Rensselaer Republican, Volume 23, Number 50, Rensselaer, Jasper County, 13 August 1891 — CHEAP PAPER CREDIT. [ARTICLE]

CHEAP PAPER CREDIT.

Mr. Editor. —I listened to Senator Peffer on the 4th inst. and have read the views of those who essay to speak for the so-called “People’s Party.” A nation like a man, while fighting for life, may be excused for a show of force. In the throes of the great civic strife of 1861 to 1865 our nation strained the constitution in its effort to provide for c uirent expen see. The courts sustained the emission of legal tender bills of credit as a war measure. The “Greenback” law was more than fair to private debtors as it made the debt by payments easy. In this inflation era it was easier for all except the soldiers, to amass wealth as measured on that credit standard. The imprudent were easily induced to take on spend-thrift habits and to get in debt In due time the nation was compelled to even up with its bonded creditors and the “bills of credit” became more scarce and valuable. This contraction made the thrifty creditor richer and the spend-thrift debtor poorer. Since 1879 our finances have been evenly managed on a coin basis. The present debtors are asking in the name of the “People’s party” that the nation again for their benefit, enter in a wild scheme of expansion. If congress has the power it ought not to be exercised. The nation can now afford to accord equal rights in a fraternal, simple, honest way to every citizen. It is not called upon to depart from the great laws of fair delivery which are the basis of economic science merely to help one class at the expense of another class of its common citizenship. The question is thrust before us. Many of us are in debt Many a farm and home is mortgaged. These debts are the result of mutual contract. These .mortgages were under the solemnities of the law. Those who loaned us their money did

not compel ns ts> borrow. Is it right because lAm a debtor; because I used money before I earned it; because I want surety beyond exemption, insolvent and bankrupt laws to make it easier to pay my voluntary debt, that the Government should embark on au inflation scheme like the Argentine Republic. The civic powers of that nation listened to the siren voice of its citizen lovers of money in 1885 and abandoned the coin standard. The gold and silver coin was all exported and it soon took four credit dollars to buy one coin dollar. All kinds of property were hypothecated on mortgages and in 1860 the nation owed $220 for every man, woman end child The private debts were so large that all the property would scarcely pay 15 per cent of the same. In 1890 the crisis came and the people are not happy. Financial business was convulsed wherever their bonds or mortgages were ,held. It does seem to me that no good citizen should ask thin great and good government to adopt each a wild scheme of finance.

Is not . the “Love of Money” a peculiar corner stone on which to build an honest political party in a great free country like this? The matter prayed for is of doubtful honesty and propriety and would increase the pressure by making debt the rule of law instead of the exception. In politics as in morals “The love of money is the root of evil.’ This “love of money” is manifested by inordinate need as well as inordinate greed. The ciaze for paper money, if indulged, will scarcely stopjshort of unlimited local banks of issue as before the war. Let us think through to the end and npt be led by apparent plausibility to advocate mischeivous political doctrines which will destroy ottr present interchangeable coin and

credit currency.

REPUBLICAN.