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What is the principle that underlies it all? It is that the law of supply and demand applies to money as it does to everything else.

You know that if the world's crop next year of a certain article is very much greater than the crop this year, that article will fall in price; if the crop is much smaller than this year, the article will rise in price. You know that the law of supply and demand reaches and controls money, as well as other forms of property. It reaches and controls all sorts of property.

Increase the amount of money more rapidly than the demand for money increases, and you lower the value of a dollar; decrease the quantity of money while the demand for it increases, and you increase the value of a dollar. When you understand that, you understand the essence of the money question. When you understand that, you understand what its effect is on you; and then you can tell where your interest lies. When you understand that principle, then you understand why the great crusade in favor of the gold standard finds its home among the holders of fixed investments, who, by such legislation, raise the value of the property which they hold.

I am not giving you my authority for it; I can quote you authority which our opponents dare not question. I have called attention, and I shall continue to call attention, to a remark made by Mr. Blaine in Congress on this subject.

He said that the destruction of silver as money and the establishing of gold as the sole unit of value must have a ruinous effect upon all forms of property, except those investments which yield a fixed return in money; that these would be enormously enhanced in value and would gain a disproportionate and unfair advantage over every other species of property.

There is a statement that no man who has respect for his reputation will dare to dispute.

It means that you will give to those investments and to this one form of property, money, an advantage over every other form of property.

When you understand the effect of the policy and then understand that the desire for it is manifested most among those who hold the fixed investments or trade in money, I think you will come to the conclusion that I have come to-that the fact that the gold standard is a good thing for them is the principal reason why they are in favor of a gold standard.

When you make up your minds that the gold standard is a bad thing, then the only question that you have to consider is, how can you get rid of it? Our opponents may raise objections to the plans which we propose, but I want to suggest that you are interested not so much in knowing the objections to our plans as in knowing what plans they have to relieve the condition.

Why don't they propose something? Is it because they don't know what ought to be done? If so, they are poor people to lead you out of bondage.

Is it because they know and will not tell? If so, they have not the candor that should be possessed by those who would redeem a people from their suffering and distress. They say that our dollar will be a 53-cent dollar. They refuse to apply to the silver that is produced in the world the law of supply and demand.

We say, increase the demand for silver by legislation and that new demand, acting with the demand now in existence, will operate upon the price of silver.

We say that that new demand will be sufficient to consume all the silver presented at the mint, and being sufficient, will raise the value of silver bullion to $1.29 per ounce throughout the world.

We have a reason for our belief: They simply say, "It won't do it; it won't do it," and then sit back and propose absolutely nothing.

I have known some of our opponents to use this sort of argument: Why, they say, if the free coinage of silver makes a silver dollar equal to a gold dollar it will be just as hard to get a silver dollar as it is to get a gold dollar. Do you know what they overlook? They overlook the fact that when we bring silver into competition with gold and increase the supply of standard money, while a silver dollar will be worth as much as a gold dollar, it will be easier to obtain, with the products of toil, a silver dollar or a gold dollar than it is today.

Our complaint is that the same hostile legislation which has destroyed the demand for silver and driven down the price of silver when measured by gold, has also increased the demand for gold and driven up the price of gold when measured by other forms of property, and that the opening of our mints to the free and unlimited coinage of silver will operate to bring more money into circulation, and thus lessen the strain upon gold, and that by increasing the demand for silver we bring silver up until silver and gold meet at the ratio now fixed by law, and a silver dollar and a gold dollar will be of the same value here and all over the world.

While at Upper Red Hook I prepared my letter accepting the Democratic nomination, but it was not given to the public until my return to Nebraska.

After another Sunday's rest we bade good-bye to the Perrines and their cozy little home, and, upon invitation of Chairman James S. Hinckley, of the New York State Committee, crossed the river and penetrated the Catskills as far as Winnisook Lodge, a summer resort, where Mr. Hinckley and Public Printer Benedict, with their families, and a number of congenial spirits, find a period of refreshing rest during the summer months. Our brief stay at the Lodge was enlivened by music and mirth, and we recollect the visit as one of the most pleasant incidents of the campaign.

The next day we returned from the Lodge, stopping on the way to take dinner at the Grand Hotel. At Kingston and Hudson large crowds were assembled, and short speeches made.

At Albany we were met by ex-Senator Norton Chase and Collector Louis W. Pratt, and driven to Wolfert's Roost, Governor Hill's suburban home. As soon as the Albany meeting was arranged, I accepted with much pleasure an invitation to dine with Senator Hill, with whom, notwithstanding our somewhat divergent views, I had become quite well acquainted while in Washington. The visit at his house was necessarily brief, owing to our late arrival and early de

parture. There were at dinner Judge D. Cady Herrick and wife, Mr. Pratt and wife, Mr. Chase and wife, General F. P. Earle and wife, and Mr. James Oliver, sergeant-at-arms of the National Committee.

The Albany meeting was largely attended and, for an out-door meeting, very enthusiastic. I spoke for about half an hour, but shall only quote a few sentences:

Albany Speech.

The Democratic party met in convention at Chicago, and a majority of the Democrats of the United States, speaking through their regularly chosen representatives, adopted a platform and nominated a ticket. It is not to be expected that every person will find in any platform all that he desires, and nothing that he does not like. But when a citizen is called upon to vote, he endorses that platform which gives him the best assurances of securing the most important things which he desires. It is proper, aye, more, it is necessary, that the candidate who stands upon a platform shall endorse the utterances of the platform, and I stand before you to declare in your presence that I endorse every word and every syllable of the platform adopted at Chicago. But while I do so, I expect in this campaign the support of many Democrats who are not willing to endorse all that the platform declares for. In a campaign there is always some overshadowing issue; there is always some paramount question which, more than any other, determines the allegiance of those who support the ticket. In this campaign we appeal with confidence to those who are opposed to a longer continuation of the gold standard policy by the United States. The Democratic party has begun a war of extermination against the gold standard. We ask no quarter; we give no quarter. We shall prosecute our warfare until there is not an American citizen who dares to advocate the gold standard.

CHAPTER XXII.

O

FROM ALBANY TO CLEVELAND.

UR train left Albany at 9 o'clock and after making several stops reached Utica about 11:30. At Schenectady, Amster

dam and a number of other places the people had gathered at the station to manifest what friends described as "interest," and what opponents termed "idle curiosity." The crowd at Utica was so large that it was difficult to make them hear and the lateness of the hour forbade any exended speech. Here again a falling platform carried down a number of persons.

During the next day large meetings were held at Syracuse, Rochester and Erie, with smaller ones at other places along the line. The meeting at Syracuse was presided over by Mayor McGuire, who referred to the fact that the home of Governor Seymour had been near that city, and this recalled to my mind the first campaign which I remember when, as a boy, I hurrahed for Seymour and Blair. At Rochester, ex-Secretary of State Cooke presided and ex-Congressman Greenleaf, a former colleague in the House of Representatives, sat upon the stage.

At one of the smaller stations along the route a middle-aged farmer entered the car. He wore a widebrimmed hat, and was in his shirt sleeves. Standing more than six feet in height, with broad shoulders, a high forehead and an intelligent face, he was a splendid specimen of manhood. Coming through the car he stopped at my seat, shook hands and said:

"I have always been a Republican, but I am for silver. We farmers know what is good for us," and then quickly made his exit through the rear door. He had left his team a few feet away, and as the train pulled out we saw him following the plow across the field. He impressed me as a typical American citizen, one who thought for himself and then made his vote express his convictions.

Before reaching Buffalo we were met by Hon. Norman E. Mack, of the Times, whose gallant fight for the ticket was very much ap preciated, Judge R. C. Titus, Hon. Jacob Stern, and others. We made only a brief stop at Buffalo and then went on to Erie, Pa., stopping for a moment at Dunkirk. The Democratic clubs of Pennsylvania were

assembled in convention at Erie and the attendance was so large that three large halls were filled. My last speech was to the members of the clubs and the meeting was one of the most demonstrative held in the East. This was in the district which Mr. Sibley had represented in Congress, and in which he was again a candidate. In a speech made the next morning, at the close of a reception given at the hotel, I took occasion to point out the necessity of electing a Congress pledged to silver. The following is an extract:

Erie Speech.

The people are engaged in this fight because they believe that the triumph of the principles represented by the Chicago platform is absolutely essential to the welfare of our nation. This is not merely an attempt to secure the Presidency in order to divide the offices among a few of the people. Offices cut no figure in this campaign. I believe my experience has been rather an unusual one. The people who have come to me have come with suggestions as to what can be done to help the cause and no one has come to ask me for the promise of an office in case of my election. I have not discussed patronage with anybody. I shall not discuss patronage with anybody during this campaign. A man who in the midst of a great battle stops to negotiate as to what official position he is to occupy when this battle is over is unworthy to hold any position. Nor are we satisfied with securing the Presidency. The President alone is powerless to secure legislation. He does not express his approval until the Senate and House have joined in a measure, and I appeal to you, if you are interested in the success of our cause, to use your efforts to secure a Senate and a House, as well as a President, favorable to these reforms. The Senate is practically secure. We have reason to believe that the Senate which convenes on the fourth of March next year will be in favor of the free and unlimited coinage of gold and silver at the present legal ratio of 16 to 1 without waiting for the aid or consent of any other nation. But it is necessary that we should have the House also. The House today is in the hands of the enemy and we must take possession of the House in order to put any good measure into operation, and I beg you in every Congressional district in this nation to see to it that no man shall receive a majority of the votes, if you can help it, unless he goes there to fight for the money of the Constitution from the day that he takes his seat until the last day he occupies a place in the House. You have in this district a man who has been tried and not found wanting. You have in this district one of the ablest, one of the most fearless, one of the most eloquent advocates of this great cause. His voice has been heard all over this land and you will be guilty of a desertion of this cause unless you make Joseph C. Sibley your member of Congress at this election.

I reiterated this sentiment at every convenient opportunity because I felt that the election of a bimetallist to the Presidency would be of no avail unless he was supported by a Congress in harmony with him on the money question. I took occasion in the Erie speech

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