Daily capital journal. (Salem, Or.) 1896-1899, 1898-03-08
AMERICAN BIMETELLISM.
[Continued from second page. j

IlOnll0ueu lTtul StCbiu pdkGsI
mel him, therefore, when hi
debts falls due, TO 20 TO them to gel
a substance which was not gooC
enough for him, which could moi
he availed of by him when he wanted
to get in debt, but which he must
have when he wants To get out oi
debt namely, gold or its equivalent
(applause); and they, therefore, con-
trolling the supply of that in which
he must pay, aud haYine made it ex-
ceedingly difficult for HIM TO get anc
exceedingly necessary for him TO get
he finds il impossible to get II; he
finds prices falling by reason of this
reduction and the accommodation
that is extended to purchasers; he
finds himself unable to make his prop
erty productive; he finds himself,
therefore, unable TO dispose of it; no.
body will buy it, along comes the
sheriff when the mortgage falls due,
sells it out, and then the man that
holds the pledge takes possession
of the prope rty; the man that in
vested in IL has been squeezed out; the
value has passed into the hands Of
the man that controlled the credit,
and then those who control this sup
ply upon the basis upon which this
supply. upon the basis upou which the
original accommodation was obtained
are ready for new crop of suckers
they again extend the facilities by
which mer can get into debt. APP
plause.)
VASSAL NATION.
Why my friends, in the last twenty
seven or twenty.eight years the
United States has become practically
vasal to the creditor nations of the
world. We continue to send abroad
more bushels, more tons of the prod.
ucts we raise, and to get relatively
less aud less money for them. The
consequence is that the foreign debt
under which we struggle today is in
creasing in spite of all that we can do;
and, until we can get a higher price
for some of the things with which we
pay that debt, it must continue to in-
crease and TO increase, until the ma
tion of producers is ruined,
We had for example, 10 1869, for
eign Indebtedness of ST 100000, 900.
Since Gthat time we have paid out a
net balance OF the excess OF our eX-
ports over our imports OF goods and
merchandise and aid gold and silver
bullion of $2,700,000,000. Instead of
having paid off that 81 400, 100000 and
having left us balance OF 81 300, ,OOO,-
600, we have, Notwithstanding the
paylnent of 81, ,700, ,000,00 now to con-
template grand aggregate of an in
debtedneSs to foreigners 10 public and
private capacities, of $1,000, 100000 to
$4,000, 900, 600. At that rate we never
can get cut of debt in the world.
why, my friends,w we had in the year
1896 a net balance favorable to us in
the mere matter of merchandise of
S4OO, ,000, 900, and yet only about S48,-
100000 in gold came IN to settle 1T.
How was it that the world got even
with us when owing us S400, 1000, 900
for years business by paying US S40.-
OOO,O 600 in gold2 Because they paid it
the Dalance-by marking it off
against our valuations that we owed
in Europe. We owe an interest &C
count every year of 5000, 900, 900, which
we send over; we send S5O0OO.OOO
to S75, 200, 900 abroad every year in the
payment of freights on our goods that
are carried in foreign bottoms. Our
travellers abroad spend from $4,000
600 to 100000, 900 eVelyyear.
My friends, that creates constant
necessity upon our part TO pay Eu-
rope ,every year $30O,0O0,OOO to 400
100000. What do we pay it in We
nay it in our goods and merchandise.
And if we are to pay them at price
that continually falls,we must put up
more and more of those commodities
to pay with, and the result is that we
must geJ constantly deeper and deeper
in debt and there is no escape for 1t.
That which has taken place between
us as a nation and foreign nations, is
also unhappily taking place within
the country itself. Our producing
classes, the great yeomanry of the
country, the dependence and hope OF
liberty in every age of the world, is
gradual being undermined and de-
Stroyed, and when that is fully con-
summated, liberty will have taken her
flight from this unhappy land, ZAP
plause and cheers.)
WEALTH AND A KINGDOM.
My friends, if desired to become a
monarch of this country-an absolute
tyrant and despot, an owner of all the
property in the country an absolute
arbiter of the life and death of every
citizen in it-I should ask no Surer
system to achieve that end than TO be
permitted day after day, year after
year, to reach NY giant land
into the sayings and earnings OF the
patient toll and 10 transfer Iuelh lhbo
my strong box.
My friends, you can take 4 per cent.
this year, and next year more per
cent. than you take this year, and 1T
is only little while until the pro-
ducer who makes the wealth, has
nothing as a net result OF his toll III
was what happened to ancient Rome.
People laugh because we cite the his
tory of olden times. My frinds, we
believe it is by the lamp of experience
our feet should be guided. We believe
that, wise as we are, we are not ex-
empt from the ordinary weaknesses
and dangers of mankind. we
believe that the book OF his
tory is an open book of ad.
vice to those who in their turn must
attack the problems that those ol
former days had attacked either sue
A %S"~~~"%""%~%>>ii