New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-08-20
MR.. COCKRAN'S SPEECH.

Nothing further need be said by way Of con-
trastng the audiences which greeted Mr. Bryan
and Mr.. Cochran. or the oratOry and effective
ness Of the two speeches The feeble suggestion
Of silverites that the crowds were "about the
same" and that the applause Tuesday night was
never Wild Will be answered by every one
who attended the two meetings. The additional
four thousand chairs were filled: the applause
was full of fire. determination and intellect. and
therefore never forced or frantic. But the diff
ference in character of the two arguments was
even greater than the difference of the orators
or their audiences
Mr.. Cochran wisely ignored entirely the la
bored attempts TO confound free coinage with
blmetallism. and TO make timetable theories
open the door for silver recommendation. The
whole question as to the quantity of money is
swept out of sight with the compact but con-
elusive proof that small difference in activity
Of circulation counts for more than relatively
large difference in its volume and that activity
depends upon tho confidence which nothing but
the best and soundest money can maintain.
Thus he might have added that the 800 mill
ions Of currency of all kinds supported credits
and payments of 10000 millions in 1892. but less
than $4,000 millions in years Of Democratic dis
HSter. ana uOuDllUH the QudnIlIy OF currency
would not have been drop in the bucket
The main argument was that prosperity is
possible only when wages are high and promote
large consumption. II was well said that if free
coinage could be proved helpful TO labor. the
argument might stop; for in Mr. Cochran X
words: Il know of no test for prosperity absO-
''lutely infallible except the rate Of wages paid
'tO aborers. Where the rate Of wages Is high
there must be prosperity. Where the rate Of
"wages is low there must necessarily be dis
"tress" He was not quite accurate in appar-
emily implying that labor always gets wages
n fixed share of its products; it gets a share
which lessons with adversely and grows with
prosperity. though varying either way less than
the profits Of capital But the reasoning is never
theless absolutely sound because the pressure TO
raise wages which IS a never-abating force. has
no chance Of success except when the value Of
the product is increasing The swftest and
surest connection between wages and prosperity
is found in the fact that the consumption Of the
millions depends on the wages received by them.
and that prosperity can never come where there
is forced reduction in quantities consumed. Mr..
Cochran next demonstrated with great clear
ness that reduction in the buying power Of
money. without n change In wages. must Of
necessity be a reduction In their effectiveness
in the share OF his product which the laborer
receives
Thus Mr. Cochran laid bare the real nature Of
the conspiracy in which silver millionares and
Populists have engaged. He showed that Gov
eminent could create nothing. nor give TO any
body without taking from somebody else. and
could give nothing To the farmer or the debtor
by making higher prices without taking that.
and more from the wagc-carner and the cred
itOr The wage-carn' is always n creditor and
bound up nseparably with his well-beng is the
prosperity of all investors all capitalists and all
employers. Thus the conspiracy against the