Democratic Sentinel, Volume 20, Number 31, Rensselaer, Jasper County, 7 August 1896 — THE PEOPLE'S MONEY [ARTICLE+ILLUSTRATION]

THE PEOPLE'S MONEY

SILVER PARTY PLATFORM. Following Is the platform adopted by the National Silver convention at St. Louis: The National Silver party in convention assembled hereby adopt* the following declaration of principles: Firat—The paramount issue at this time in the United States is indisputably the. money question. It is between the gold standard, gold bonds and bank currency on one aide and the bimetallic standard, no bonds and government currency on the other. Op this issue, we declare ourselves to be in favor of a distinctively American financial system. We are unalterably ohposeo to tlie single gold standard and demand the immediate return to the constitutional standard of gold and silver, by the restoration, by this government, independently of any foreign power, of the unrestricted coinage of gold and silver as the standard money, at the ratio of 16 to 1, and upon terms of exact equality, as they existed prior to 1873; the silver coin to be a full legal tender, equally with gold, for all debts and dues, public and private, and we favor such legislation as will prevent .for the future the demonetization of any kind of legal tender money by private contract. .. We hold that the power to control and regulate a paper currency is inseparable from tho power to coin money, and hence, that all currency intended to circulate as money should be issued, and its volume controlled by the general government oidy, and should be legal tender. We are unalterably opposed to tbe issue by- the United States of interest bearing bonds in time of peace and we denounce as a blunder worse than crime the present treasury policy, incurred by a Republican House, of plunging into debt by hundred* of millions in the vain attempt to maintain the gold standard by borrowing gold; and we demand the payment of all coin obligations of the United States as provided by existing laws, in either gold or silver coin, at the option of tiie government and not at the option of the creditor. Second —That over and above all other questions of policy, wo are in favor of restoring to tbe people of the United States the time-honored money of the constitution—gold and silver, not one but both—the money of Washington and Hamilton, and Jefferson and Monroe, and Jackson, and Lincoln, to the end that she American people may receive honest pay for honest product; that the American debtor may pay his just obligations in an honest standard and not in a standard that hus appreciated 100 per cent, above all the great staples of our country, and to the end, further, that silver standard countries may he deprived of the unjust advantage they now enjoy in the differsneo in exchange between gold and silver —an advantage which tariff legislation cannot overcome.

We therefore, confidently appeal to the people of the United States to leave in slieyanee for the moment, all other questions, to sunder, if need be, all former party ties and a (filiations and unite in one supreme effort to free themselves and their children from the domination of the money power—a power more destructive than any which has ever been fastened ,'upon the civilized tnen of any race or in any age. And upon the consummation of our desires and efforts we invoke the gracious favor of Divine Providence. Outside the Cities. The greatest cities of the country, the places where capital is stored, and where the entire country looks to for loans, are the headquarters of tho principal support of the single gold standard. It is uudeniable that tho farming element, a section whioh comprises 47 per cent, of the country’s population, is strongly in favor of more money. While it would he wrong to assert that every farmer is an earnest advocate of free silver, it is nevertheless true that the agricultural class is very restless, and insist upon some soft of a change which will lift the pall off of business, and give to the masses more money, so ns to create a demand for the products turned out by the tiller of the soil. As the great papers of the country arc published in the large cities, it is natural that they should be swayed by their surroundings aud the sentiment which they come in daily contact. For this renson the great majority of the leading American papers look upon all business ns being transacted In the cities, and imagine that the rest of the country is subservient to tiem.

But when we come to sum up the population ol’ this country we find that of the 1>2,G22,250, according to the census of 1890, there wore less than onefourth in the cities whose inhabitants number over 30,000. Upon this basis, the country and the small towns contain three-fourths of the population of the United States. And as the small towns ha“ve very little interest in common with those.of the big cities, the claim is madetliat in business relations and especially In the question of finances, one-fourth of the population shall rule the other threefourths. During the coining campaign we are going to hear a great deal about the “business interests” being opposed to the gold standard. To-day with nearly seven-eights of the business of the country transacted on credit, it shows that there is not near enough ready tnohey to meet the demands of trades. Thousands of farmers seldom see any money. The store allows them so much credit and takes their produce in return. And it is easy to understand that the storekeeper makes from both sides of the deal. It is the farmers that feel the urgent need of more money, and it is this portion of the. population together with the toiling masses who find business prostrated and money difficult to obtain that is going to settle the coming struggle. The business interests of America arc uoUeonfined to the bauks and the large traders. It is the business interest of the wage worker and the farmer to, see more money afloat, and a rigid adherence to the single gold standard means a great stringency rather than a return to prosperity.—Philadelphia Item. From Horace Greeley. In the American Year-Book and Register for J.BC9 was an article on “Currency and Finance" by Horace Greeley. Two paragraphs sketched with a master hand the effect, upon industry and

commerce of a diminution of the supply of gold and silver money. They are as follows: “Rome, having absorbed the then civilized world, and having, by the introduction, or toleration, of slavery, degraded labor and discouraged industrial progress, the discovery of mines and the production of the precious metals nearly ceased: while the luxurious tastes and habits of the wealthy impelled a continual importation of silks, spices, etc., from India and China, which took little but gold and silver in return. The circulating medium of exchanges and payments being thus insensibly drawn away and not replaced, the Roman Empire languished under a growing dearth of money and a steady decline of prices. As fixed property eongtufitly depreciated in value, those who bought on credit were too often unable to pay at maturity, and so sank into hopeless insolvency. Hence, labor layked employment, few chose to plant or build or improve, when the resulting property would be worth less than its cost. Population, wealth, prosperity, all declined and dwindled under the combined Influence of labor in shackles and enterprise and business devoid of money wherewith to employ and pay Hsht which was still free. And, though the silent progress of Christianity, the fruits of successive irruptions and conquests by. barbarians, and the.pressure of general poverty and wretchedness, combined to wear out slavery, scarcity of money still weighed upon the energies of Europe, down to the close of the fifteenth century. “The discovery of America by Columbus, and the consequent rapid and vast increase of money, wrought a great and sudden revolution. Prices appreciated; those who bought, or built, or in any manner improved, were almost always able to sell at an advance upon cost. I.nbor was 110 longer a drug upon the market, but in eager demand at prices beyond precedent, yet steadily augmented. The energies of the civilized world received an unwonted stimulus, and wealth increased and comfort diffused as they never before had been.”

Gold Bug Argument Exploded. Hero is an exposition Of the goldbug method of londing their arguments at both ends. It is contended Jhat the restoration of silver is going to degrade the dollar to 50 cents, and there is vo end of the play upon the favorite go'tlbug phrase, “the 50-cent dollar.” Jirtt as the silver man gets ready to mO.:t tliis objection to the standard silver dollar, he is met by another one which makes the very opposite contention. That is that the whole original fm> silver movement lias been gotten up by the silver mine owners who, unde* free coinage, will be permitted to take their product to the mint and, for every 371.25 grains of it, carry away a full value coined dollar. 'Thus the silver producer will make 100 per cent, on every ounce he mines over and above tlie natural market value of ills produce. But this thing surely cannot work both these ways. If there is to be a universal falling down to a “50-cent dollar,” then there can be no such advantage as is claimed for the bullion owners. If the bullion owners are to he enriched to the extent of half a dollar on every 371.25 grains of silver they produce, then we are not going to have and, “50-cent dollar.” The goldbugs will be forced to choose which horn of tliis dilemma they will adopt. Silver controversialists will meet either of these points, but they cannot meet both. Doubtless there is a good deal of loose talk and claiming on both sides in the campaign. Mere mouthing answers a purpose, but the purpose is not of long continuance. Never have the whole people been stirred as they now are over a purely governmental issue, and there hasjflaturally formed around the subject on both sides, a mass of misconception and erroneous notions which will have to yield under proper educational leadership.

Plight of Hungary and Russia. The struggle for gold In Europe has become sharp enough, to modify the financial course of events in a very disappointing way. Austria-Hungary’s legislation looking to the resumption of specie payments on the gold basis was enacted four years ago, with the expectation that men always have that all programs are sure to be carried out just as they are arranged. But Aus-tria-Hungary has not yet begun to pay gold, and it is not likely to do so in the immediate future. The first reason is that not enough gold has yet been accuinulatod, and it is not likely that the government would dare to resume even if it had the coin. The state of the foreign trade of the empire is such that the fear is that the gold would run but of the country as fast as it was permitted to escape from its present hiding place. The same state of things seems to exist in autocratic Russia. Komi-, nally, Russia is a single standard gold country, silver having gone through the form of demonetization quite recently. But there was no necessity of doing this, because the money of Russia has been paper since 1855. The determination made a few years ago to resume specie payment on the gold basis has residted in the accumulation of more than ?450,000;000 of that metal, but for one reason and another there is a fear of calling in The paper. The total amount of this paper is only ?530,000,000, so that It cannot be said that gold enough has not been accumulated. One-third the amount of gold that Russia has collected would be sufficient to carry all the paper in .the empire, but the conditions of the struggle for the metal make it dangerous for the Russians to let what they have get into the great world’s tender embrace. The United States will .shortly give these nations an .illustration of how unnecessary it is to care a rap where the gold goes. Whenever ybtr-mhet'a nSfca.iwho can tell you all ft’tftkh'thb'waak pilots In bis neighbors, you will find on* who need* as much watching as an east wind.