THE NATIONAL ALLIANCE. 19! 



As long as this tool of exchange remains the instrument or 

 incident, it is in every sense a blessing ; but the moment it 

 becomes the object of exchange, then it becomes the oppressor, as 

 it now is. At this point I desire to direct your attention to two 

 propositions : first, the price or commercial value of products is 

 fixed by the amount of circulating medium. More money, higher 

 price, and better times ; less money, lower price, and harder times. 

 As proof of this I desire to submit a few statistics. 



While every demand made by the Alliance is founded upon 

 ultimate truth, the necessity and correctness of the one asking 

 for an increase of currency among the people can be at once 

 demonstrated to the entire satisfaction of all candid-thinking 

 individuals. The statistics of the past quarter of a century 

 prove the following propositions beyond a question of doubt : 



1. That the per capita volume of currency has been con- 

 stantly and materially lessened. 



2. That bankruptcy and failures have rapidly multiplied in 

 consequence. 



3. That the national debt, during this period, has increased 

 instead of being diminished. 



It now remains for me to substantiate the above statements, 

 which I will undertake to do as briefly and plainly as the facts 

 and space will permit. The question of the amount of currency 

 in circulation is one that necessarily involves a resort to certain 

 estimates, which should be fairly and carefully considered. It 

 has recently, however, become a prime factor in partisan politics 

 and financial duplicity, which subjects it to all the misleading 

 statements and false assumptions that usually accompany a dis- 

 cussion of financial propositions under such conditions. The 

 ordinary reader is many times led to mistake high-sounding 

 phrases and uncommon words for good argument, and, as a 

 result, becomes settled in an opinion without being able to give 

 the shadow of an intelligent reason therefor. Another mistake is 

 frequently made in always considering the deductions drawn by 

 government officials from government statistics as absolutely 

 correct, because the exact reverse has been proven in many 

 instances. If the farmer would apply the same kind of logic 

 when considering the volume of currency that he does to his 

 corn-crib or pork-barrel, approximately correct conclusions would 



