The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1896-10-11

solve 1t. You can't understand a Dues
ton until you do graep the principles
which control it. If you see a boy
throwing g. stone into the air.
and see the stone falling, and don't
understand the law of gravitation, you
may guess all your life as to the Rea-
son why that stone comes to the
ground But when you understand the
law of gravitation all things like that
are explained. And so with the money
question. You can grope in the dark
for an age until you find the principles
which underlie the question, and when
you understand them, then, my friends.
the whole subject Is clear to you. Gap
plause) And here is the first principle:
That when the supply Of money does
not increase as rapidly as the demand
for money. then the value of each
dollar rises. That is proposition that
is true. 1t is solid rock and upon that
proposition you can build system
We apply the law of supply and de-
mand to money. We say, destroy half
the crop of wheat. and you VIII raise
the price of wheat. We say the man
who has wheat profits by the rise, ana
we saw that he is glad that wheat went
I'D. We apply that law to money. we
saw. destroy half the money, and the
value of the other half will rise. and
that the man who owns the money, OF
contracts payable in dollars, will pront
by the rise. And we also say tnat ne
will be glad that money went up. ZAP
plause) We apply the law OF supply
and demand to silver as q commodity.
We saw that hostile legislation has IN
Greg sed the demand for gold and raised
the purchasing power of an ounce Oh
cold We say that hostile legislation
has lessened the demand for silver
and lowered the price Of silver bullion
when measured by gold, and we pc
lieve that you can undo by law Wnat
YOU did by law; that II you Grove lne
metals apart by hostile legislation
that Won can bring them together
again by friendly legislation. zap
p- You ask me why we invoke the law now.
ask YOU why you invoked the law now.
applause Cries OF Gooo. d,Sn,t s~ Won lei
commerce act then? Why did you come IN
and get a law passed in the night ana IN .ns
dark to do what commerce could not 90
(Applause)
Demand for Silverfte.
Open the minis; create a demand for sill
ver and that new demand. acting Win the
demand now existing, win raise the price
of silver: and IL that demand is grest
enough as we believe II viii De, 10 ABSORB
every ounce Of silver presented At oul n i,nts
then. my friends the opening OF the mlnts
Of this nation alone will restore the parity
~ onid and silver at 16 to 1, and make
silver dollar equal to gold dollar. melteo
or coined. everywhere in the world. ZAP
pIause1 I say, my friends, these are the
two principles which we apply to the money
| question. and oyr opponents ignore Dotn:
| You cannot get an advocate Of the goid
standard to discuss the effect Of rising
| dollar upon mankind. You cannot get him
| to discuss the effect of a dollar, that grows
fatter every day upon the great mass Or
the law of supply and demand to silver as a
| commodity. He will apply it to wheat or
oats or corn, or anything else, but he stops
| when you go to apply 1t to silver.
| My friends. when you concede that the
| number of dollars determines the value OF
| the dollar-when you have conceded that
| you have conceded the foundation principle
| when you concede that a new demand ere
| ated for silver raises the price OF silver.
| there is only one question left open for dis
cussion. and that is, how large demand
| can be created by the United States and how
| large a supply Is there waiting to come
/ here when that demand is created? The
| coined silver of the world cannot come. be-
cause 1t is worth more at home. There is
| but little coined silver in the world that
| could come here Let me illustrate. You
have silver dollar; Why don't you sell 1t
| doesn't Frances silver come here under
free coinage? Because it Is worth three
| cents more at home than 1t would be here
| under free coinage at 16 to l. tApplause.l
| And what is true Of French silver is true of
| almost all the coined silver of the world.
| Why wouldn't merchandise silver conner Be
| cause it is worth more in the form of mer-
| chandise than it will be worth at our minis.
| The labor applied TO 1t has so enhanced its
value that It could only be melted at a
| loss How about the annual product? 1t
| can't all come; because other nations must
have their share: the arts must have their
share and we simply would have to take
| what other nations did not want But II
| we stood ready to take it all. we would Ak
| a price and they would buy 1t at the price
| which we fixed. fApplause and cries. THAT
| is right.') All but you say that there is
danger OF an increase OF supply of silver
Yes. that is another one of those wonderful
| Inconsistencies. my friends. daughter