The star. (Cincinnati [Ohio]) 1874-1875, 1875-04-08
people as against the speculators and
IN yuill;nuoiroc I'D.

people as against che specuiators ana
the millionajres.
For example, he speaks soundly about
the unprecedented epoch of speculation
that followed the great imitation of our
paper money, and Of the millionaire
estates that were consequently ,accumu-
lated at the expense of the producing
classes. In speaking Of the different
views of the money question that divide
the people he says:
Another class, and q numerous one,
especially in the Western States, de-
mand the withdrawal of the National
bank notes instead Of the greenbacks.
They take the position that since there
is evidently a superabundant circula-
tion the banks should be required to
take in their notes; because while any
paper money is used it should be that of
the Government, upon which the whole
country would gain the interest, instead
Of corporations, to whom the profit less
rightfully belongs. The argument is
sound and conclusive; but can such q
measure be carried through Congress2
If not, it is simply impracticable, how
ever proper and desirable.
Here is confession by the ablest OF
our money philosophers that the argu-
ment in favor Of the withdrawal of the
bank notes Is "sound and conclusipe;;"
but because Mr.. Walker thinks such q
measure could not be carried through
Congress, he gives it up in despair, and
falls back on the next best think-the
contraction of the greenbacks.
Why could not such measure be car
ried through Congressf Simply because
the members are all either directly in.
terested in the banks, or have very init
mate relations with the bankers. With
very few exceptions, our congressman
are identified with the money-making
class, and therefore every concession to
the people is repugnant to them.
What does this mean? 1t means that
the people ought to wake up and secure
such Congress as will promote justice
instead Of the interests of the few. Why
should the people forever vote wealth
into the hands of the aristocracy at their
own expensei Are the people 80 fond
of hard work that they are willing to
give three hours day of extra labor for
the enrichment and corruption Of few
familiesp Is the backache so agreeable
to the stone-mason that he finds the
highest pleasure in working for those
whose children despise his children and
do all they can to humiliate them'
Our inflated currency has robbed labor
of Sveral thousand millions of dollars
during the past ten years. 1t threw
everything into speculation, and the
shrewdest and most plucky and lucky
have amassed such fortunes as were
never before so rapidly accumulated
even by the plunder of provinces by
force of arms. Speaking of this, MI
Walker says:
The history of mankind has probably
never afforded more striking illustra-
tion of the excess to which operations OF
this sort may be carried, in consequence
| of currency expansion, than that eXhib-
tied in the experience of the United
States from 1s61-when the paper circu-
lation was but $170, 900, 000-to 1857, when
l ~ utiA ioioSo w ptoo,ooo,VVVs ohA IL Wv
include every kind OF issues then more
or less used in making exchanges, tt
81, 100, O,0OO,00o. The opportunity thus af
forded was diligently improved, ant
hence we find, as a consequence, {
LARGE INCREASE OF MILLION
AIRES as compared with the increase
of wealth and population. The few had
extraordinary means OF amassing i'm
mense fortunes at the expense OF the
many.
The capitalization is our own. Mr.
Walker proceeds to show that in spite o
the prodiglous show Of wealth by th'
few, the increase of our National wealth
between 1860 and 1870 was but Al pc
cent. as against an increase of 126 pc
cent. between 1850 and 1850. The few i'll
creased their wealth 800 per cent. be
tween 1860 and 1870, while the mass o
the people grew poorer.
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