The Coeur d'Alene press. (Coeur d'Alene, Idaho) 1892-1907, 1900-09-29


money accrues in undue proportion IN
the banks. II Ii ruInous sign, a. when
the cars and locomotives are billed ~
Ia the railroad yards. (AppIause.l
Why, my friends. you, who in 1896 re.
beiied against the scarcening none,
system. you who aid not believe in 4
dear dollar, are you ready TO take il
back nowg DO you believe now In q
read doiiar7 Why. IN 1896 we rere told
Dy the advocates thaG there was money
enough In the United States, that All
we needed was 10 have good money: il
did not make much difference now
much We had OF IL, am not mIsrepre-
senting. This was the contention made.
studied their speeches and editorials.
! met them In debate at Omaha. the
worlds fair. They got bold that year
ahd dared TO enter into duscusgion lust
that once. (Applause.) They said thar
failing prices are always a siRn of
civilization and prosperity: THAI il did
not make any difference how much
money you have. provided It be good.
Now my friends. 10 that it Is sufficient
70 reply. speaking scientifically and
automatically. that the quantity of
money Ii a function Of the quality OF
~ ~ other words, you cannot have
good money IL you don't have enough
ana II you do have enough and don't
nave too much, then your money liz
good. Why? because, IL you have
enough. so that prices won't fail. ana
therefore ruin the producer and the
deDtor; and not TOO much 80 THAI prices
won't rise too fast. thereby doing an
injustice 10 the creditor, then you do
nave just enough, which means the
preservation OF the average level Of
prices. 50 that the purchasing power OF
dollar will remain as nearly the same
as possible. yesterday, today, ana TO-
morrow. Now. today in the United
States We have a cheaper dollar than
We had in 1886. and yet the Republl-
cans have the hardihood 70 be glad OF
II. They said in 1886 that We HAD
money enough. Why are they now GLAD
thAt We nave more? Since 1856 We
nave IA The United States, so Increased
our supply of money that we have to-
dAS In circulation about 500, OOe, 900, or
more than S6 per capita Of our popuia-
ton. in excess OF what We mad in the
United States four years ago. What is
the consequence! Prices have risen;
and we have been able to do more bust
ness. Is there any man that viii claim
That, II the supply Of money had re-
malned the same since 1856 until now.
We could have done the greater volume
Of business that we have been doing
during the last few years, and thar We.
could have averaged higher on all
prices. as has been done during the last
Two years? The frank ADMISSION must
be made my friends. We have been able
10 nave a measure OF prosperity an the
United states. because, and only be-
cause, we have had an increasing sup
ply of money with which TO accommo-
GATE more people, doing more business,
at better prices. The proof Of this is
TO be found in the fact that this pros
perity. about which our leading Repub-
Means are speaking, is not confined TO
the United States. Why, Germany,
France. Great Britain. all have enjoyed
duf1hg the past year, during 1888 es-
peeiaily. measure Of prosperity in
proportion TO their ordinary relation to
our prosperity as great as our own.
can show you leading English trade
Journal. in its issue of a few weeks
ago. saying that the year 1888 was the
most prosperous 10 British trade in the
last quarter OF . century, and proba-
bly,. IL added, the most prosperous in
the history OF English commerce.
was in Germany a year ago, and l took
pains TO look from the car window as
We crossed the Rhine. and from that
instant, until We passed Hanover,
Was unable To look out without being
ablesto see on the horizon from one TO
a dozen belching chimneys. indicating
the progress ana prosperity Of the
manufacturing business OF the German
empire. The same condition was eva
denced in France.
What Is 1t, my friends, that has pro-
duced this practically worldwide in
crease OF prosperity? There is only one
answer TO 1T 1 defy anybody TO give
any other answer and account for IL
and support it IL lies ia the fact thai
the worlds supply OF money. available
tor trade purposes. has increased dur
irg the last three years to an extent or
practically 70 per cent Does nybody
decay 1t? II you do not deny 1t. how
will you deny the effect of its opera
lion? The great war chests Of Austria.
Italy. Germany, particularly Russia.
ing the past several years, so thai the
larger proportion OF the output of the
gold mines has found its way. not into
the mints, but into the boards OF these
great powers. During the past Two
years or so this has ceased, and SO this
added increase in the worlds output OF
gold. instead OF being hidden awaS. is
free to difIuse itself through the arter-
les OF business and channels OF trade,
ALI round the globe. We are witness
ing today what the world has grown
with, in all the history OF the
past namely. that an increased output
II the metals upon which the money
system is based, the credit system
based. and the system which
reckons the value OF all property is
based. Is invariably AN encouragement
Ia business. a sure index OF progress
and prosperity; while continued de-
,reased output OF the mines has always
been a forerunner and concomitant OF
business disaster and social revolution.
In lSAs there began, as you remember.
l gold era. a vastly increased output
II the worlds gold. the opening up OF
the discovery of new
mines in the Cral mountains and Aus
tralia. These were the cause. chiefly.
" a tremendous increase in the output
n the worlds gold. Prices rose. BUSH
hess prospered. Civilization advanced.
What was the result? In Europe
great many Of the large speculative
the crowd mot to use dis
respectful world that is interested in
making money constantly more power
'ul. became interested for fear that
money would get too cheap" and
hey began movement for the demon
stization OF gold. and Germany and
Holland indeed actually did demonetiEe