The Owosso times. (Owosso, Mich.) 1897-1926, 1912-09-20
Speech Of Or. j. wesley HIN.
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preciate the business decentralization
that followed in it's wake II is only
necessary for us to study history a
little.
We are hearing a great about the
high cost of living today. There was
no such talk under the baneful opec-
ations of the Wilson bill. The value
OF commodities had gone into the
dollar, and the dollar had arisen 20
high that 1t was almost out of sight.
The producer lost because he had no
buyer for his products. and the con-
sumner lost because he had not hing
with which to buy. Millions of man
were idle, other millions were work.
ing upon half time AMI less than na;f
pay. Everything was cheap, but tho
cheapest product during that da' k
period was cheap men-men who
could not find work at any vases.
who could not support their families
no matter how low the rent Was or
how low the cost of living. We DIS
covered at that time that it makes no
difference how cheap thing IS when
there is no money with which 70 buy
it; that was a period of enforced
phi,osophic and psychologist me liza
ton. We were taking a post gra 1u-
ate course in the school of free trade
Free wool was given to us in tla
Wilson bill. What was the result
In 1892 the number OF sheep in this
country was 47,273,553. The aver
age price per head was $3.50, max
ing a total value of $125,909.2G4.
In 1896 the number Of sheep hal de-
creased to 36,S1s.643, and the aver
age price per head was about $3.50,
AMI the total value about $4,000
In 1899 our imports of wool were
about 105,000,000 pounds and the
average price per pound was about
80 cents. In 1896 the imports were
231, 100000 pounds, while during
the fiscal year of 1897, before the
Dingley law was enacted, the I'M
ports had increased to 351, 100000
pounds and the average price of
heecei wool was II cents. Thus in
three years We imported over S0C.-
100000 pounds of foreign wool
while the price Of domestic wool ~rs
so low that it was not worth the
shearine.
Il &
,,But we are told that the Payne-Al-
drich bill is responsible for the high
cost of living I am not here to de-
ny that the cost of food and wearing
apparel has advanced. 1t Is only
natural, therefore. that the enemies
the responsibility for this upon the
Payne-Aldrich bill. | submit, how
ever, that it is much easier to make
the charge than it is to substantlate
it. Let us look at this for moment.
In consulting the bill-and that is
quite important-we soon discover
that the duties upon these particular
things which have increased in price
instead of having been raised were
in fact substantially lowered.
we neeu no CON Ill lSSlOH
to tell us that prices are high-high
here AMI everywhere. In England,
France, Germany, Austria, SwitZer-
land. Africa. China. Japan, North
America and South America, prizes
have been advancing for the last ten
years. Now where there is univer-
sal condition il is reasonable to look
for universal cause. The protective
tariff is not universal and therefore
"annot be the cause. 1t Is quite
! robable that the cause Is entirely
Of monetary character. Let rs
lock at this for moment. Take four
facts as a starting point:
First-prices have advanced
throughout the world.
SccoDd--price Is the value OF
'ommo 1itics measured in money.
TEird-the money OF the world Is
gold and promises to pay in gold.