The Galveston Daily News. (Galveston, Tex.), Vol. 52, No. 188, Ed. 1 Wednesday, September 27, 1893 Page: 6 of 8
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THE GALVESTON DAILY NEWS, WEDNESDAY, SEPTEMBER 27, 1898.
MR. MILLS' SPEECH.
(Concluded from Pane Two.]
casualties; let ub turn over, therefore, an-
other leaf."
In u letter to Colonel Yancey, January 6,
1810. he says:
"Like a dropsical man calling out for
water, water, our deluded citizens are
clamoring for more banks, more banks.
The American mind is now in that state of
fever which the world has so often seen in
the history of other nations. We are un-
der the bank bubble, as England was un-
der the South Sea bubble, France under the
Mississippi bubble, and as every nation 1h
liable to be under whatever bubble, design
or delusion may puff up in moments when
off their guard. We are now taught to be-
lieve that legerdemain tricks upon paper
can produce as solid wealth as hard labor
In the earth. It Is in vain for common
sense to urge that nothing can produce
nothing; that It Is an Idle dreain to believe
in a philosopher's stone which is to turn
everything into gold and to redeem man
from the original sentence of his Maker:
'In the sweat of his brow shall he eat his
bread.' "
In a letter to Dr. Joseph us B. Stuart,
May 10, 1817, In speaking of our disposition
to imitate England, he says:
"The bank mania In one of the most
threatening of these imitations. It is rais-
ing up a moneyed aristocracy in our coun-
try which has already set the government
at defiance, and although forced at length
to yield a little on this first essay of their
strength, their principles are unylelded arid
unyielding. These have taken deep root In
hearts of that class from which our legis-
lators are drawn, and the sop to Cerberus
from fable has become history. Their
principles lay hold of th" good, their pelf of
the bad. and thus those whom the consti-
tution had placed as guards to its portals
are sophisticated or suborned from their
duties. That pa pea- money has some ad-
vantages Is admitted. But that its abuses
also are inevitable, and by breaking up the
measure of value, makes a lottery of all
private property, can not be denied. Shall
we ever be able to put a constitutional veto
on it?"
In a letter to Nathaniel Macon, January
12, 1819:
"There is, Indeed, one evil which awakens
me at times because it jostles me at every
turn. It is that we have now no measure
of value. I am asked $18 for a yard of
broadcloth, which, when we had dollars, I
used to get for 18 shillings; from this I can
only understand that a dollar is now worth
but two Inches of broadcloth, but broad-
cloth is no standard of measure or value. I
do not know, therefore, whereabouts 1
stand In the scale of property, nor what to
ask, or what to give for It. I saw. Indeed,
the like machinery in action in the years
17»w and 1781, and without dissatisfaction;
because in wearing out it was working out
our salvation. But I see nothing in the re-
newal of this game of Robin's alive but a
general demoralization of the nation, a
lilehing from industry its honest earnings,
wherewith to build up palaces, and raise
gambling stock for swindlers and shavers,
who are to close, too, their career of pira-
cies by fraudulent bankruptcies. My de-
pendence for a remedy, however, is with
the wisdom which grows with time and
suffering. Whether the succeeding genera-
tion is to be more virtuous than their pre-
decessors, I can not say; but I am sure
they will have more worldly wisdom, and
enough, I hope, to know that honesty is
the first chapter in the book of wisdom."
In a letter to Mr. Adams, March 21, 1819,
he says:
"The evils of this deluge of paper money
are not to be removed until our citizens
are generally and radically instructed in
their cause and consequences, and silence
by their authority the interested clamors
and sophistry of speculating, shaving and
banking institutions. Till then we must be
content to return, quod hoc, to the savage
state, to recur to barter in the exchange of
our property,for want of a stable, common
measure of value, that now in use being
less fixed than the beads and wampum of
the Indian, and to deliver up our citizens,
their property and their labor passive vic-
tims to the swindling tricks of bankers and
mountebankers."
In a letter to John Adams, dated Novem-
ber 7,1819, he says:
"The paper bubble is then burst. This is
what you and I and every reasonable man,
seduced by no obliquity of mind or interest,
have long forseen; yet its disastrous effects
are not the less for having been foreseen.
We were laboring under a dropsical full-
ness of circulating medium. Nearly all of
It is now called in by the banks, who have
the regulation of the safety valves of our
fortunes, and who condense and explode
them at their will. Lands in this state can
not now be sold for a year's rent."
In a letter to Mr. Rives, dated November
28, 1819, he says:
"The distresses of our country, produced
first by the flood, then by the ebb of bank
paper, are such as can not fail to engage
the interposition of the legislature. • • •
If we suffer i.he moral of the present lesson
to pass away without improvement by the
eternal suppression of bank paper, then in-
deed is the condition of our country des-
perate, until the slow advance of public In-
struction shall give to our functionaries
the wisdom of their station."
In this letter he speaks of a plan for
reducing the circulating medium, in which
he says:
"The plethora of circulating medium
which raised the price of everything to
several times their ordinary and standard
value, in which state of things many and
heavy debts were contracted; and the sud-
den withdrawing too great a proportion
or that medium, and reduction of prices
iar below that standard, constitute the dis-
ease under which we are now laboring, and
which must end in a general* revolution
of property if some remedy is not applied.
That remedy is clearly a gradual reduction
of the medium of its standard level-that
Js to say, to the level to which a metallic
medium will always find for itself, so as
tobe in equilibrio with that of the nations
With which we have commerce. * * *
"Interdict forever, to both the state and
national governments, the power of estab-
lishing any paper bank; for without this
interdiction we shall have the same ebbs
and flows of medium and the same revo-
lutions of property to go through everv
twenty or thirty years. * * * Certainlv
no nation ever before abandoned to the ava-
rice and jugglings of private individuals
to regulate, according to their own Inter-
ests the quantum of circulating medium
for the nation, to inflate by deluges of
paper the nominal prices of propertv, and
then buy up that property at Is in the
fil the floating
medium which might endanger a competi-
tion in purchase."
he* says ter t0 Nelson' March 12, 1820,
. . state is in a condition of unparal-
i?s3' /he 3udaen reduction of the
circulating medium from a plethora to all
but annihilation is producing an entire
revolution of fortune. In other places I
have known lands sold by the sheriff for
one year s rent. Our produce is now sell-
{JiSLt .IS?rket for one-third of its price
tefore this commercial catastrophe, say
u i/l and {■.! 50 the barrel. We
™,SU.LJw les» r'snt to expect relief from
?! L g ators if they had been the estab-
the u™is<- S-V8t<™ of banks A
remedy to a certain degree was practicable,
reducing the quantum of circula-
tion gradually to a level with that of the
countries with which we have commerce
»} an eternal abjuration of paper."
t„™' the utterances from Mr,
^ f^e against a. paper standard and
a paper currency circulating on that stand-
ard, but the effect of any depreciated stand-
nf nanor „Ue Sam?' The fluctuations
of paper can be more Extended than that
of silver, because of the greater facility of
Issuing it and the greater amount to which
it can be issued. But after the greater and
more universal Standard has been sun-
Fh en by the 'esser and local standard
J!!off„ViLs to the extent of its fluc-
lh^'Xp^»t»t,hefSame' A s"veI standard
that fluctuated from par to 50 per cent
™mJ,are,d, With. the gold
COsfthe f,hrr?r, COm,merCial WOrl(1' W°Uld
cost the laboring classes of our neoule
many hundreds of millions yearly
uctsyof ?BvJ8liver Actuated the prod-
liCts of their labor would pay 10 suecula-
flUctuitfoVnrVh^brkerS the price of that
l!nt In j 1 ,e ls no security to labor
but in a standard as stable, inflexible n.nrl
P^sible That standard
wnich is most universally used is for that
H=nt0CTMte£rl0fitwable' JLareer bodies pre-
whlle «m^L.reKtUt?'nce ,t0 opposing forces,
wnne smaller bodies give way A local
wfth the J" the U,nl,te<* States at vtrianci
burial in Cu?Tr.cial w<?rld would be ■»«-
mi 1.11 in its nature, always moving ami
ev-ery move inflicting a loss on some one.
that iK SJSV'l hls/n^sage has told us
lurii - Li *a™er is the first to be in-
fect? nf , i ? ♦ ei relieved from the ef-
cratlo nK,tf^reciated ?i!rrency- The demo-
it is rfS ' v fl i Kays ,8aine thing, and
our frlpriHa * *u? be able t0 assure
tainlvnn ti1 1°?, this polnt he iH cer-
»Ph?J ^ platform, whoever is off.
J his is a well established fact, but I can
ihli ?Jnyr the pleasure of presenting
*5 si!ch a way that no one can
doubt of the fact he has stated,
SStiKt J„ Pi i8 established beyond a
doubt we would hesitate a long time be-
fore we Introduced a depreciated standard
in the stead of the one we now have.
When a banker, a capitalist, or trader
finds the market not favorable for his in-
vestment he can lock up his money or hold
on to his property and wait for a more fa-
vorable turn, but when the laborer is
thrown out of employment and the day is
gone his day's work is gone from him for-
ever. lie can not hoard a day's labor. It
is lost.
Mr, President, the wages of labor in this
country and all over the world for a hun-
dred years have been tending upward. They
are higher to-day than they have been at
any time in the past, and the wage earner,
In whatever occupation employed, Is deeply
interested in the preservation of a standard
of values as fixed and immovable as it Is
possible to make it. A few years ago our
friends on the other side of the chamber
directed the committee on finance to make
an investigation and report to this body
the movement of wages and prices for a
number of years. They took the year 1860
as a basis and compared It and other years
with 1890. They intended to use these fig-
ures In their tariff battle of 1892. They in-
tended to show that wages had been ris-
ing and prices had been falling, and the
credit was due to a protective tariff.
When the time comes I will discuss with
them the conclusions to be drawn from
these facts. It is enough here to state the
facts. Taking 1860 as the basis and calling
it 100, the rate of wages increased to 1MGI
to 125.6 or 25.0 per cent, and to 1890 to 160.7,
or 00.7 per cent. In 186U and 1190 there was
a gold standard, and in 1864 a depreciated
paper standard. Wages went up in four
years 25.6 per cent, but the money which
the laborer earned was only the Instrument
which enabled him to procure the neces-
saries of life, and while it went up the
ladder a few rounds, the necessaries of
life that his wages had to buy to sustain
himself, his wife and children had ascended
the rounds of the ladder till they were lost
in the clouds. The annual average wages
of laborers in manufactories in 1860 was
$2S8 93. The average monthly wage was
$24 08 In gold. In 1864 it was 2T> 6 higher, or
$30 24 cents in paper, and in 1890 it was 60.7
per cent higher than in 1800, and was $38 09
cents in gold. Now, taking the official
prices given by the bureau of statistics
and the finance committee, the result ls
shown by the following table:
PURCHASING! POWER OF WAGES OF LABOR
Articles.
I860.
1864.
189U.
Monthly
wagea,
$24.08.
Monthly
wages.
m u.
Monthly
WflK«8,
09.
o 3.
£
C
*
o 2.
c
a
♦t
o 2.
0
a
p ®
S ?C
P
a s
a
a 9
1 •
a
r»
C n
gss
•<
*4
% C
H P
£0
vj a
$ a
• rr
• ef
. r*
Standard nheeting,
Cts.
Cts
Cts
Ct*
< ts
Cts
per yard
8.73
275
52.07
58
ft 83
566
Standard drilling,
por yard
Bleached shirting,
8.92
270
53 02
57
6.41
602
15.50
155
48.36
62
10.64
Wl
Standard prints,per
yard
9.50
253
33.25
90
fi 00
(U5
Print cloth, per y'd
5.44
442
23,42
129
2.95
1311
Cut nails,per pound
3.13
769
7.85
385
i m
2077
Keiinod sugar, per
pound
10 00
240
30 00
101
4.50
859
New Orleans mo-
lasses. per (jallon«53.00
45
150.00
20
40.00
128
Kio coffee, per p'ncl
13.00
185
36.00
84
18.50
2(>9
1'oa, per pound
65.00
37
130.00
23
25.10
1.4
licking, per yard..
17.00
141
70.00
V,
12.0(1
322
Matches, per gross.
48.00
501100.00
3(1
37, UC
104
Denims, per yard..
15.00
160
88.00
'Ai
11.00
351
The articles given in the table show that
his wages with a gold standard bought
three times as much as under a depreciated
paper standard. And the same would have
been the result under a depreciated silver
standard if it had fallen to the same ex-
tent. Paper money depreciated 50 per eent
in 1864, and silver touched 49 within the last
six months. To explain, let us take the
first article. Standard sheeting was worth
in gold in 1860 8.73 cents per yard, and $24 08,
one month's wages, would buy 276 yards.
In 1864, with a paper standard, a month's
wages had increased to $30 24 in paper. The
sheeting had increased to 52.07 cents per
yard, and his month's wages would only
buy 58 yards. His month's wages had lost
in purchasing power 217 yards.
In 1890 the gold standard obtained again,
his wages went on increasing, but the spec-
ulation and cheating and swindling was
eliminated from the necessaries of life, and
now his wages are $38 69 per month and the
sheeting has come down to 6.83 cents per
yard and his month's wages under a gold
standard buys 566 yards! or nearly ten
times as much as he got under the depre-
ciated standard. Every other article shows
the same result. From 1860 to 1864 the
wages of labor advanced 25.6 per cent, but
the things he had to buy greatly excesded
the increase of what he had to sell. House-
rurnishing goods increased 64.6 per cent,
food 65.8 per cent, drugs and medicines 70.3
per cent, metals and implements of labor
79.8 per cent, fuel and lighting 80,2 per cent,
lumber and building materials 121.3 per
cent, and clothing 160.7 per cent, while the
average of all was 90.5 per cent. But many
or the articles he had to buy far exceeded
these. Let me enumerate some of them-
He had to pay in 1864, under a depreciated
standard, 60 per cent more for pocket-
knives, 04.9 per cent more for rope, 68.8
per cent more for refined sugar, 70 per cent
more for wash tubs, 79.4 per cent more for
two-ply ingrain carpets, 87.7 per cent more
for all-wool casslmeres, 96 per cent more
for pine plank, 101 per cent more for glass
bowls, 110 per cent more for pine plank
planed, 114 per cent more for shingles. 117 4
per cent more for castile soap, 125 per cent
iSf plpe *ead' 130,6 per cent for pig
J?™ cen.t more /or Turk's Island
fS pef cent more for window glass,
loU per cent more for linseed oil, 143.6 per
fn? nTi?feircrciit0Ve coa1, 150 p(T cc*nt more
oj naiis, 166.6 per cent more for shirtings
166.7 per cent more for scythes, 195.5 per
ce"t more (or quinine, 223 per cent more?or
calico, 246 per cent more for pepper, 279 3
per cent more for denims, 349.2 per cent
niore. f°r drillings, 401.6 per cent more for
sheetings, 620 per cent more fnr tor wo ner
for shawls.*0' tUrpentlne' *»' cent more
These prices show that, while the wage-
earner got under a depreciated currency
an increase in wages of 25.6 »er cent he
ooPay or what ,le bought all the way
from 68 per cent to 858 per cent increase
Well did Mr. Webster say thlt "a soZi
currency is an essential and Indispensable
security for the fruits of industry and
honest enterprise;" that the medium of ex-
change should be "a substantial represen-
tative of property, not liable to vibrate
with opinions, not subject to be blown up
or blown down by the breath of speculation
but made stable and secure bv its imme-
diate relation to that which the whole
w°r» jegards as a permanent value "
A disordered currency." savs he "is
one of the greatest of political evil's. It
undermines the virtues necessary for the
support of the social system and encour-
ages propensities destructive of its haD-
piness. It wars against industry, frugality
and economy, and it fosters the evil spirit
of extravagance and speculation. Of all
the contrivances or cheating the laboring
classes of mankind none has been more
effectual than that which deludes them
with paper money. This Is the most cffec-
tua of methods to fertilize the rich man's
field by the sweat of the Door man's brow
Ordinary tyranny, oppression. excessive
taxation, these bear lightly unon the hap-
piness of the mass of the community com-
pared with a fraudulent currency and the
robberies committed by a depreciated pa-
per. Our own history has recorded for our
instruction enough, and more than enough
of the demoralizing tendency, the injustice
and the intolerable oppression on the vir-
tuous and well disposed of a degraded
paper currency authorized by law or in any
manner countenanced by the government
On the 12th of March, 1845. when Texas
was preparing to enter the Union, General
Jackson wrote to General Houston—per-
haps the last letter he ever wrote to his
lifelong friend—urging him to exert his In-
fluence to have an interdiction placed In
our constitution against a degraded paper
currency. In this letter he savs:
"But to protect your morals and to cap
the climax of your prosperity, and to pro-
tect the labor of your country, you must
provide in your constitution by a positive
provision that your legislature never shall
establish a bank, or any corporation what-
ever, with a power to issue paper; that
no banks shall be established by the legis-
lature except on a specie basis, and then
only with the powers of receiving deposits
and exchange.
"There never was or ever could be use
for any other kind, except for speculators
and gamblers in stocks, and this to the
utter ruin of the labor and morals of a
country. A specie currency gives life and
action to the producing classes, on which
the prosperity of all is founded."
The constitution of that year did embrace
the interdiction, and its very words have
been brought forward in every constitution
of the state since, and it so stands In the
constitution to-day. A depreciated paper
standard was the evil which affected the
country when Jefferson and Jackson and
At that time the two money metals had
not so far separated as to make a remote
possibility that one of them would ever be
made the instrument with which to pene-
trate the train of abuses. But now, when
the fact confronts us, if we degrade our
(Webster and other statesmen of their
time denounced the lnlustlce and wrong of
a disordered currency.
standard below that of the commercial
world and take silver or any other metal
for our local standard, we can and will
with It bring tin- nai lOUNI that was
brought In former years with paper. The
history of our own country and the facts
there given should make the laboring peo-
ple cling with the tenacity of the mariner
to the last plank of the shipwreck to a
stable standard of value which prevents
him from being cheated and defrauded by
speculators, gamblers and stockjobbers.
Mr. President, I have seen a table which
has been going the rounds In the speeches
of senators and members of the house
which showed In parallel columns the fall
in the price of illvif, and corn, ind cotton,
and wheat, tfome very eminent senators
have copied If. It was a little strange that
this table stopped with the principal farm
products. It only showed the decline In
the price of what farmers sold, but not
what they bought. This ls a very one-
sided table. Prices have been going down
on all things, but less In agricultural pro-
ducts than on other things, and for a rea-
son which I will give you.
>Thls one-sided table reminds me of a
story I heard when a boy. A pious pastor
had discovered a young sister who was
becoming vain and worldly minded, and
so much had she become addicted to the
ways of the world that she wound her
rich suit of hair into a knot and wore it
as a topknot. It was supposed to be charm-
ing to the beaux. This vanity vexed the
righteous soul of the pious man of God
and he went to the erring sister and told
her she was Incurring the divine displeas-
ure by sporting the topknot, and told her
she must desist. She was in a struit, but
great as was the cross she resolved to bear
It If Bible authority could be produced in
condemnation of her topknot, and so she
informed her minister. He said: "My dear
sister, you come to church next Sunday
and I will show you the word of the Lord
specially pronounced against topknots."
When Sunday came she went to church
and after the morning exercises were .over
the minister took his text from
that chapter in which our Savior
was foretelling the destruction of Jerusa-
lem which was to occur by the armies of
the Roman emperor. He came to the verse:
"Let him which ls on the house top not
come down to take anything out of his
house," and then took his tsxt In the mid-
dle of the verse, "top not come down."
[Laughter.]
I do not know whether the pious fraud
was a success or not, but the plan out-
lined by the minister of bringing things
down by dividing the text did not die with
that generation. Why did not the archi-
tect of that table take manufactured prod-
ucts as well. I have constructed a table
which I present here for the consideration
of the public. I have taken the prices of
silver from the report of the director of the
mint. The prices of cotton, corn, wheat,
bacon, lard, pork, beef, butter, cheese and
tobacco I have taken from the statistical
abstract. These are the articles which the
farmer sells. Then I have taken the arti-
cles which the farmer buys. Some of them
are from the statistical abstract and others
from the report of the committee on
finance; the freight rates are from Poor's
Manual, a standard authority on railway
matters. The articles which the farmer
buys are refined sugar, nails. Iron, coffee,
tea, sheeting, drilling, shirting, standard
prints, print cloth, quinine, goblets, win-
dow glass, undershirts, ginghams, carpets,
pepper and molasses. I have also Included
steel rails and freight rates. All these arti-
cles have fallen since 1873, as is shown by
the table.
_ __ iiiting, ....
of prints and 3389 yards of print cloth.
With the exception of shirting it would
>uy more of*«very other article enumer-
or 2 tons of bar Iron, or 1V4 tons of steel
rails, or 3ftl2 pounds of nails, or 1412 yards
of slieetlnt, or 1330 yard* of drilling, or
W0 yards or shirting, or 1H&3 yards of stand-
ard prints, or 2810 yurds of print cloth;
while In 1891 100U pounds of cotton was
worth KIOO. and at the prices of these
same things at thai tlm« It would buy
1428 gallons of oil, 1754 pounds of sugar,
5V4 tons of pig Iron, ton* nt bar lron'
3W tons of steel rails MM pounds of cut
nails, 1461 yards of sheeting, 1560 yards of
drilling, 940 yards of shirting, 1666 yards
rlnts and"
Ith the e
buy more of^every
ated, and the difference In that was very
small. One thousand pounds of beef would
buy in 1873 281 gallons of oil, M6 pounds of
sugar. 1282 'pounds of nails, 490 yards of
sheeting, 402 yards of drilling, 338 yards
of shirting. 5S3 yards of prints or 888 yards
of print cloth; while In 18»1 It would buy
800 gallons of oil, 982 pounds of refined
sugar, 3010 pounds of nails, 849 yards of
sheeting, 873 yards of drilling, 026 yards of
shirting, 933 yards of standard prints or
1898 yarus of print cloth.
One- thousand pounds of pork would buy
111 1873 289 gallons uf oil, 571 pounds of r;-
Hnetl sugar, 1319 pounds of nails, 501 yards
of sheeting, 475 yards of drilling, H4S yards
" * —w—* — ints. or
1891 It
01 mieeuiig, *iv yarus <ji u»uuua,
of shirting, 000 yards of standard prints, or
yards of print cloth, while in 1891 It
would buy 842 gallons of oil, 10.55 pounds of
refined sugar, 3172 pounds of nails,
yards of sheeting, 920 yards of drilling, 551
yards of shirting, l)S3 yards of standard
prints, or 2000 yards of print cloth.
One thousand pounds of bacon and hams
would buy in 1873 315 gallons of oil, 682
pounds or refined sugar, 1554 pounds of
nails, 602 yards of sheeting, 668 yards of
drilling, 416 yards of shirting, 716
yards of standard prints, or 1091
yards of print cloth; while in 1891 It would
buy 1085 gallons of oil, 1167 pounds of re-
fined sugar, 4086 pounds of nails, 1111 yards
of sheeting, 1185 yards of drilling, 714 yards
of shirting, 1266 yards of standard prints,
or 2576 yards of print cloth.
One thousand pounds of butter would buy
in 1873 779 gallons of oil, 1539 bounds of re-
fined sugar, 3553 pounds of nails, 1359 yards
of sheeting, 1281 yards of drilling, 938 yards
of shirting, 1616 yards of standard prints,
or 2461 yards of print cloth; while In 1891
It would buy 2071 gallons of oil, 2543 pounds
of refined sugar, 7795 pounds of nails. 2123
yards of sheeting, 2262 yards of drilling,
1362 yards of shirting, 2416 yards of stand-
ard prints, or 4915 yards of print cloth.
One thousand pounds of tobacco In 1873
would buy 413 gallons of oil, 833 pounds of
sugar, 1886 pounds of nails, 721 yards of
sheeting, 680 yards of drilling, 498 yards
of shirting, 858 yards of standard prints, or
1307 yards of print cloth; while in 1891
It would buy 1243 gallons of oil, 1526 pounds
of refined sugar, 4677 pounds of nails, 1273
yards of sheeting, 1357 yards of drilling,
817 yards of shirting, 1450 yards of standard
prints or 2949 yards of print cloth.
One hundred bushels of corn In 1873
would buy 279 gallons of oil, 551 pounds of
refined sugar, 127-5 pounds of nails, 487
yards of sheeting, 458 yards of drilling,
336 yards of shirting, 679 yards of stand-
ard prints or 881 yards of print cloth;
while In 1891 It would buy 820 gallons of
oil, 1007 pounds of refined sugar, 3086 pounds
of nails, 840 yalds of sheeting, 896 yards
of drilling, 539 yards of shirting, 956 yards
of standard prints or 1954 yards of print
cloth.
One hundred bushels of wheat in 1873
would buy 590 gallons of oil, 1176 pounds of
refined sugar, 2509 pounds of nails, 1030
yards of sheeting, 964 yards of drilling,
611 yards of shirting, 1225 yards of stand-
ard prints or 1840 yards of print cloth:
while in 1891 it would buy 1328 gallons of
$26? Does adding to the coat of a thing re-
duce the price or the thing? I am not now
going to discuss this question with my
Friend from Oregon. 1 shall have a day In
court when the tariff bill arrives.
Why Is It that the prices of manufac-
tured products have gone down faster than
the prices of agricultural products? Be-
cause machinery Is more used in manufac-
tures than In agriculture.
Mr. Gray: Will my friend allow me Just
there?
Mr. Mills: Certainly.
Mr. Gray: In replv to the suggestion that
came from the other side about a tariff,
and which will come constantly, I wish to
say that If the tariff Is the origin of all
this beneficent reduction In the prlcwi of
tho necessaries of life, the reductions the
senator is speaking of in their general
trend and condition are world wlae and
not confined to the United States.
Mr. Mills: When we get to the tariff we
shall talk about all these things.
Mr. Mitchell of Oregon; Allow me at
that point to say a word.
Mr. Mills: The senator can not get me
Into a discussion of the tariff at this time.
Mr. Mitchell of Oregdn: The protective
tariff on steel rails resulted In reducing
the price by the building up of and the
stimulating of that industry in this coun-
try.
Mr. Mills: That ls your old argument.
Bessemer had more to do with it than the
protective tariff.
Mr. Hawley: I do not want to lead the
senator away from his extremely Interest-
ing argument, but I really wish he would
Incl lentally mention the fact that the re-
wards of labor have gone up all the while.
Mr. Mills: 1 said that some time ago,
but my friend was not listening to me. I
have said that for a hundred years the
wages of labor have been constantly been
going up and are going up yet.
Why is It, Mr. President, that the wages
of labor are constantly going up when the
prices of commodities which labor makes
are constantly going down? it is simply
because the production of things Increased
faster than the production of labor. Hu-
man hands and arms and legs can not bo
produced as fast as machinery. That ls
why it is. It Is a beneficent law of God
for the benefit of humanity, and will con-
tinue to be so.
The wages of labor are constantly getting
higher and higher, and the wageworker lb
constantly getting more and more of the
product of his labor In reward for his toll.
And this happy result ls because his work
ls becoming relatively scarcer and more
and more valuable to his employer. But to
secure him in the great rewards of his toil,
It is necessary, absolutely necessary, that
the standard of the commercial world,
which ls our standard, shall be preserved.
Then he knows, and all the world knows
the value of labor and the value of the
things which It is to purchase.
Mr. President, the prices of property are
regulated, as I have said, all other things
being equal, by the amount of money in
circulation. I am afraid that we do not
observe the distinction between the stan-
dard of value and the volume of circulation.
Gold ls the standard of value, but we
have only a little over six hundred millions
of gold in the country, while we have $2,-
000,000,000 In money or gold, silver and pa-
per In the country, and $1,600,000,000 In cir-
culation, or outside the treasury. All money
not In the treasury is said to be in circula-
tion, but it is not. Much of it ls never seen
In market. Prices are not determined by
the six hundred millions In gold, but by
the $1,600,000,000 in circulation. The gold
dollar ls the standard by which every ar-
ticle is valued, whether It rises or falls.
A great many of our people want to change
PRICES OF CERTAIN PRODUCTS FROM 1873 TO 1891.
S
9
«
i"
#
2
o'
O
Articles that farmers skll.
Years.
0
I
i
u
9
►
u
fl
O
IS
3
1
■
a
£>
1
i
0
h
J
♦J-fl
ctJD
■
A
£
Bacon and hams 1
per pouud.
Lard, per ponnd :
Pork, per pound
1
Beef, per pound
1
Bntter, per
pound.
Cheese, per
pound.
u
I
*0
«!
Is
H
$1.32
1.30
1.23
$1,004
. .988
.964
Cents.
18.8
15.4
15.0
Cents
61
71
84
$1.31
1.43
1.12
Cents.
8.8
9.6
11.4
Cents.
9.2
9.4
13.8
Cents.
7.8
8.2
10.1
Cents.
?.7
8.1
8.7
Cents.
21.1
25.0
23.7
Cents.
13.1
13.1
13.5
Cents.
10.7
9.6
11.3
1.17
1.18
1.16
.804
.629
.891
12.9
11.8
11 1
07
58
56
1.24
1.17
1.34
12.1
10.8
8.7
13.3
10.9
8.8
10.6
9.0
6.8
8.7
7.5
7.7
23.9
20.6
18.0
12.6
11.8
11.4
10.4
10.2
8.7
1.12
.808
9.9
47
1.07
6.9
7.0
5.7
6.3
14.2
8.9
7.8
1.13
.m
11.5
54
1.25
6.7
7.4
6.1
6.«
17.1
9.5
7.7
1.12
.881
11.4
55
1.11
8.2
9.3
7.7
6.5
19.8
11.1
8.3
1.13
:S78
11.4
66
1.19
9.9
11.6
9.0
8.5
19.3
11.0
8.5
1.10
.858
10.8
68
1.13
11.2
11.9
9.9
8.u
18.6
11.2
8.3
1.10
.861
10.5
61
1.07
10.2
9.5
7.9
7.0
18.2
10.3
9.1
1.C3
.823
10.6
54
.86
.87
.89
.85
9.2
7.9
7.2
7.5
16.8
9.9
1886
1827
.99
.97
.97
.'769
.758
.727
9 9
9.5
9.8
49
47
55
7.5
7.9
8.6
6.9
7.1
7.7
5.9
6.6
7.4
6.0
5.4
5.3
15.6
15.8
18.3
b.3
9.3
9.9
9.6
8.7
8.3
.93
.724
9.9
47
.90
8 6
8.6
7.4
5.5
16.5
9.3
8.8
1.06
.8u9
10.1
41
.83
7.7
7.1
6.0
5.4
14.4
9.0
8.6
.93
.704
10.0
57
.93
7.6
6.9
5.9
5.6
14.5
9.0
8.7
26
26
53
6
.30
14
25
24
27
32
31
19
TBABS.
187 3
187 4
187 5
187 6
187 7
187 8
187 9
188 0
1*81
1882
188 3
188 4
188 5
18S6
188 7
188 8
1859
Ia90
1891
Articles that farmebs but.
fl
35
Average decrease.
Cts.
11. (
1U.5
10.8
10.7
11.
10.2
8.5
9.0
9.2
9.7
9.2
7.1
6.4
6.7
6.0
6.3
7.6
7.0
5.7
fl
Cts.
4.90
3.99
3.4a
2:
2.67
2.31
2.69
3.68
3.09
3.47
3.06
2.39
2.33
2.27
2.30
2.03
2.00
2.00
1.86
$86.00
67.00
60.00
52.00
45.00
44.00
51.00
60.00
58.00
64.00
50.00
44.00
40.00
43.00
49.00
44.00
43.00
45.00
42.00
51
$120.50
94.25
68.75
59.25
45.50
42.25
48.25
67.50
61.13
78.50
:i7.75
30.75
28.50
34.50
37.i ~
29.83
-9.25
31.75
29.92
75
Rio coffee, per
pound.
Tea, per pound
T3
hi
8
*
u
"I
4
1
Drilling, per yard
TJ
e0
t-
u
9
P.
1
1
li
Standard prints,
per yard.
Print cloths, per
yard.
Quinine, per ounce
Goblets, per dozen
10 by 14 window
glass
i
ij
1
•d
a
0
I
.-'S
I
0
b
2? P
a*
".i
t!
f6
Black pepper, per
pound.
•i
*4
I-
1
a
u
IS
is
&
Cts.
Cte.
Cts.
Ct8.
Cts.
Cts.
Cts.
Cts.
Cts.
Cts.
18
95
1331
14 13
19.41
11.37
6.69
$2.65
85
$3.40
$1.41
13
$1.14
19
69
2.00
20
100
11 42
11.75
18.04
9.75
5.57
2.50
80
2.95
1.25
11
1.02
20
71
18
50
10.41
11,12
15.12
8.71
5.33
2.25
70
3.17
1.12
10
.92
17
70
17
55
8 85
8,71
13.58
7,06
4.10
2.00
65
3.08
1.00
10
.82
14
55
W
55
8 46
8,46
12.46
6.77
4.35
3.00
50
2.97
.91
8
.81
14
54
17
45
7,80
7.65
11.00
6.09
3.43
3.50
45
142
.87
8
.75
12
40
14
40
7 97
7.57
11.62
6.25
3.93
3.60
lb
2.42
.83
8
.67
12
36
15
40
8,51
8.51
12.74
7.41
4.51
3.00
41.
2.42
.83
9
.85
14
53
1.26
13
35
8,51
8.06
12.74
7.0U
3.95
2.60
35
2.12
.83
8
.75
14
43
1.25
10
35
8 45
8.25
12.95
6.7(1
3.76
2.45
35
2.12
.79
9
.78
17
50
1.23
8
33
8 32
7.11
12.9;!
6.0(J
3.60
1.80
35
2.29
.79
8
.74
16
52
1.22
11
9
33
7,28
6,86
10.46
6.(Xi
3.3d
1.4H
3:1
2.16
.75
7
.66
15
50
1.12
33
6.75
6.36
10.31
«.0t
3.1C
.83
3(1
1.91
.71
6
.58
14
45
1.04
9
33
6 75
6.25
10.65
6.DC
3.31
.741
2t
2.04
.71
6
.58
14
44
1.04
15
28
7 15
6,58
10.88
6. IK
3.3*
.55
2h
1.7(J
.66
7
.6(1
15
40
1.03
15
23
7 25
6.75
10.91
0.51
3.81
.45
27
1.76
.66
6
.5i
15
3a
0.97
16
23
7 00
6.75
10.51
6.51
3.81
.34
2t
1.71
.66
t
.52
li
39
0.97
19
25
7.00
6.83
6.75
10.91
6,(K
3.34
.35
26
1.71
.64
b
.48
11
41
0.93
lb
25
6.41
10.64
6.00
2.95
.30
25
1.70
.62
6
.50
9
32
0.92
11
73
48
55
45
47
56
89
70
50
56
54
56
52
53
54
men. Let ua stand In tha breach and call
the battle on, and nevsr leave the Held
until the people's money shall be restored
to the mint, on equal terms with gold, as
It was years ago.'
And theie I stand to-day. If It was Im-
moral and wicked for the oredltor to de-
mand then twice as much as was con-
tracted to be paid on his debt, li It not
Just as Immoral and wicked now for the
debtor to demand payment of one-half of
his obligation? I see no difference, yet
many of our friends want to change the
standard because the debtor thereby can
change the contract and pay with W cents
Instead of 100 cents the debt he has prom-
ised on his honor and conscience to pav.
Now, Mr. President, If we are going to
leave out of view all moral obligation of
the contract, If It ls only a legal obliga-
tion from which the debtors seek relief,
why not, In the exercise of the constitu-
tional provision pass a bankruptcy law,
and why not In passing that bankrupt law
provide that the debtor shall pay his cred-
itor with a certificate of discharge and
keep all his property? He will get a good
deal more money that way, If the moral
obligation Is to be left out of the contract
entirely. If we want to do everything we
can to release the debtor without requir-
ing him by law to comply with the con-
tract which he has made, then pass a
bankrupt law and acquit him entirely and
let him retain everytnlng that he has. 1
do not believe In impairing the obligation
of contracts. I believe in enforcing them,
and If one person has obtained the prop-
erty of another by promising to pay for
It, he should be required by law to por-
form the contract.
Mr. President, i believe with Thqmas Jef-
ferson, that honesty Is the first chapter
In the book of wlBdom. 1 denounced, as
John G. CarllBle did (but not in as strong
language because I am not as strong a
man as he Is), the combination that was
being formed all over the whole earth to
strike down one, half of the monetary cir-
culation of the world and double the value
of all contracts on the debtors; and I de-
nounce now in this country the attempt to
shift and change the standard of values for
the purpose of enabll; , the debtor to cheat
and defraud his creditor out of one-half of
what he has promised to pay him, and In
doing so to put the country upon a varia-
ble and shifting standard of value by which
the people will be plundered continuously
from one end If It to the other.
Kvery contract now In existence In the
United States made since January 1, 1879,
Is on the gold standard, and where a dollar
is mentioned it means a gold dollar or one
as good as gold, and I will never vote for
any law that enables any man to cuncel
an obligation to pay 100 cents by paying
67 cents. When a depreciated standard Is
substituted for the real standard of the
contract, all contracts are changed, and
as Mr. Jefferson repeatedly says, it works
a revolution of property. It swindles a
whole nation. When the continental money
perished in the hands of its holders that
was but a small part of the loss. It did
not perish until It had changed a large part
of the property of the country. When the
French assignats perished the loss was not
confined to the $9,000,000,000 worth that were
Issued, but while they lived they had
wrought a revolution In the property of
France.
Let me give you a little Incident of my
own experience with confederate money.
Just before I went Into the "late unpleas-
antness" I sold 320 acres of land In Texas
for $960, gold standard I took the note of
the purchaser with 10 per cent Interest ana
a lien on the land, and left It to be paid
when I came back, If ever I came back;
If I did not I felt that my family would get
the benefit of It. But after Uhe gold stand-
ard was banished and confederate money
was the standard, and after It had gone
down to 60, 60 or 70 to 1, confederate money
was tendered and paid to my family when
It was practically worthless. The purchaser
got my land, discharged his obligation, and
its ownership was changed with substan-
tially no consideration. My experience was
the experience of many thousands all
through the south.
This li the treacherous working of a de-
graded standard of value. As Mr. Jeffer-
son said about continental money, It was
our war money; and In war, when life'
and property and everything are freely
offered, I do not complain of any sacri-
fice, but In peace, when my labor and prop-
erty are demanded, not by my country,
but by dishonest men who want It with-
out consideration, I will not by any act of
mine put so pernicious a power in their
hands. In 1813 Mr. Jefferson called the at-
tention of the people of Virginia to the
fact that their business and their prop-
erty were going up In a balloon. He ap-
Increased demand raise* It 2 cents, I can
see how that will put money in their
pockets. Two cents per pound on four and
a half billion pounds would put $90,000,000 In
the pockets of the cotton growers.
The silver owner will be benefited by In-
creasing the price of silver; the farmer will
be benefited by Increasing the price of cot-
ton, wheat, corn, and other farm products.
He can not get a dollar without working
for It, and he can get a dollar now by
working for It, whether the mints are open
to silver or not. I want to remove the ob-
structions that legislation has placed In
the way to his market, and thus enhance
the price of his products. I would not leg-
islate for him or for anyone to give an in-
creased price In the violation of natural
right, but I will legislate so as to restore
to him the enjoyment of that naturul right.
Mr. President, I am going to vote to re-
peal the aherman law, and I will vote
against every amendment which the inge-
nuity of the human mind can conceive.
No amendment can be offered or adopted
that does not Impeach the good faith of
the president, and that I do not intend to
do. In giving my vote I am trying to dis-
charge Ihe duty I owe to the people of
Toxics and*to the whole country. I have
not changed my opinion about sliver coin-
age 1 ain for free and unlimited coinage
as strongly as I ever was; but to do It
now, without the co-oporatlon of a number
of the strong powers of Europe, means, In
my Judgment, the banishment of our stand-
ard values and the Introduction of all the
evils of a depreciated standard and a fluc-
tuating currency; and while I will not aid
In bringing that calamity to the country,
I shall continue to do all in my power to
secure the co-operation required to estab-
lish bimetallism throughout the eaBt. I
stand by bimetallism, I stand by the presi-
dent in his opposition to the Rherman law,
and will stand with those who are work-
ing to secure Its repeal. When I see bo
many of my friends around me differing
from me, and declining to follow the lead
of the brave mar. who leads on the column
of repeal, I feel like John Adams felt when
the Declaration of Independence was pro-
posed and many of the great men and pat-
riotic men hesitated, a8 they stood on the
brim of the waters of separation.
Webster puts In his mouth a speech that
has gone sounding down the corridors of
time—a speech whose courageous and patri-
otic words have warmed all our bosoms, and
In our boyhood spoken from ail our mouths;
a speech that kindled the patriotic fire to a
white heat, nerved every heart, and swept
away all fears and divided counsels as
chaff is swept before the breath of the
tempest. It rescued a continent in an
hour of peril and fixed the destinies of a
great country and a great people. I can
not faintly imitate it, but in the faithful
discharge of my duty to my country, I can
with the thrilling words of the first sen-
tence, which I wTll make the last of mine
"Sink or swim, live or die, survive or per^
lsh, I give my heart and my hand to thlB
vote." [Applause in the galleries.]
JOIN TlIK FKOCKMSION.
If you have been buying inferior cigar-
ettes turn over a new leaf and begin anew
with the emphatically approved Old Do-
minions.
Average reduction in ten farm products, SKi.I,
Averatte reduction in nineteen other products, 55,4.
It is now and has been contended that 1
cotton, wheat and corn have been brought 1
down by the closing of our mints to the
unlimited coinage of silver. If that be
true the same cause must have brought
down the other articles. Why was not the
fall in cotton the cause of the fall in silver?
It has been claimed all along that the in-
creased supply of silver and the decreased
demand by the successive closing of the
mints of the world had progressively re-
duced its price. And that is a logical con-
clusion. In 1873, when silver was at par
with gold at 16 to 1, the world's annua:
production of silver bullion was 63,000,000
ounces; it is now 152,000,000,
This shows a very great increase in sup-
ply, while demand has been falling oft
greatly. Silver therefore has been declin-
ing in obedience to law, and cotton and
corn and wheat not In obedience to any
law, they tell us, but out of pure sympathy
with silver. If sympathy Instead of a law
of trade has caused other commodities to
decline, it has not been confined to cotton,
corn and wheat. The table shows that
from 1873 to 1891 silver fell 26 per cent,
cotton 68, corn 6, wheat 30, bacon and hams
14, lard 25, pork 24, beef 27, butter 32,
cheese 31 and tobacco 19. These are the
articles which the farmers sell. The aver-
age decline of the ten articles is 26.1 per
cent between 1873 and 1891. During the
same time refined sugar declined 50 per
cent, nails 62, bar iron 51, steel rails 75,
Rio coffee 11, tea 73, sheeting 48, drilling 50,
shirting 45, standard prints 47, print cloth
56, quinine 89, glass goblets 70, 10 by 14
window glass 50, undershirts 56, ginghams
54, carpets 56, pepper 52 and molasses 63.
These are the articles the farmer buys.
Now, if what he buys declines at an equal
ratio with what he sells he is just as well
off at one time as another. Rut if what
he buys falls more in price than what he
sells he ls benefited. When we average the
articles he buys we find that the decline
is 55.4 per cent, so if the logic of our
friends ls correct the demonetization of
silver had been a boon to him. He has
heen benefited by the fall in prices, but the
decline in sliver has had nothing to do
with It. Our friends on the other side
of the chamber will contend that a pro-
tefitive tariff did it. Some gentlSmen In
and out of congress last year conteded
that "options" and "futures" did it. They
are all wrong. Closing the markets had
a great deal to do with the decline of agri-
cultural products, and the increased pro-
ductive power of steam and machinery
had more to do with reducing the price
of manufactured articles.
These prices in the table shows conclu-
sively that the farmer has heen benefited
by the general fall of prices, because his
products would buy more In 1891 than in
1873. In 1873 cotton was worth 18.8 cents
per pound, anil 1000 pounds was worth
$188, and at that time It would buy 766
gallons of Illuminating oil, or 1620 pounds
of refined sugar, or 4H tons of pix Iron,
oil, 1631 pounds of refined sugar, 6000 pounds I
of nails, 1342 yards of sheeting, 1453 yards
of drilling, 853 yards of shirting, 1560 yards
of standard prints or 2784 yards of print
cloth. , ,
From these figures, and maybe extended
to other articles, it is clear and conclusive
that the decline in prices has given all
farm products a greater purchasing power.
And yet it is urged that opening our mints
to the unlimited coinage of silver will re-
store its price of 1873; and as all' products
have fallen through pure sympathy with it
they will still sympathize with it and rise
to the prices of 1873. If they did, the farm-
ers would be ruined. If he is oppressed
now, he would be confronted with bank-
ruptcy in one-half or one-third of the pur-
chasing power of his products should be
taken away, and that would be the effect
of a restoration all around of the condition
of 1873. Ill that year the freight rate per
ton per mile was 2 cents; In 1891 the freight
rate per ton per mile was .929 of 1 cent, and
81,210,154,523 tons were moved 1 mile by all
our railroads, for which, at the rate of .929
of 1 cent, they received as freight charges
$754,185,910.
If the opening of the mints to free coin-
age is to restore the price of silver and all
other articles to the rate of 1873, then that
freight would cost $1,624,203,090. And that
is much more tlan twice the sum that was
paid in 1891. Did silver bring these freight
rates down? Then to restore sliver ls to
carry back the freight rates to 1873. It ls
said that gold has gone up and left all
these articles, and the decline In all prices
ls taken as the measure of the appreciation
of gold. Gold has risen in value because of
its relative decline in production and the
menaced demand for Its consumption in the
arts.
But the commodities have declined very
much more thin gold has risen, because
the forces operating on their production
and consumption are much more potent
than those operating on the production and
consumption ot gold. What are these
forces? Reduction of the coat of produc-
tion, the incriased power of production,
invention of machinery, steam machinery.
Any man who fill go through our factories
in New Englanl or elsewhere will Bee ma-
chinery doing almost everything that man
can do, except talk. You see in many
things one mandoing ten times the amount
of work to-day with a machine that was
done by one msn twenty-five years ago.
What has b,'ought down the price of
nails? It ls tit nail machine, what has
brought down ihe price of pins and needles
but machlneryf What has brought down
the price of sttel rails, which were worth
$100 a ton?
Mr. Mitchell!of Oregon; The protective
tariff.
Mr. Mills; Tile senator Is saying that too
soon. He will be saying that a few weeks
from now whei we get the tariff bill here.
Mr. President, did a protective tariff of
$46 a ton on s|eel rails, which were worth
about $45 a tdi, bring down tha price to
the standard of value. What for? They
say It will enable them to pay their debts
so'much easier. But Is it right? I have
been reminded of the strong language I
used several years ago In the other house,
denouncing those who wanted to double up
the obligations of the debtor class and
compel them to pay twice as much as the
consideration they received, and twice as
much as In conscience they agreed to pay.
I repeat every word of that denunciation
to-day. There is a moral obligation that
enters Into every contract as well as a
legal one. When two persons contract, one
buys and the other sells. A vast amount
of the business of the world, and espec-
ially of this country, Is done on time.
When one promises to pay 100 cents it is
100 cents on the estimated value at the
time of contract. One hundred cents of
consideration, according to the then stan-
dard of value, passes from one to the other
and the promise of the debtor ls based on
that standard; and when It was proposed
to lessen the amount of circulation one-half
to double the legal obligation. I denounced
It as dishonest and the attempt to perpe-
trate as a crime. A friend has shown me the
speech of an Englishman who puts that
language on the front page of one of his.
I repeat now the words 1 then used;
"But, amid the reckless and remorseless
brutalities which have marked the foot-
prints of resistless power, some extenu-
ating circumstances may be found to qual-
ify the punishment due to the crime. Some
have been the product of the fierce pas-
sions of war; some have resulted from the
antipathies that separate alien races;
some from the superstitions of opposing
religions; but the crime that is now
sought to be perpetuated on more than 50,-
000,000 of people comes neither from the
camp of the conqueror, the hand of a
foreigner, nor the altar of an idolator; but
It comes from those In whose veins runs
the blood of a common ancestry, who
were born under the same skies, who
speak the same language, who were reared
in the same institutions, who were nur-
tured in the principles of the same reli-
gious faith.
"It comes from the cold, phlegmatic,
marble heart of avarice—avarice that
seeks to paralyze labor, Increase the bur-
den of debt, and fill the land with desti-
tution and suffering to gratify the lust
for gold; avarice, surrounded by every
comfort, that wealth can command, and
rich enough to satisfy every want, save
that which refuses to be satisfied without
the suffocation / and strangulation of all
the labor in the land. With a forehead
that refuses to be ashamed, it demands of
congress an act that will paralyze all the
forces of production, shut out labor from
employment, Increase the burden of debt
and taxation, and send desolation and
suffering Into the homes of the poor. In
this hour, fraught with peril to the whole
country, I appeal to the unpurchased rep-
resentatives of the American people to
meet this bold and iaaelaat demand like
pealed to them to begin the work of re-
turning to the metallic basis before the
balloon collapsed and came down with a
crash. He told them that a yard of broad-
cloth was then worth $18, and before the
metallic standard had been supplanted by
paper the same cloth sold for is shillings.
While the balloon was up lands sold for
$150 per acre that were worth $40 or $60.
After the collapse came It sold for a year's
rent.
And this ls the standard we are Invited
to adopt again in lieu of the present stable
and almost immovable s.andard we have
had since 1834, except during the war pe-
riod. Many of our farmers are demanding
this change of standard. Those who are
demanding the change get their ideas from
the Farmers' alliance, and the peripatetic
philosophers which that secret political
organization ls sending over the country
to enlighten the people on political econ-
omy. Some of them have never read the
first pages of Peter Parley, and as Mr.
Jefferson says, know as little "as though
nothing had ever been written on politi-
cal economy."
What our farmers need is not the ban-
ishment of our standard by the free coin-
age of silver at a time when it will banish
It, but free markets for the sale of their
products. They want their government to
secure to them the natural right which
God gave to them when he created them,
the right to labor and the right to sell
the products of their labor where they can
sell them for the highest price arid buy
the products of others tohere they can
buy them at the lowest price. Adding to
the volume of money In the country with-
out adding to the actual circulation will
not benefit them. There may be five thou-
sand millions of money in the country
and the per capita may be $76, and yet
It may all he owned by a thousand per-
sons. It will not be in circulation and the
country will not be benefited.
In 1850 the per capita circulation was
$11 42, in 1860 ft was $15 46. Between 1860
and 1860 it never rose above $18 33. The
country was full of money taken from the
gold mines of California. It went directly
Into all the veins and arteries or business
circulation and there was the greatest pros-
perity ever known in this country. Farms,
farm products and farm animals were con-
tinually rising in value and the national
wealth Increased 126 per cent In ten years.
And to-day. with a per capita of $24, our
people are complaining that there ls not
enough money coined and issued. They
want to return to 1873, and we have got
more than twice as much money in the
country now as we had then.
But, Mr. President, I want to know If
the mints are open and the silver miners
bring their bullion to the mints and have
It coined and given back to them how the
people of Texas are to get any of it? They
are a people of whom I am very fond.
They have been very kind to me for a life-
time. I have been living with them ever
since I was a boy. I have fought and bled
and almost died with them, and I want to
know where they come in? When some one
from Colorado or Nevada brings a hundred
millions of sliver bullion and has It coined
he may be benefited and if the gold stand-
ard Is retained he will have 67 cents'
worth of silver made worth 100 cents. And
this for Colorado and Nevada is a good
thing, but I want to know where Texas
comes in?
Five hundred millions of silver has been
coined since we began in 1875, and Texas is
yet complaining that she ls not benefited.
One hundred and fifty millions of notes
have been Issued In payment of silver pur-
chased since 1890, and I have never yet
seen one, and Texas complains that the
good things have not yet come around to
her. Mr. President, Texas will be bene-
fited when a democratic senate and house
passes a bill that will give a free way to
free markets for her farm products. When
the products of others are permitted to
come and exchange for hers, that will in-
crease the price of what her people sell
and decrease the price of what they buy,
and that will put money In their pockets.
If cotton ls worth 8 cents to-day and the
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CONSTIPATION
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Even if they only cured
HEAD
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But after all sick head
ACHE
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Carter's Little Liver Pilts are very small
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vefor $1. Sold everywhere, or sent by mail.
CAB7X8 HED1C1NX 00., Niw York.
Caslsria
For Infants and Children.
Castorla promotes Dlge»tlon, and
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Thus the child is rendered healthy and its
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111 South Oxford St., Brooklyn, N. Y.
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Alex. Robbktho.v, M. D„
1057 ad Ave., New York.
For several years 1 have reoommended
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CURE
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{Tin UrUvertal American Curt,'
Manufactured by |
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CINCINNATI, O.
u. a. a.
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s&miS
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The Galveston Daily News. (Galveston, Tex.), Vol. 52, No. 188, Ed. 1 Wednesday, September 27, 1893, newspaper, September 27, 1893; Galveston, Texas. (https://texashistory.unt.edu/ark:/67531/metapth467309/m1/6/: accessed July 17, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu.; crediting Abilene Library Consortium.