Democratic Sentinel, Volume 15, Number 28, Rensselaer, Jasper County, 31 July 1891 — THE SILVER QUESTION. [ARTICLE]

THE SILVER QUESTION.

The Encyclopedia Britannica.

Republican Policy ot Comtraction and Demonetization. [White County Demoorat.] “Observer," a true and staunch republican, but unfortunately afraid of his own name, writing recently in the Herald, re* marked that this country has had no legislation within the laßt thirty years, except such as it has pleased the republican party to give us. That remark is true, and therefore whatever change in the volume of money or the standard of gold and silver as a me notary medium has taken place, is directly chargeable to that party. This being the case, as is claimed by the unknown sage of the Herald sanctum, it may not be amiss to review some of that leg. islation with a view to ascertaining just what evidence of friendship for the people the party of McKinleyism and monopoly has presented. We have already spoken briefly in reference to the republican idea of national banks, alien contract labor laws, repeal of taxes on incomes and the tariff laws, all republican measures, and in this article we shall notioe the aotion of that party on the silver question. During the war the volume of money in circulation was principally circulated in the northern states among about 24,000,000 people. After the war, or in 1865, when the southern spates laid down their arms, the number of people to nse this money was increased in proportion to the population of the southern states and this, as a matter of course decreased the amount per capita. The paper money alone in c rculation in the northern states at the close of the war was almost $lO 000,000, besides other paper representing national indebtedness used as money. The sum per capita in circulation at this time was S4O. Prom 1865 to 1869, the volume of money was reduced by republican administrations more than’s2oo,ooo,ooo for use among forty million people, and in 1879 when specie resumption took plaoe the per crpita had shrunk to an average of sl4, as against thejj S4O per head at the close of the war. Thus it will be seen that the volume of money with whioh to conduct the business had been decreased, according to population, two thirds in less than fifteen years. Plenty of money makes business brisk, while a dea th of that medium causes stagnation. Farmers and other producers who remember the decline in wheat, corn, oats and other products from “war prices” to those prevailing in 1879, can easily associate that decline with the republican method of contraction, entered into for the purpose of paving the way to sp cia resumption. Articles of traffic are always weighed against money and when money is scaroe prices become correspondingly lower. The republican excuse for decline of prices has always been 4 “over production" and farmers have been told that they should raise fewer bashels of wheat, t _j

From 1865 te 1878, while thejeontraotion of paper monev was going on, both gold and silver were money and all debts, public and private, were made payable in “lawful money,” which meant either gold or silver. Nor was this all. At the oloße of the war the general understanding Was that all pnolic debts were payable in greenbacks, the same kind of money that was doled out to the soldiers at the rate of sl3 per month. Our readers will recollect that no bonds were made payable in gold. The interest was.made payable in coin, which meant either gold or silver. The principal of the original bonds were payable in “lawful money,” while the bonds that were refunded, like the interest, were made payable in coin. Gold was not mentioned and onr readers will recollect that republican congresses passed the laws first making the interest on bonds payable in coin and then that the bonds issued to take the place of those falling dne should be paid in coin. At the time these acts were passed nothing was said as to the kind of coin that sho’a be need and gold and silver were both money at the recognized standard of value adopted years before. After the money power had Beoured the payment of the principal and interest of the bonds that they had bought wtth depreciated greenbacks at forty and fifty cents on the dollar in coin, the next step was to demonetize silver, deprive it of its legal tender quality, thus increasing the valne of gold and consequently the valne of their bonds.— This was done by the republican party at the behest of Wall street, and, as nsnal, the sachem of republicanism, John Sherman of Ohio, loomed up as the leader in the great enterprise of robbing the people in the interest of the “rich and well born.” It is claimed that President Grant did not know the intent and purpose of the bill when he signed it; that the speaker of the Douse was ignorant of its purpose and that the majority of the members of congress were unaware of the cunningly devised scheme they were working on an innocent public. This is the only excuse republican apologists have ever been able to make for the outrage perpetrated, and a flimsy one it is. Those who heard Congressman Cheadle in his speech here daring ihe last campaign will reoollect that this is the excase he g ive and that he acknowledged it to be the-.greatest wrong ever committed by a party on the people. They will alsq remember that to demonetization of sdver he attributed the decline in f arms and farm products. “Joe Cheadle” was right on the silver question, bat “off” when he attempted to make his hearers believe that it was advantageous for them to pay a premium on tinware for the purpose of making a few more millionaires. The truth is, a high tariff on necessaries, a free market for farm produce and the contraction of currency and the demonetization of silver, all jointly contributed to the demoralization of the prices of farms and farm products. The bill demonetizing silver and the republican McKinley bill increasing a robber tariff are the crowning infamies of the 19th century. One is the counterpart of the other and both are directly chargeable to the ' republiban party, which organization I “Observer” in the Herald says is respon- ) sible for all legislation enjoyed by the masses” for thirty years. Is it any wonder that fai mere are dissatisfied at the present condition of affairs, bro’t about by the thirty years of republiean legislation and that they lare demanding the ; abolishment of national banks, the placing of a tax on incomes and the free coinage of silver? The Encyclopaedia Biitaniea covers every department of knowledge known to 1 • mankind.