Daily capital journal. (Salem, Or.) 1896-1899, 1896-09-05
IPENNOiER'S FONTS.
Tho FallacieS Of the Gold Stand
ard Clearly Exploded.
c...cb delivered at Salem, Sept. 5th
Spe'IM br Hon Sylvester Pennoyer.

c..0cb delivered at Salem, Sept. 9Th
Spe'ibN by Hon, Sylvester Pennoyer'
LOW, 1rIzENs OF MARION CoHNTv'
.DDoar before you to-day for the pur-
s. aff of addressing you briefly ON the
p.sot p.so ovcrshadowing question of finance.
hall not attempt to furnish complete
,totistics or formulate definite argu-
'.arts ,,' on behalf of the restoration OF ell
, vsr as standard money, which L favor
and which the q eat mass OF the Amer
;aan M rsople favor. They are not parti-
orl.rlv needed. The events II this coun-
3 NV for the last quarter of century, and
more especially for the last tlree years,
have been replete with convincing sta
t,tics and persuasive arguments against
tbs single gold standard, putting to
shame the eloquence or arguments OF
me most learned statesmen or the most
profound scholar. Two years ago said
in a rpply declining an invitation to
sneak in Montana, that "if the prevail
ing hard times would not persuade the
nsople OF this country to abandon the
existing gold standard, then no elo-
ouence of mine could persuade them,
neither would they be persuaded though
one rose from the dead"
When such an orator as the hard
times now brought upon this country by
the adoption of the single gold standard
policy is abroad in the land, carrying
conviction to every hamlet and every
fresde with such force and power as to
completely shatter old party ties and the
political associations of a lifetime, and
to sOlidity in one political organization
4 the almost unified masses Of the coun-
try, then Individual argument has lost
its force and personal eloquence is be-
reft of its power. The careful student
is well conversant with the fact that
there have been repeated occasions in
the worlds history when great move
ments of the people have occurred,
which, in their depth, extent and power
completely refuted the claim Of individ-
ual leadership, and even passed the linn
It's Of human guidance. In 1914, Napo-
leon said, one year ago all Europe was
marching with us; now all Europe is
marching against u.s." There was then
great and almost unaccountable
change Of public impulse and sentiment,
and sucha wonderful change is occur
nng in this country to-dsy.
THE REVENUE QUESTION.
The advocates of the single gold stan
dald are still endeavoring to divert the
Attention Of the people to the tariff
GNeshon. They claim that the present
tS.u Is the cause Of the present trouble.
ltRs protective measure, affording an
SVeragS OF 40 per cent protection, nearly
a high N the war tariff of 1851, and yet
because tew articles which before were
Protected We're left by it unprotected,
iaey endeavoF to fasten the widespread
disaster which has overtaken the coun-
u! upon the slight change. The main
inaastry left unprotected by the pres
'Al Iarir is wool-g1Owing, and they use
m ToOi TO pull over the eyes of the people.
ine present paralysiS of business is
Sau'eo by financial and not by tariff
legislation.
n NAY, 1890, while making my can
' r1 tor governor, I spoke at Browns
'ls Ashland and Oregon City, at all Of
' ~uicn places are large triCSr woolen
,,-anaulactories. We then had lSad twen-
Mime Mime years of wool protection, the
.Ainiey s,., bill was then pending in con-
1s ana sure to become a law, whic
IUlued greater protection, and yet
S1s '' '1ree large manufactures were
-.e sna had been SO for about six
,I' IA' What was the matter? With
~ On Its thousands of hills. with
es "ooien manufactures and with its
S.Ople needing its products-for nearly
s',,!. s! uight on this canvass slept under
n's~. . oOmtorters-why was not Oregon
,;11iActurlng woolen goods? It GER
49,, was not because of tariff. 1t was
10y owing to the fact that the
so.Lu Iie Oh money in the country had
,p. pace with the increase OF busi.
r--sa Ana population, and so the prices OF
I. ,Ile1s 80 and profits Of business. as well
a', - wages OF labor, had fallen so low
,1v,.. .ue people were unable TO make
s ana 50 We're denied the nee.
a. Wen as the Injuries Of life.
ma Aueed most sad commentary
IN. ~ oSnaition Of our country, rich il
sr,s aHa fertile in its resources, when !
F,,r.i Eoportion of its domestic immi
owe =. arc porn into the world, anG
49,. " their advent, because theil
49, eAnhot afford the soft wooler
la needed. The idea of McRinle,
S,-IS y can raise our people ont OF m,
LsE ~ poverty in which they ar,
We. a. sa' BY taxing them stiIl NOR,
I-Ir ,,.s ,..sy cannot get money 70 pa,
Ai tAIsA u iAdssA % -