The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1898-10-02

sued to pay campaign contributors. Ii
| Calhoun were alive he would again thun.
der out s'there is dangerous antagonistic
relation between those who hold or COM
mand the currency and the rest of the
community" 1t is enough to rouse u
| mutiny that the people of North Carolina
must give 1880 bales Of cotton yearly
for twenty years for this increased in
terest upon the wholly unnecessary bond
issue And the North Carolina Republi-
can convention endorsed this iniquity and
Senator Pritchard, declared by the Re
publican State convention to be 1.-THE ac-
lxnowledged leader of the Republican,
party in North Carolina" voted for this
measure dictated by the men who had
purchased by campaign contributions the
right to levy this tax upon an already
taX-hurdened people!
THE JUNKETTING COMMISSION
SHAM.
I have not time to discuss the effect
of the Republican Congress upon finan-
cial legislation. Elected upon n pledge
to use its best efforts to secure an inter-
national agreement. President MCKin-
ley sent as ministers ana ambassadors
TO the leading European powers, men who
let it be known that the administration
wanted no action looking TO an agree,
ment. and that the commission to be APP
pointed was only ito appease popular
clamor in the mining districts ofa the
West" Thus heralded and with the
President and the Secretary of War
speaking for mono-metalism and try
ing ito commit the country more thor
oughly to the gold standard" the COM
mission was farce. though at least one
of its members sincerely desired to bring
about an agreement.
THE TELLER RESOLUTIONS.
The most significant vote taken on the
money question during the last Congress
was ON the Teller resolution to pay the
public debt in the money promised, to-
wit: gold or silver ut the option of the
government. OF course this resolution,
which had passed Congress by Republi-
can votes when introduced in the exact
language by Stanly Matthews years ago.
was defeated now that the Republican
party takes its orders from Mark Hanna
Senator Tritchard lodged n vote upon
this important and far-reaching resolu-
ton and Representative Pearson. of
North Carolina, voted for the gold pay
ments. This illustrates the attitude Of
the administration and North Caro-
lima Republicans. And yet some men
who call themselves Populists voted for
Pritchard, and some others, who opposed
his election. are doing his bidding in
this. campaign.
WHAT THE M'KINLEY WAVE
HAS DONE.
Let me illustrate some of the results
of McKinley's administration as it
affects you and all others.
FARMERS GET FIVE CENTS FOR
COTTON.
On September oath, 1896. little more
than month prior to McKinley's elec-
ton. cotton was selling in the city OF
Raleigh at 715 cents per pound. On
September oath, 1898, two years after
McKinley's election, and after the Nc
5Kinley prosperity wave had struck the
country, cotton sold in the city of Raj
eigh at AS cents per pound. Estimating
North Cardinals crop of cotton this year
at 100000 bales of 400 pounds each-a
fair estimate-the Mckinley prosperity
wave has swept FIVE million and tive
hundred and fifty thousand dollars out
of the pockets of the hard worked cot
ton planters OF North Carolina. In 9TH
er words this Mckinley wave has
SWEPT $1,000 PER BALE OFF THE
VALUE OF EVERY BALE OF COT
TON RAISED IN THE STATE THIS
YEAR If you have raised five bales of
cotton the wave struck yon just fifty
two dollars and a half's worth.
BIG CORPORATIONS GET RICH.
Now let's see how the Mckinley wave
struck other interests: On September
"a, 1896. Southern Railway ) per cent.
bonds sold in New York at $3.50. On
September "a, 1898, the same bonds sold
in New York at $3.50. So the Nc
Kinley wave bowed the other way on
the bond question. Estimating the South
ern Railways 5000 miles Of railroad to
be bonded at an average of $4,000 per
mile, the total bonded indebtedness would
be S150,000,000. SO the same Mckinley
wave that swept $1,000 per bale off the
farmers cotton has swept $1,000 per
share into the pockets of the holders of
Southern Railway bonds, or a total prof
it to their d-holders-Pierpont Nor
gam & Ge.-of nineteen millions five hum
bred thousand dollars.
THE CIGARETTE TRUST TAKES
1T ALL.
But let's go a little further The
bright cigarette tobacco used by the
Cigarette Trust in the manufacture of
cigarettes is selling today, SO stated a
tobacco leaf dealer in the city of Raj
eigh, at about the same price it brought
in September 1896, just prior to McKin-
ley's election. Some farmers say the
price is lower than then. SO the Nc
Kinley wave has failed to sweep a sin
gle dollar into the pockets of the farm
ers of the South who grow this grade of
tobacco Let us see what the
wave has done for the cigarette
trust. On the oath day of Sep
| tember 1896, the common stock OF
the American Tobacco Company, which
cost its original holders not one farthing
was selling on the Nv York stock ex.
change at S62.50. On September oath
| 1878, the same stock sold on the same
stock exchange at $147.50. 1t is stated
that there is $25,000,000 OF this stock
So the Mckinley wave which has fail
ed to blow single additional dollar
| into the tobacco farmers pockets CthG