Lincoln County leader. [volume] (Toledo, Lincoln County, Or.) 1893-1987, 1896-10-29

TO silver while leaving them open to gold, taking away
the option of the debtor, and destroying the demand for
silver, is what has affected its relative commercial value
with gold. 1t is not fair to clip a birds wings, and then
damn it because it can't fly. QOng, continued applause)
THE SILVER BULLION OWNERS.
They say that free coinage OF silver is in the Interest
of the silver bullion owners. If that is true, then free
coinage of gold, which we now have, is in the interest
of the gold bullion owners. (Applause) IL there Is
anything in their argument, they should advocate the
closing of the minis to the free coinage of gold When
a government decides what our money should be made Of
it decides it, or should do so, for the benefit OF society,"
and when that decision is made it should be made with
reference to civilization. Any collateral Deneht that
may result to those who dig it out Of the ground is In
hnlteiy small as compared with those who are Dehenteu
thereby.
The loss to our wheat growers and cotton growers. by
the decentralization of silver, to say nothing OF the own
erS of all other property, mounts up into the Dlltons OF
dollars, during the past twenty-three years. and Is IN
hniteiy greater than any loss that has occurred 10 the
silver miners.
HOW IT WILL CIRCULATE.
They say, suppose we have free coinage Of silver. K
will only benefit the silver bullion owners. How will it
get into circulation? How will you get it without work
ing as hard for it as you do now?
The answer is this. When the silver bullion owner
takes it to the mint 1t will be coined into money and
handed back to him, or, the paper representative, rep
resentative money, will be handed him, while the minis
coin it later. The first thing he will do will be TO pay tue
railroads the freight on it; this part will 20 into circula-
ton by being paid TO the employees on the railroad, and
from them to the boarding houses and farmers, who sup
ply The boarding houses, and to the merchants, where
the railroad employees buy their goods. He will next pay
the smeter that smelted it, the refner that refined it, and
they will pay itato their employees. He will next 20 p
the mountain where the miners are delving in the ground.
and he will pay the men in their shirt sleeves, the LINERS
who have mined it, he will pay the owners of the burro
trains that packed it down the mountains. He. will ply
the manufacturer for the machinery that ho:sted it ont
of the ground, and for the powder that blasted ii from
the earth, and when he is through putting it into circu-
lation he will be L fortunate man if he has IL cents on
the dollar left. Uong applause)
WILL RUN COLI OUT OF
They say the free coinage OF silver will run gold out
of circulation. So far as l have not answered this, the
answer is this:
Gold Is not now in circulation to be run out. There is
no gold in circulation among the people. 1t is in the bank
vaults of the large cities. 1t is cornered. And the gov
eminent is now at the mercy of those who own 1t. l wish
to remind you, citizens of Il republic, that no money
should be the money of 4 republican people that does not
circulate among the people of the republic. No republic
can exist as such for n long period whose vital necessity
is not in possession of the people. When in the posses
sion of a selfish class, it will be used to bull and bear
p. ices till prosperity among the people is ruined ZAP
plause). Silver was the money of the people and circu-
lated 10 the very pores of civilization, as it does now as
token money. and no money is appropriate TO a republican
people that does not thus circulate. CApplausel
FACILITIES.
They say that improved facilities is what has lowered
prices.
The answer is y this: From 1850 to 1873, and especially
from 1860 to 1878, was the greatest years of improved
facilities this country has ever seen. And, yet. in the
of improved facilities, prices advanced. We had all
of the improved machinery for farming, prior to 1913,
except the self-binder, and yet, in spite of these improved
facilities and lessening cost of harvesting. the farmers
products increased in price. The reason was this: While
facilities were creating more property, it was
Also creating a larger production of the two precious
.a.oJ Uun rrinoS I nfn RI yvnrat In RISING npilnS il
the worlds markets. (ApplauSe0 The cost of produc-
ton is not what makes prices. Prices are made by the
relative quantity and demand therefor of property and
money. One is seeking investment in the other, and
their relative quantity, and demand therefor, regulate
their relative values. Improved facilities may cause
of a product, and in this way, by over
supply, lower it's value. But Industrial history shows
that there is no such thing as oyerproduction for as long
a period as three years, and seldom for two years. The
producers of the world have their hands on the pulse of
the markets and shift their energies to those things for
which there is Il demand. If you cannot ut once grasp
teaching of industrial history, you can, what l am
about to say. 1t is this: There is no such thing as over
when there are tens of thousands of our peo-
pie going hungry and half clothed. tLonS applauseD
improvements make new demand for labor. Rail
have set tens of thousands of people at work with a
occupation. Gas and electric light plants. from the
manufacturers who make the improvements to the men
employed in operating them, multiply the number EN-
ployed far beyond the number engaged in making the
lamps and tallow candles they had superseded.
TIE QUANTITY OF MONEY.
They say we have as much money now per capita as in
1878. The answer is this: 1t is true We have in gold and
forms of credit money as much per capita as we had
in 1873. But over two thirds of this money is credit
money. and less than one-tlird is gold or primary money.
1t is, therefore, top-heavy. 1t shakes confidence in it all.
money fixes the sea level of prices and will sup
only an equal quantity of credit money; any greater
issue of credit money does not help the situation, but on
the contrary, it is harmful. We have less than one-half
much primary money now as we had per capita in
1879. We have only half as much sound money now as
in 1873. When you consider the money boarded up in
bank vaults not to go again into circulation, except in
the form of loans, which is hurtful. there is not to ex-
reed five dollars per capita in circulation to-day in the
United States. 1t is not money to loan that gives n
healthy tone 10 business; it is money seeking investment
-purchases-that benefits trade. CApplauseJ
EFFECT ON
They say to farmers, admitted, wheat is 80 cents, but
YOU can buy as much with that 80 cents as you could
the dollar when wheat was Il dollar j bushel, SO you
are not injured.
The answer is this: 1t is true that a farmer can buy
rs much calico and cotton cloth with 80 cents as he could
before when wheat was 81 a bushel. But ne cannot
pay his taxes that way. 1t now takes two bushels and
nearly three bushels of wheat to pay as much taxes as
t--ta1 - ,rbaa+ u-oulJ ba " a n1il in 1S7p Wharn,- |