Ingalls Says It Was True
Jan. 14, 1S91, tibout the time Major McKinley delivered his flery phillipic against Cleveland for his "continued attempts" to demonetize silver, Senator John J. Ingalls, in a speech in the United States senate, said: "It is historically true that this great blight that has fallen upon our industries; this paralysia that has overtaken our flnancial system coincided in point of time with the diminution of the country. The public debt was declared to be payable in coin, and then the money power of silver was destroyed. The value of property diminished in proportion, wages feil, and the value of everything was depreciated except debts in gold. The mortgage, the bond, the coupon and the tax have retained immortal youth and vigor. They have not depreciated. The debt remains, but the capacity to pay has been destroyed." Sinee that time no change for the better has come to the toiling masses of the
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Ann Arbor Argus
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