Jasper County Democrat, Volume 1, Number 30, Rensselaer, Jasper County, 5 November 1898 — THE SELVER PROBLEM [ARTICLE]

THE SELVER PROBLEM

Borne of the Results of gs Demonetization In the Interest of Bondholders. Wealth Hm Been Concentrated In the Hand* of Four Per Cent of Oar Citl•one—Women and Children Forced Into Faotoriec to Aalit In Supporting the Laborer** Family. V The conspiracy entered into by men in the United States and in Europe to demonetize silver and establish the gold standard, means more and far more than the degradation of silver. It means the absolute control of the money of the republic by virtue of which those in the control of the money will eventually control the business of the country, control congress, legislatures and the courts, and there is not in the land an intelligent patriot, one capable of comprehending cause and effect, who does not utter notes of warning. It is not expected that events which cast their dark shadows in advance will come as cyclones come, but will do their work as Jefferson affirmed would be done by the iucroachments of the supreme court, which he pronounced “a subtle corps of sappers and miners working underground,” and ‘‘like gravity * • * gaining a little today and a little tomorrow,” until their purpose is accomplished. The mariner in midocean, with a clear sky above, without a cloud from Horizon to zenith, is not satisfied that he is to have continuous fair weather. He consults his barometer, and if that gives no indication of a storm, he flings out more canvas and sails on. Not so, however, if the barometer tells him a storm is brewing, in which case vigilance is the watchword and the ship’s crew stands ready to take in sail and reef topsails that the ship may escape disaster. The demonetization of silver came upon the nation like a clap of thunder from a clear sky. It was as adroit an act of treason to the nation as was ever conceived—and worse, a thousand times more infamous than the treason of Arnold—and has been fruitful of incalculable ruin. “Bimetallism,” says Hon. John E. Osborn of Wyoming in congress, “has been thoroughly tried and has never failed to keep this body politic sound in wind and limb. * * * * We are told, however, that the republic has more wealth today than it had in 1878. True; but who today owns the wealth of this nation? Under your systen of confiscation a large portion of the earnings of the masses has been misappropriated by the few. Four per cent of our people have been permitted under this system to absorb more than 80 per cent of the nation’s entire wealth. In the states of New York and Massachusetts, where the greatest wealth is concentrated, we find existing the greatest proportion of poverty. In these states, arouDd which an insurmountable wall of protective tariff has been erected, one-third of the support of families fr.lls upon helpless women and children, who ought to be at home by the fireside. They have been driven into the factory and sweat shops, because husbands, fathers and brothers cannot earn enough to provide food and raiment for those dependent upon them.” The wealth of the country has passed into a few hands, because of vicious legislation on the money question, and the trend continues in that direction. “Before the resumption of speoie payments,” says Mr. Osburn: “When we had neither gold nor silver in circulation, we had no trouble in settling our trade balances with foreign countries and in retaining their confidence. During that time our growth in wealth, in population, and in commercial importance was without a parallel in history. Just think of it. This great nation, with its industrious and enterprising people, a nation whose productive capacity of all the world needs is only limited by what the world demands of us, a nation whioh Gladstone tells us has the foundation for the greatest continuous empire ever established by man, a nation whioh, we were told by General Grant, could support 600,000,000 of people, and yet today, with but 70,000,* UOO of people, 10,000,000 of them are suffering for the actual necessities of life.” One of the vicious reasons assigned for the war upon silver is that to remonetize it and aooord it the rights at the mints given to gold would benefit the silver mine owners. Referring to this objection, Mr. Osborn says: The privilege of prospecting and mining in the western country is not monop olised by a close corporation, as case with some of the leading industries lh tho east. But do you know, sirs, that in tho state of Colorado, our greatest silver producing state, and our greatest gold producing state, too. by the way—l say do you know that in the state of Colorado the value of her farm products is double and the value of her faotory products is more than quadruple the value of her entire silver output? While if silver had never beeD demonetised the mine owners would have realised during the last 85 years something like $870,000,000 more than they have realized, during the same time the ootton planters would have realized not less than $8,000,000,000 more 1 and the wheat grower not less Chan $8,600,000,000 more than they have reafized. Without itemizing the greatly increased which would have accrued on other product* of the farm, I feel justified in stating, after a careful study of the most reliable statistics to be obtained on this subject that the loss sustained on v farm products alone during the last 85 years, while the price of the dollar has been steadily appreciating and the price of all commodities steedily depreciating, reaches the enormous sum of $35,000,000,000. One billion dollars a year has been lost by this system of Contraction. One billion dollars a yeer means about $8,000,000 a day. That is more than it cost on both sides to conduct the late civil war. Just think of itl A greater continuous drain on the American farmer, day after

day. year after year, decade after decade, than that occasioned daring the five years of that dreadful civil war. Why, this loss is more than double your satire tariff revenue receipts, your internal revenue receipts and your miscellaneous treasury receipts combined. Yet we are told that other questions are more Important, that we must leave this British financial legislation upon our statute books until haughty England and a few poor deluded American ant lomanlcs kindly condescend to let free Americans legislate for themselves. The cause of this incomprehensible loss is finally attributed to our friends on the other side to overproduction of commodities. And yet statistics prove that from 1853 to 1873 the world’s annual increase In the production of all commodities was 8.8 per cent, and yet prices advanced during that period 20 per cent. From 1873 to 1893, the succeeding period of 80 years after the demonetization of silver, the world’s annual increase in the production of all commodities was but 1.6 per cont, and yet prices fell during the latter period 38 per cent, and are now, as we all know to our sorrow, with but one or two abnormal exceptions, lower than ever boforo since the discovery of this continent. No, Mr. Chairman, it is not overproduction of commodities; it is underproduction of money which prevents a proper distribution, and hence a normal consumption of the commodities we are pioducinir. Thore can be no overproduction of breadstuff's or wearing apparel while tho masses are cold and hungry. In 1873 the American people were consuming about six bushels of wheat per capita, and they wore paying $1.30 a bushel for ! wheat. In 1895 they were consuming but i a little more than three bushels of wheat | per capita, and yet wheat had fallen to 67 j cents a bushel. Now, it is fair to presume | that our people needed as much bread in | 1895 as they did in 1871. but they could ! not earn the money to buy the bread they ; actually needed. Thus it happens, from whatever point i of View the subject is discussed, we find j only rapine and ruin following fast, and , following faster, until tne sum total defies exaggeration. In 1896 there were more than 6,500,000 of American patriots who voted to emancipate the nation bug and gold standard domination, they will vote the same way in 1898 and in 1900, and on through the 20th century. There is something in a name, and, to the American people, “patriot” is better than “pirate.”