The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1878-05-11
THE MONEY POWER AND THE
PEOPLE.


pprarics states that tho New York Stats
Senate Ind adopted n memorial asking Con
gross to pass n bill TO compel dsfaultine
States to pny their debts. ".The object Of the
creditors" shys tho Dispatch sis to bring
thoir cases before tho United States Supreme
Court, and, If Judgment is obtained, let the
army enforce collection"
This reported memorial IA SO entirely in nc
cord with the spirit which anmntes the
money power" that we shall not be surprised
| 10 find that IL was actually adopted by
| the New York Senate. For more than ten
years thefnancial policy Of the government
| has been conducted in the interest Of the bond
holders and national bnnks. Uninspircd by n
spark Of either wisdom or patriotism
this cold blooded policy hns been
romorselossly pursued until the rouri-
try Is literally bankrupted and
| millions Of people reduced to poverty and
virtual serfdom. In 1879 silver was dernone-
tiled and the volume Of the currency greatly
| reduced In 1875 the resumption net was
passed. and under that measure another great
reduction has been made In the circulating
medium. In consequences property Of Hll
descriptions has sunk from twenty-five to
thirty per cent in value Let the reader de-
value Of the property Of the Union in
1910, and he may form an idea OF
the enormous sum of which the prop
erty holders have been robbed by the de-
mOnetization OF silver and the process Of
contracting under the resumption act. AS
money became scarccr, Ms tho volume Of the
currency was reduced by these measures, like
any other commodity. like bread md meat.
like shoes and clothing, it became dearer and
more difficult for the poorer people to obtain
Finally it began to be u luxury, the laborng
people first, and then the mechanics could
no moro obtain money thnn they could
obtain broadcloth conts for themselves,
or silk gowns and Valencienncs laces for
their wives and daughters. But the pro-
cess Of contraction went on; the purchasing
power Of tho masses Of the people continued
to diminish, and then tho merchants began to
find business falling off, poverty and want
were already among the people; merchants
began to fail, enterprises Of all kinds were
suspended. WiseacrcS began to talk OF the
troubles brought on by over production.
But they could not explain how it was
that If We had produced too much wheat
and corn, and pork, and rice, and sugar,
there were millions OF people amongst US
who could get neither wheat, corn, pork
rico nor sugar to eat. And 80 the process Of
contraction for the purpose Of specie resump-
ton went on, the people growing more desti-
tute and miserable, and gold and bonds grow
ing more precious every day. And now we
find the tierccst symptoms of discomfort
manifcstng themselves in every portion Of
the country, threatening us with riots. strikes
and boodShod. Yet strange to say neither
the Secretary of the Treasury, nor the gold
rings, national banks and bondhOlders, at his
back, seem disposed In the least to relax their
mcrciless policy. They refuse to concede
that the people have any rights they are
bound to respect.
1t is now beyond question that the purpose
Of the money power" is to permanently
change the character of the government,
Their object is to establish a centralized gov
eminent controlled by tho bondhoIdng inter-
est and the banks. The resolution of the
New York Senate is n "fceler," as it were, in
that direction. It is probably q little prema-
ture; but 1t clearly and enthusiastically indi-
Gates the real purpose of the money power"
and it clearly indicates that unless Congress
firmly interposes wise and liberal legislation
In the public interest, they will go on with
their remorseless policy until they fan into q
real fame the now scintillatng embers of dis
content
Among the labor leagues, the socialistc
orders, the Greenhack men and Nationals.
there are undoubtedly many. vicious and law
less men, who desire to provoke disorder and
violence But the great mass of these peo-
pie ask only for the vested rights of men
they ask only that government shall not dis
criminate against them and deprive them, in
the interest OF favored classes, of both tie
right TO labor and to live. Under the
Just administration Of free govern