange with which
to pay for goods imported
1.-The tendency of increasing our exports
and decreasing our imports will be. first,
to set our spindles running. swell the num-
Der OF paid operatives, increase their
wages. thereby adding to the number and
paying capacity of consumers, and thus
enlarge our home market for all home
products and manufactures. with prosper
ity in general as the result assured. The
tendency of increasing our exports and
decreasing our imports will be, second. to
establish a credit balance of trade for tho
United States. A credit balance of trade
means that Europe has become our debtor
and must settle with us in money. Furope'S
silver money is overvalued in her gold, In
comparison with ours. by from three to
seven cents the dollar. The European
merchant ba mixer will, therefore, make
his trade settlements with us in gold, more
Drofitably by from three to seven per cent.
European trade settlements with the
United States are made in gold. parity for
our gold and silver money is established in
the markets OF the world. Herewith the
i37lA grains of pure silver in our silver dol
lar and the 1922 grains of gold in our gold
dollar are of exactly equal worth as bull
lion in New York