People's Pilot, Volume 5, Number 14, Rensselaer, Jasper County, 26 September 1895 — PEFFER IS A POPULIST. [ARTICLE]

PEFFER IS A POPULIST.

For several weeks the metropolitan press of the country has been publishing dispatches and making editoral comments thereon, conveying the idea that Senator Peffer, of Kansas, had left the people's party, and was organizing a new party of his own; that he had abandoned the advocacy of the coinage of silver and gold at 16 to 1 and would take the stump against that demand. and. more than all. that he repudiated the financial plank of the Omaha platform in loto. and had come out unreservedly in favor of what is known as the “land currency plan.” This caused a friend to address him a letter asking for a statment regarding these representations, and in due time the following answer was received: Dear Sir: Your favor inclosing newspaper clipping and asking information concerning it. has just reached me at this place. The clippmg contains so little which is true that the matter as a whole may be declared false. I have not “come out in favoi- of currency based on land alone;” nor have I “discared silver and the sub-treasury plan.” It is equally untrue that I have “declared against free coinage,” and that I “am against the entire silver movement.” It follow’s, then, that I do not propose to “take the stump against it this fall.”

I am a populist and approve the Omaha platform in its entirety, without mental reservation. I believe the proper function of money is to serve a public use; that the coining of money is the exercise of soverign power and that it cannot be safely or constitutionally delegated by congress to a corporation or any private person or agency; and that nothing w’hich is not absolute and full legal tender in payment of all debts to any amount whatsoever ought to be issued or used as money; and that everything which is used as money ought to be issued only by the national government. I w’ould supplement the free and unlimited coinage of gold and silver at the ratio of 1 to 16 with paper enough to supply all the money needed by the people in the legitimate transaction of their business. I favor the establishment of public banks in w’hich money could be put and kept in circulation. where deposits could be safely placed and where persons who need to borrow’ money could procure it on pledge of property which is now taken as good security by private banks and loan agencies, and that at no greater rate of interest or charge than the actual cost of doing the work. This w’ould be in effect the coining of land and other propertyjust as the issuing of legal tender paper money is the coining of credit.

I favor the coinage of silver and gold in unlimited quantities at the present legal ratio of 16 to 1, if for no other reason, because w r e shall need all the coin we can make to pay our coin debts, which now’ amount to about 8750,000,000 in bonds, and we have promised to redeem the greenbacks (8346,000,000) and the treasury notes (8150,000.000) in coin. Where and how can we procure the coin if w 7 e do not make it? Respectfully, W. A. Peffer. The friend, Mr. George C. Ward, adds: “There is nothing uncertain or vacillating about the foregoing declaration of principles. It is simply the scientific interpretation of the finance plank of the Omaha platform, with a governmental system of banks of deposit, loan and discount as the “some better system” demanded as a substitue alternative for the “sub-treasury plan of the Farmers’ Alliance.” This is the winning platform, so far as finance is concerned. More voters can be gathered together upon that platform than upon any other. The demand for government banksis not only an element of strength, but it is the scientific development of a mode of putting into successful operation the vital and underlying principles of the “sub-treas-ury plan.” In hoc signo vinces. The Aeromotor Wind mill is sold by Judson H. Perkins, w’ho will put them up at very low prices.