The weekly democratic statesman. [volume] (Austin, Tex.) 1871-1883, 1878-02-07
SIMPLE HONESTY AND JUSTICE
BETWEEN CREDITOR AND
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Admitting the necessity, because of
our relations to foreign countries, for
the reduction Of our money to gold
value and to gold purchasing power,
and the restriction Of paper to vol
ume redeemable in gold, and the prac-
tical extinction Of silver as money
admitting the necessity for this, the
burden and losses incident to the pre-
cess should not have fallen upon one
class Of people to be destroyed, and
upon another to be aggrandized and
enriched. II we must direct terrible
blow at the debtor class, half Its force
should fall upon the creditor class.
Not only do Gods uercies, like the
showers of springtime, descend equally
upon the just and unjust, but curses of
providence befall alike the rich and the
poor, the debtor and creditor. But
here we have an insane process of con-
traction which strikes down the poor
and debtors alone. instituted by a gov
eminent that pretends to be honest and
just. Why not lessen sums to be paid
by debtors in direct ratio with the
W thdrawal by government of their
means of payment The debtor made
contracts involving the necessity of
paying dollar, and when he must pay
finds that he must pay the value in la
Dor OF two dollars. Very certainly laws
that begat this necessity and this i'm
poverishment Of one class Of our citizens
10 enrich another, should prevent such
gross wrong, and when the government
thus doubles the cost of dollar to one
nan, 1t should require him to pay only
half dollar to extinguish dollar of
indebtedness. On this principle Of
right the people Of common sense and
common honesty In Virginia and Ten
nessee base propositions to scale debts
Of their oommonwealths aud on this
principle many honest creditors Of these
States assert that 1t is right and just to
submit to this dimInution OF state in
debtedness. Property values and re-
sources Of taxation, and peculiar
species Of property were de-
stroyed bya war Of philanthropy.
The peoples resources were lessened |
one-balf, and besides, the United States
debts payable In "coin," became pay
able in ''gold" alone, and thus have
been doubled in cost to the people,
who must pay, twice the toll supposed
TO have been involved when the debts
were created. The events affecting
States produced like results upon the
rig, - duties and relations of indi-
vidu4.zdebtors and creditors. There
fore bankrupt law was enacted and
therefore to-day, when government
again does gross wrong by its financial
Legislation to the great body Of the
toiling people, it should enact meas
ures of perfect justice and perfect re-
lief. II the bondholders and the credi-
tor class would have our currency made
perfectly equal in value and character
TO that Of London and Berlin, there is
no conceivable Justice in forcing the
debtor class to pay the whole cost Of
the process even though it make bond
holders and money dealers enormously
rich. But in reducing the volume of
currency to its present contracted limits
every description of business has been
almost ruined. Towns and counties
are bankrupt. Farms are untitled.
The poor and wretched and unemployed
are seen even here. II half the indebted.
ness Of the corntry, at this late day,
were annihilated the people would not
be content. They demand even more
than this relief. The unwise and
wicked power that destroyed must re-
produce popular enterprise and indus
try. 4 premium must not be offered
to those who hoard, but to those who
invest money. Legislation affecting
fnanee must be so shaped that money
dealers win prefer to employ rather
than retain is in idleness. In other
words the volume must be 30 great as
with that Of the whole value
Of the peoples wealth, that ell legiti-
mate productive pursuits will not be
paralyzsd IS to-day and industry no
longer breadless and helpless.