The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1896-09-17

pOoi dS"iiiHN tllt w ltupNtT II pres
idential candidate can stoop to the arts
of the demagogue, the cause which he
advocates must be poor indeed. He gives
no reason and produces no proof for the
bold position he takes, but makes up in
assertion what he lacks in reason or in
proof.
| 1T is assumed that prices have deprcci-
| ated and that the cause of the deprecia-
| tiop is the appreciation of gold.
| Prices have not deprecated abnormal
| ly. The decline in the prices of all COM
modities from 1873 to 1891, as found by
| the authentic report of the senate finance
! committee was only $40 per cent from
| the basis line of 100, taken from the
| prices of 1860 the prices during the in
| fated period being carefully reduced to
Il gold basis, According to that report,
| food products and lumber advanced. and
the prices of clothing, fuel, metals, drugs
and chemicals and household goods de-
| clined. The rise and fall was not regular.
| but see-sawing. as the markets were af-
| fected Icy supply and demand.
'"There have been some 5000 patents
since 1873. introducing improved methods
| of production and manufacture in all
| branches of industry. Any one can see
Mt glance that new and improved
methods have brought about lower prices
| by reason of diminished cost of produc-
| ton. The trend Of civilization is towards
| lower prices, especially for the prime ne
| cessitics of life The decline in the rates
| of transportation has more than kept
| pace with loSsening cost of production
| and manufacture, and the human race to-
| day, with Il gold standard elevated over
| the industrial field, is better educated.
| better fed and clothed and housed than
| in all its history.
Labor has demanded and received
! more and higher wages, has become more
and more efficient in every department of
| industry. And nowhere under Gods
| heaven has the laborer prospered more
and Jared better than in this land, where
! gold measures all earthly valnes.
but gold has not appreciated. The de-
mand has been fully met and more than
met by the supply. In 1894 the gold sup
ply of tie world was $179,9G5,O 900. In
the period of the greatest gold production
in the world in the past, from 1871 to
1860. there were produced 6G.o96,0OO.
In the four years from and including
1891 to 1894 $614727,700 We're pro-
duccd. More than twice as much in four
years as in the ten years from and in
then. and there is no good reason to show
that it has not Deprecated of late years.
Besides, the production of silver since
1913 has been abnormal. In the first
sixty years of this country. the annual
production never exceeded 29,00O,00O
ounces. After this period the annual
output increased by bounds, reaching in
1874 55,0O0O00 ounces. Between 1881
and 1885 the production was 92.003, ,91l
ounces, and in 1856 reached 93,207 800
| ounces, which was an increase of 400
per cent eve the Crago Of each of the
| four years preceding. In 1889 the pro-
duction rose to JOS, ,S27 ,G0G ounces. In
1894 it reached 166,G01 ,905 ounces.
Can any one doubt that this enormous
increase Of production, with possibilities
of unlimited supply, together with Il
lessened and lcssening demand. drove
silver down below the level Of all other
commodities? Here is scope for the ap-
plication of the law of supply and de
mand which Mr.. Bryan is so fond of
quoting. He says legislation placed an
artificial demand on gold and destroyed
the natural demand for silver. He is
mistaken. Commerce has uutgrown sill
yer as Il measure of value. Even as Il
medium of exchange it has been sup
planted by many substitutes, by credit in
struments, affecting prices and trans
ferring values to the same extent as any
coin disc. The demand, the desire to
possess, coupled with the ability to ac-
quire, has gone from silver The world
needs gold. Commerce demands it as
possessing most value in less bulk. and
as less variable and fuctuating. And
before the laws of commerce. the clo-
quent appeals of the Nebraskan are i'm
potent and poweress.
'Slr, at the risk of trcSpaSSing IpOn
your patience and that of this audience.
L venture to assert certain fundamental
truths accepted by all the deepest think
ers and most iliustrious political econ
omists of this and former times. Stand
ard money being a device to effect cX-
changes and measure values must be
worth rs much as the commodity it cX-
changes for. 1t must have, as near as
it may be reached, unvarying value. and
must have universal purchasing power.
The value of the money metal is in the
bullion, and not in the mntagc. This
value springs from demand and supply
and the estimate placed upon it by the
vast thrOng of eXchangers and traflick-
crs who swarm in the market places of
the world; yea, sir, they are found
wherever men dwell and offer what
they have for what their brethren have.
When two meet to exchange their com
modlties, their respective minds are i'm
mediately engaged in estimating the
qualities of the thing they desire TO have
and of the thing they wish to part with
Ihcy compare, they examine, they de-
eide. This is beyond the power of arbi-
trary, statute; beyond the power Of king
or of congress. That power can not
destroy this operation of the human
mind, in attempting to impair the value
of one commodity or to enhance that of
the other. Hence the assertion that the
act of 1873 destroyed the value of silver
is an economic sOlecism.
Which Of you. by taking hought. can
add one cubit to his stature!' was asked
by the Savior 2000 years ago. Which of
the nations of the earth can by legisla-
tive thought add one centime to the value
of any commodity more than the brains
and the estimate of mankind give to it?
"The awful calamitics to befall the citi-
zens of this country when the thirteen
billions OF trust funds and savings are
cut in two, when the nations trade is
demoralized and disOrdered, and the ma
tons honor is sullied, no man can pre-
dict. That they will be far-reaching and
destructive we know; but the extent of |
the disaster is beyond conjecture.
"Sir, into your hands / formally place |
the standard of our party. 1t waved |
over Jefferson and jackson and Cleve- |
land, and it now waves over Il distin- |
guished patriot, who, in peace and in |
war, has signalized his devotion to his |
I'VE all know that your exalted patriot |
ism places country before party and that |
the assaults on the constitution of our |