Pike County Democrat, Volume 29, Number 35, Petersburg, Pike County, 6 January 1899 — Page 5
THE SHYER PROBLEM Some of the Result of gs Demonetization In the Interest s l ... of Bonlboldere. B**n Comntntwl la U>« ' H**«U ul Foar Far Cant of Oar CMi Mmma—Wotnou and Children Poread lata P net or ie« to Anld la Support* mg the Laborer** Family. The conspiracy attend 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 tnsans 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 oountiy, control congress, legislatures and the courts, and there is not in the land an intelligent patriot, one capable of comprehending oanse and effect, ►who does not utter notes of warning. It is not expected that events which cast their dark shadows in adyanoe will come as cyclones come, bat will do their work as Jefferson affirmed would be done by the iucroaohmeuts of the supreme court, which he pronounced “a subtle oorps of sappers and miners working underground,” and “like gravity * * • gaining a little today nnd a little tomorrow,” an til their purpose is accomplished. The mariner in midooean, with a clear sky above, without a cloud from Horizon to zenith, is not satisfied that he is to have continnoas fair weather. He Consults his ba
rometer, and if that give* no indication of a storm, he dings out mare canvas and sails on. Not so, however, if the barometer tells him a storm is brewing, in whioh case vigilance is the watch* word and the ship's crew stands ready to take in sail and reef topsails that the ship may escape disaster. The demonetisation of silver came upon the nation like a clap of thnnder 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 oongress, "has been thoroughly tried and has never failed to keep this body politic sound in wind and limb. * * • * We are told, however, that the repnblio has more wealth today than it had in 1873. True; bat 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 oent of the nation's entire wealth. Iu the states of New York and Massachusetts, where the greatest wealth is concentrated, we find existing the greatest proportion of poverty. In these states, aronnd whioh an insurmountable wall of protective tariff has been erected, one-third of the support of families falls upou helpless womeu and children, who ought to be at home by the preside. They have been driven into the factory aud sweat shops, because husbands, fathers and brothers cannot earn euough to provide food aud raimfeat for those dependem 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 specie payments," says Mr. Osborn: “Wheu we had neither gold nor silver in circulation, we had no trouble in settling our trade balauces with foreign countries and in retaining their ooafidence. 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 ns, a nation which Gladstone tells ns has the foundation for the greatest continuous empire ever established by man, a nation which, we were told by . General Grant, could support 500,000,000 of people, and yet today, with but 70,000,4)00 of people, 10,000,000 of them are suffering for the actual necessities of
aie. *5 - , i One of the vicious reasons assigned for the war upon silver' is that to re* monetise it and accord ‘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 ollzod by a close corporation, as is^the case with some of the leading industries in the east. But do you know, sirs, that in the state of Colorado, our greatest silver producing state,.and our greatest gold producing state, too. by.the way—Isay do you know that in the state of Colorado the value of her farm products is double and the value of hpr factory products is more than quadruple the value of her entire sliver output ? While if silver had never been demonetized the mine owners would have realized during the last 35 years something like 3270,000,000 more than they have realized, during the same time the ootton planters would have realized not less than $2,000,000,000 more and the wheat grower not less than 32,GOQ.OOO,000 more than they have realized. Without itemizing the greatly increased profits which would have accrued on other products of the farm, I feel justified in stating, after a careful st«ly of the most reliable statistics to be obtained on this subject that the loss sustained on farm products alone during the last 35 years, while the price of the dollar has been steadily appreciating and the price of all commodities steadily depreciating, reaches the enormous sum of 835,000,000,000. One billion dollars a year has been lost by this system of contraction. One Ulllon dollars a year means about 38,000,* 000 a day. That is more than It oost on both sides to conduct tide late civil war. Just think of it! A greater continuous drain on the American farmer, day after
day. year after year, decade after decade, than that occasioned during the five years j of that dreadful civil war. | Why, this loss Is more than double your . entire u.riff revenue receipts, your internal revenue receipts and your miscellaneous treasury receipts combined. Yet wo are told that other questions arc more Important, that we must loave this BritI lsh financial legislation upon our statute j- books until haughty Kugiand and a few j poor deluded American anirlomanics 1 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 loSS to 1873 the world's annual increase in the production of all commodities was 8.8 per oeat. and yet prices advanced during ; that period 80 per oent. From 1873 to j 1893, the succeeding period of 80 years , after the demonetisation of silver, the | world's annual increase in the production • of all commodities was but 1.6 per cent, ! end yet prices fell during the latter period | 88 per cent, and are now, as we all know j to our sorrow, with but one or two abnor- ; mal exceptions, lower than ever before since the discovery of this oontlueut. No, Mr. Chairman, it is not overproduction af commodities; it is underpruduoi tion of money which prevents a proper distribution, and hence a normal consumption of the commodities we are producing. There can be no overproduction of breadstuff* or wearing apparel while the masses are cold and hungry. In 1873 the American people Were consuming about sir bushels of wheat per capita, and they were paying 81.30 a bushel for wheat. In 1896 they were consuming but a little more than three bushels of wheat per capita, and yet wheat had fallen to 67 I cents a bushel. Now, it is fair to presume that our people needed as much bread in 1896 as they did in 1873.; but they could not .earn the money to buy the bread they actually needed. Thus it happens, from whatever point of view the subject is discussed, we find only rapine aod ruin following fast, and following faster, until tne sum total defies exaggeration In 1896 there were more than 6,600,000 of American patriots who voted to emancipate the nation from gold bag and gold staudard domination, they will vote the same way in 1898 and in 1900, and on through the 80th deutary. There is something in a name, and, to the American people, ••patriot” is better than“pirate."
FARM PRODUCTS / ' . ■■ ; ' How the Demonetization of Silver Affected Them. The Democratic campaign book for 1898 is a mine of information for all people who desire facts regarding the influence of _ demonetization upon the welfare of the country, and especially are the facts valuable to farmers, who perhaps have suffered more than any other class of our fellow citizens. In a number of tables showing the depreciation of value in {farm products, since 1873, when the demonetization of the silver dollaroccurred^, omitting fractions, the value of pure silver in a silver dollar was in 1873, $1.02; then a bushel of wheat was worth $1.13 and a pound of cotton 20 oents. In the month of September. 1898. a bushel of wheat was worth 62.3 cents a bushel, and a pound of ootton 35.6 cents. Silver in 27 years had declined from $1.02 to 47 cents, or 55 cents. Wheat had declined to 52.5 per bushel and ootton 14 44 oents a pound. The price of corn declined from 1873, when it was 48 cents a bushel, to 21 cents a ^bushel in 1896, a decrease of 27 cents a bnshel. Oats declined from 37 ciefats a bnshel in 1873 to 18 cents a bushel in 1896, a loss of 19 cents a bnshel. Rye declined from 76 a bnshel in 1874 to 40j Cenu. a bnshel in 1896, a loss of 36 cents a bnshel. Barley dediued from 9[1 cents a bushel in 1873 to 32 oents a bushel in 1896, a loss of 59 cents a bushel. Hay declined from $13.55 a ton in 1873 to $6.62 in 1896, a loss of $6.93 per ton. Potatoes from 70 cents a bnshel in 1873 to 40 cents a bnshel in 1896, a loss of 30 cents a bnshel. JBut there is another way to look at this gloomy piotnre of the depreciation of farm products, consequent upon the demonetisation of silyer, not from the unit standpoint, but upon the sum total of production, and the sam total of valne, which ought to convince farmers, as Mr. Hatch of Missouri reported from theoommittee on agriculture in 1895, that “class legislation: of the {, worst character encumbers the statute books, and has been carried on to the detriment of agrionltnre and its dependent industries for 30 years, j culminating in the crime of the age—thedemoneciza- | tiou of silver in 1873.” } In 1873 the wheat product of the country amounted to 231.264,700 bushels, its total valne at Sl-15 per bushel j was $323,504,805. In 1896 the wheat product was 427,684,346 bushels, and its valne at 50.9 cents a bnshel was $310,602,530. In this, the crashing fact stands out in bold relief, that, though the wheat product in 1896 exceeded that of 1873 by 146,419,646 bushels, its value was less than that of 1873 by $12,902,275, and this robbery of farmers was brought about chiefly by the demonetization of silver. But, a still more deplorable condition of things appears in the disastrous decline iu the value of coijrn, the product of which in 1878 was 932,274,000 bushels, which at 48 emits a [bushel was valued at $447,183,020. In 1896 the corn product reaohed 2,283,875,165 bushels, an excess over the prodnot of 1873 of 1,361,601.165, whioh valued at 21.5 oents a bushel, amounted to $491,006,967, an excess of value over the prodnot of 1873 of $43,823,967. If, however, the value per bushel—48 oents—in 1873 had been maintained, the product of 1896 would have brought the farmers $1,176,261,080, or an excess of $685,193.813 over what they did receive for their corn. If the fanners desire to know the chief cause of the hard times whioh has visited them with greater rigor than has fallen to the lot of others, it is found in the demonetization of silver, which, said Mr. Hatch; in (his report, "was a bold stroke in the interest; of oapital that has redacted the value of •very prodnot in the world. This is
eoiMlusIvely proven by the feet that just as silver has depreciated, in like proportion have all other values fallen in the scale.” ! la other products, rye, oats, barley, potatoes, etc., the sum total of loss for the entire product, comparing product and prices in I873>with product and prices |n 1896, is equally^ startling, a loss so great, though demonstrated by official figures, as to challenge credulity. If farmers want still more of Republican financiering, they cau have it by voting the Republican ticket in November, 1898. _____ FREE COINAGE IN ISSUE - - ; * Democracy Will Battle For Thai Issue Until It Wins at the Polls. Not with* landtag Rcpobllean* Oealara Tk»t Dtmaerau Are Aaiiow ta ^haa> " dan Mm Fight—Fvaa wad laltaltod Cataaga mt Silver at a Ratla at 10 ta & am American Declaration. In the political parlanoe of the cam* paiguin Indiana, and growing warmer as the days come and go, the free and unlimited coinage of silver is an issue, made so by the Democratic platform adopted by the state Democratic oqn* ventiou, which said: “We reaffirm and emphasize the plat* form adopted by the national Democratic convention of 1896 at Chicago. We are in favor of the free and unlim* ited coinage of both gold and silver at the existing ratio of 16 to 1, without the aid or consent of any other nation. “We are unalterably opposed to the single gold standard, and we specially protest against the declared purpose of the present Republican secretary of the treasury of applying that policy more thoroughly. We believe that the prac*
ace oi me treasury in paying treasury notes in gold only, in violation of law, and in surrendering the option of the government, reserved by the statute, to pay in gold or silver, is chiefly responsible for the great money depression now, and for so long a period, existing in this country, is destructive of business enterprise, dangerous to the public credit and the prosperity of the people, and a serious menace to the national honor.** It will be observed that the Democratic state convention not only “reafI firmed,” bat “emphasized” the Chicago platform of 1896 in its declarations relating to the “free and unlimited coinage of both gold and silver at the existing ratio of 16 tod. ” In calling the attention of Indiana Democrats to the issue, it migh* be said with exultant pride, as Daniel Webster onoe referred to Massachusetts, “There she is, behold her and judge for yourselves.” There stands the silver issue, behold it and judge for yonrselves. What is there connected With the silver issue that should make its friends hesitate to extol and defend it? What is there aboat the.free and unlimited coinage of silver at the ratio of 164o 1 that is not in consonance with sound finance? The Republican press of the state and Republican stump campaigners intimate, or broadly declare, that Democrats are anxious to abandon the free coinage issue and fight the battles of the campaign upon some other issue. T$e wish is father to the thought. If the Democratic party would abandon the freo silver issue, it wonid be a godsend to the Indiana Repnblioans. The Republican party has, in convention, time had again declared for bimetallism —the free coinage of gold and silver at the ratio of 16 to 1. The party has declared that “from tradition and interest” that “both gold and silver should be used as standard money.” But while making such patriotic professions it has treacherously abandoned the Americau people and gone into European camps to solicit foreign aid to establish an American financial policy, knowing fall well that European nations, while disdaining any interference of the United States with their financial policy, would never lend a helping hand to I establish bimetallism in the United [• States. And the advocacy of an “international agreement with the leading
commercial nation ox tne world," which coaid not be- accomplished, was designed to hold on to a class** of free silver Republicans, v, ho, like Democrats, believed the American people, as certainly as Englishmen,' Frenchmen, Germans, Italians and Spaniards, could, I and of right ought, to shape their own financial policy without consulting any foreign nation whatsoever. But neither the treachery nor the sneers of Republicans, press or speakers, high or low, rich or poor, black or white, lords or vassals, plutocrats or their menials, can intimidate or stampede the_ Democratic party in its advocacy of a measure, which Republicans have said “from tradition and interest" , is demanded by tbe American people? I The free and unlimited coinage of ' gold and silver at the ratio of 16 to 1, is as American as the declaration of independence, as American as the constitution, which was “ordained” by "we, the people/' The gold standard is British, as much so as the house of lords or the British throne. ThQ$gold standard is autocratic, plutocratic and aristocratic. It is not Democratic. It was never “ordained” by “we, the people.” It never regarded the interests, the welfare or the liberties of “we, the people” -hu Bryan and Lincoln would say, “the plain people. ” The gold standard in Europe is the standard of kings and the licksputals of kings, the parasites of kings—the"’ vermine who live in the hair of kingly dogs—who are, not like Americans, sovereigns in their own right, and to “the manner born.” The Democratic party stands unswervingly by the free and unlimirr coinage of silver, because it is an Amer, - can issue, because it is in the interest of
Khe tank and file at the people, beet aw behind it are all the glorious traditous of the govern merit from its founder on, beoau«tfc*ts history is free from spe c or bleuitsb, beet use neither individuals, communities, municipalities, states nor the nation wits ever harmed by: the free and unlimited coinage of gold aud hirer at the ratio of 16,fo 1. This cannot be said of the gold standard infamy. It has wrought incalculable disasters wherever it lms been tried. It has placed the money and the wealth of nations in the bands of the few, and has made the many the degraded vassals of the rieh. and this is what it is doing in the United Sjaros of Aunriea. The Democratic party is pledged to fight the gold standard iniquity. It does not ask to be discharged from the. free silver army. It does not 4sk to be “mustered OQt“ of the service. It is enlis: ed few the war. It bivouacs ou the battlefield. It makes no compromise. Defeat may come as it did Jo the minute men at Banker Hill, bat the revolution will proceed, though, via Valley Forge, until Yorktown is reached aud the goldbug British surrender. The sneers of such Republican sheets as the ludiauapolis Journal and the Indianapolis News ! will not deter the Democrats from battling for free coinage till the sun sets Nov. 8,1898.
TEE MONEY POWER. —:- Its First Exhibition Was Through United States Banks, Which Jackson Throttled. Du|«n of This Power Point*J Oat to the People by the Men Who Had the Courage to Veto Its Measures When It Sought to Control tho Government | In 1839. The term “money power” Is recorded in some quarters as a vague term, in* deed, so ambiguous and indefinite as to amount to a vagary. It is fli ppantly admitted that money has power which, nifder prudent control and exerted for ligit nnatvpurposea, promotes the general welfare, advances civilization and confers innumerable blessings npqu individuals and nations. Such commendations are exceedingly trite, they are like repeating the old aphorism that “fire is a good servant, but a bad master.” It is folly to assume that the term “money power” in political affairs is of recent coinage. Such is not the case. It has been known to exist since time was yonng, bnt it is not the purpose of this writing to trace its operations beyond and ontside of the boundaries of the United States. It is doubtless true that the first exhibitions of the mousy power in the United States were through the operations of the United States bank which President Andrew Jackson throttled finally by his veto. July 10, 1832. In that message President Jackson said: “Their power,” (referring to the stockholders of the bank) “would be great whenever they might choose to exert it | * • * * they might pat fourth their strength to influence elections or control the affairs of the nation.”
Again, m his veto message, Jackson said: “It is to be regretted that'* the rich and powerful too often bend the acts of government to their selfish par* poses. * * * Many of our rich men have not been content with equal pro* tection and equal benefits, but have besought us to make them richer by acts of congress.” • Such expressions from such high au* thority bring to view the designs of the money power 60 to TO^ears ago, when the “money power,” operating through the United States bank, sought to control the government. In his sixth annual message, Dec. 2, 1834, President Jacksou called the attention of cougress and the country to the corrupting practices of this organized money power in saying: “Circumstances make it my duty to call the attention ot congress to the bank of the United States. Created for the convenience of the government, that i institution has become the scourge of the people. Its interference to postpone the payment of a portion of the national debt, that it might retain the public money appropriated for that purp >se to strengthen it in a political contest; the | extraordinary extension contraction of its accommodations to the community; its corrupt jind partisan loans. ’ * All pointed to the dangers which in the days of Jackson threatened the government itself by the opera tions of the money power. And still farther, President Jacksou warned his countrymen against establishing or giviug aid and oomfort to a “money power” and in his message said: a “Events have satisfied my mind, and I think the minds of the American people, that the mischiefs and dangers which flow from a national bank far overbalances all its advantages. The bold efforts the present bar k lias made to control the government, the distresses it has wantonly produced, the violence of winch it has been the occasion in one of our Cities famed for its observance of law and order, are but premonitions of the fate which awaits the American people, should they be deluded into a perpetuation ot this institution or the establishment of another like it. ” Bat in his farewell message to the people. President Jackson, referring to the operations of the money power through the United States hank says: “We are not left to conjecture how the moneyed power, thus organized and with such a weapon in its hands, would be likely to use it. The distress and alarm which pervaded and agitated the whole country when the hank of the United States waged war upon the people in order to compel them to submit to ita demauds cannot yet he forgotten. The ruthless and unsparing temper with which whole cities and communities were oppressed, individuals impoverished and rained, auil * scene of oheerful prosperity sudden! y changed
• to on* of gloom nod despondency ought • •*> be indelibly impressed on the mem* oty erf the people of the United 8tates.’* | It wftTbe obmrred that the tone money power at “moneyed power’* is not of recent coinage, hot dates back to the time wheu the first bank of the Upited St «r*« was chartered with a cap* i ital of f7.0O3.0Ci0, and that its power, ■ which was intended should be a bene* diction to the country and the people, was exerted in au opposite direction and became a colossal corse to the extent j that it threatened the overthrow of the {government itself, for, "lay* President Jackson, “if the peoole had not con* ‘ qnered in the struggle the government would here passed from the hands of the many to the hands of the few, and this organized money power, from its zeoent conclave,, would have dictated the choice of yoor highest officers and compelled.you to make pence or war, as best soiled their own wishes.'* j The rasfiey power, instead of one bunk of the United States with a capital of $35,000,000, has created nearly 4.090 national banks with a capital of $650,000,000 banded together in what -is known as the “Americ&a Bankers' association.*' and which it is now the purpose of the “money power," acting through the Republican party, to confer npon them by4 legislation each additional power as Will enable them to; control, not only the monetary affairs of the country, bat its legislation also, indeed,, as President Jackson says, “Dictate the choice of our highest officers.** And this is just what was accomplished in the election of William McKinley as president. The “American Bankers’ association" has a standing committee known as the •“committee op education,"> which, in its report at the Denver meeting of the association .held last August, expressed a desire that more vigorous efforts should be made to bring the people into greater harmony with the operation of the bonks, because opposition to the policy of the banks would operate disastrously npon the people by the “curTAILMENT OF LOANS. HIGHER RATES OF INTEREST. GENERAL DEPRESSION OF BUSINESS AND CAUSE GREAT lOSSES TO all
CLASSES.” g These are some of the calamities which the national bunks, as th nr educational committee points out could be visited1 upon the country by the American Bankers’ association, and Shis power for mischief is to be indefinitely increased if the bill prepared by ti e Indianapolis monetary convention, - cr any similar bill, becomes a law, because the bill pro* poses to put the entire paper circulation in the hands of the national banks and thereby constitute them a mousy power, compared with which the old bank of the United States, that Andrew Jackson throttled’and killed, was conspicuously a pygmean menace to the business of the people and the government. . GOLD AND SILVER. One of the arguments made by the advocates of the free and unlimited coinage of silver is based upon statistics relating to the fact that the amount of gold and silver coin in the world is approximately and practica! ly equal. Secretary Gage of the Uuite-d States treasury department estimates the gold and silver coin iu the world as follows: Gold coin........ *4,350.000,000 Silver coin ........ 4,203,300,000 Total.. $8,507,900,000 The current estimate of the world’s population i6 1,500,000,000. Accepting the estimate and it is seen that the gold ooin in Jhe world is equal to $2.90 per capita, and that the silver coin is equal to $2 80 per capita, or that the total coins of the two metals is equal to $5.70 per oapita. ) But it is replied that such estimates are of little consequence because the population of the world includes'savages and barbariajjs iu all of the zones. That is true, and to meet the objection, 500.000.000 of the estimate is omitted, reducing the total to $1,000,000,000. This would give the civilized population of the world $4 35 per capita in gold and $4.20 per capita in silver, or in both coins $& 55 per capita. It should be remembered tbat^this elose equality of the two metal? as money is not of recent date, but as Mr. Shafroth says, has been the case “at almost all stages of the world’s history.” That such conditions should have existed is not necessarily miraculous, but it is, nevertheless, most extraordinary, and wonld seem to have been brought about by providential oversight, as much so as fhat, by some occult design, the sexes have been maintained through, all ages as about equal At any rate this equality in amount or value of gold and silver seems to be the order of na
tore and of wise design. The gold advocates propose to strike down silver as primary money, to reduce it to anbsidnary money, to redeemable money in the interest of gold standard advocates abroad and in the United States, and this outrage upon the great mass of the people is proposed without a scintilla of proof that either individuals, communities, municipalities, states or nations have ever suffered by bimetallism, the nse of gold and silver at such ratios as have been established by law or custom as staudard money. And if a motive is sought for placing gold ou the throne with ft crown on its head, and silver on the scaffold with a halter around its neck, one, and only one, will be found, and that motive i will be to enable the rich men effectn- ; ally to plnnder the poor. \ Say what we may, the men who control the money of the nation will oontrol its destiny, unless the masses properly estimate the daugers which environ them, aud swear, as did Jackson „ **by the eternal” money shall not rulj and shap-j the destiny of the American republic. it is a notable fact, that JDeLome lost his diaiematic head for tolling the trftth. i9.
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