People's Pilot, Volume 6, Number 19, Rensselaer, Jasper County, 29 October 1896 — Debt is the Foundation of Aristocracy. [ARTICLE]

Debt is the Foundation of Aristocracy.

Bankers and bondholders have always managed to make money scarce in order make debt a necessity, that is, to compel the producing classes to borrow their money to transact the business of a community. The banker's business is to lend money. If there were money enough in circulation to do business without borrowing the bankers money, the banker’s business would become unprofitable, hence the importance of a limited amount of money, to the banker.

How much legislation has been effected by the influence of money lenders is little appreciated by the people generally. The hand of Shylock is plainly apparent in the first stride made by our infant republic in adopting a financial system for the people ol America. Why was the ratio of 16 ounces of silver to 1 of gold established by our legislators? Why did wa not adopt the prevailing ratio of 15| to 1 as then existing in the other civilized nations of the world? We see the answer in the result of this act.' The ratio of 15f to 1 in other countries established a value for.silver bullion, below which it could never come, for the demand for silver bullion at the ratio of 15| to 1 created by the free coinage of silver at that ratio created a foreign market for silver bullion and entailed a loss to the* bullion owner of more than five per cent on every dollar’s worth of silver counter into American dollars, and hence drove the silver out of circulation in this country The effect of this was to limit the volume of money to one half of its normal amount and leave the bankers to supply the deficiency. The demonitization of silver will be simply a continuation of this same policy whicli leaves us chained to the single goldstandard and at the mercy of the banks who insist on furnishing us our circulating medium.-

“Free coinage of silver* will lower the wages of the laborer. ” “Free coinage will double the price of everything,” is the argument of the gold bug. ‘* * * “It is honest to change the contract and make the debtor pay double as much as the contract requires. It is dishonest to pay our debts according to the contract,” is argued the gold bugs. * * * “The sudden withdrawal of $600,000,000 of money from circulation would be a great calamity,” says the gold bug. “The addition of $600,000,000 to our circulation would be a great blessing,” says Bryan. * * * “Free coinage will give us a fifty cent dollar,” says the gold bug. “Free coinage of silver will double the value of silver bullion an make the silver miner rich,” says the gold bug in the next breath. * * * “Free coinage of silver will inflate the currency,” says the gold bug. “Free coinage of silver will drive gold out of the country and produce a money famine,” says the gold bug in the next breath. * * * “Give us a high tariff so that England cannot bring her goods here to compete with American labor, ” says McKinley. “Give us Gold money so we can trade with England,” says McKinley in the next breath. * * * The gold bugs say, “give us the money of the world! Money that will go anywhere and buy anything! Money that will pass in any country at any time. It will be a calamity for our money to go out of the country.’’ How can money go in another country if it does not go out of this?

* * * Our county and district ticket is very short this year, so voters will have ample time to arrange it to suit themselves. If it is desired by tne voter to vote for candidates on different tickets he should not stamp the large square at the head of his ticket but stamp the squares opposite the names of the candidates he desires to vote for. * * * F. W. Fisher, silver candidate for sheriff, made this office a pleasant call Tuesday. Mr. Fisher is a progressive, industrious farmer, a man of steady habits and in point of mental ability and educational acquirements is perhaps the best informed man on any of our county tickets this year. If Mr. Fisher is elected we are satisfied that no one will ever regret having voted for him.

Under a bimetallic standard England had 130,000 land owners. Ten years after the de monetization of silver she had 30,000 land owners, and today she has but 9,000 persons who hold titles to real estate. Should not this be a warning to the people of America? History shows us that at the beginning of the Christian Era 92 per cent of the people of Rome owned their own homes. At that time Rome had $1,600,000,000 of circulation. Three hundred years later she had reduced her circulation to $120,000,000 when but two percent of her population held titles to land. Can it be that the people of America will vote for the continuance of a policy which is transfering our lands to the bondholders and making tenants of our farmers? * Vote for Bryan if you wish to retain the titles to your lands. Any one can see C. A. Roberts at the shoe shop on Washington Street. Enquire of E. Holland, the shoe maker.