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 Rh in the same class, have been steadily declining in price as expressed in terms of dollars and cents.

"A gentleman from Oregon, now in the audience, tells me that he has lately seen horses in his state sell at auction for 75 cents each. And that horses in droves have been offered there recently at one cent a pound at private sale, with no one willing to take them. It can not be said, that there are any improved facilities, for raising horses."

Mr. H. H. Kohlsaat, late proprietor of the Inter Ocean, now said that he wanted to say something, and as he had attention, immediately proceeded to state the tariff proposition. Mr. Kohlsaat claimed that the threat to reduce or abolish tariff, in his opinion, had more to do with the hard times than anything else. That since attending these lectures he had more than ever recognized the damage demonetization had done; but he still thought the tariff an important question.

In replying admitted that a large business interest was more or less disturbed when it was proposed to change the tariff schedule. With manufacturers it was not so much a question of how much the tariff is, as what it is, and so long as that was in doubt it was a disturbing element.

"But," said "we are trying to get at what is the main or underlying cause of our present industrial demoralization, and tariff, pro or con, will not account for it. Our decline in values has been going on steadily and persistently since the demonetization of silver. During that period we have had different tariff bills, and of late years a very high tariff schedule, and yet it has had no effect in stopping the fall of prices.