The true northerner. [volume] (Paw Paw, Mich.) 1855-1920, 1878-08-30
IMITATION A CURSE TO TIE POOR.

Int LAxlON n OORoc ~ nc TWIN
In his speech ON the currsncy in the Senate,
Feb. "a, 1874, Mr.. 6ehurz thus demonstrated
that imitation was curse to the laboring
classes:
When all other resources fail, when even .
contemptuous sheer at book Learning and
theory viii no longer avail the advocates OF
imitation grow fearfully pathetic In calling the
opponents OF their fallacious doctrines enemies
OF the poor, supporters OF the rich, friends of
the oppressors, Of the money changer, OF the
wicked Spectator, and so on. Is, then. the
imitation OF irredeemable paper money really .
help to the poor? Can it be Can any sensi-
Die man pretend for moment that it can be ?
ii has been well said here that the rich man 10
always able to take care OF his interests; and
so he Is He can provide for his own welfare,
whatever the vicissitudes Of trade and thu
fluctuations OF values may be, for he has the
means to take advantage OF every change. Is
the currency inflated and does Il dspreciate ?
He speculates upon raise or prices. Is the
movement in the opposite direction? He
speculates upon their fall. He stands upon
that eminencs where he can see the storm
coming and discern in what direction It will
blow. He can bend before ii and raise up
when 1t is over. He can watch his chances,
and he has the means to turn them to his ad-
vantage lie commands the situation. and can
take care not to become ITS victim and he
covers his risks by making the poor man pay
their cost for the poor man, living from hand
to mouth on his daily earnings, is the slave OF
his necessities. The vicissitudes OF the great
business world overtake him unawares. for he
OF hidden forces: and even II he had that OPP
portunlty, what means would he have to avail
himself OF this knowledge? What means to
provide for the changes Of fortune? He can
not, amid the fluctuations OF values. speculate
on raise or Oh fall: what he receives for
ceiyes it, for bread to feed his family. or for
clothing to cover them or II he saves any
thing. bis savings may depreciate in his own
hand while that holds them, small az they are :
and what means has he to make up for the
loss! HIS savings are too small for speculative
may dsiy the storm and break her course
through the angriest sea with scarcely impeded
strength, but the poor fsherman's boat is help
less against the gale, aud without resistance
dashed upon the rocks by overpowering waves.
The poor man ID the helpless victim. and moth
ing but the victim, o. that tricky game which
4 huctuatiDg paper money enables the rich to
play with the poor mans fortunes.
You speak OF the distress OF those who this
day are without work and without bread What
has caused that distress? 1t was caused by a
crisis, collapse OF speculation, grown up I'M
der the auspices of that same paper money
system which you now strive to confirm and
strengthen in all its iniquitous influences to
bring on other crashes and collapses; and who
will be tie man to be ground to powder bv
them? The poor man, not the rich. What 10
1t that rises last when your paper system
drives up prices? The laboring mans wages.
What Is 1t that drops first when your bubbles
OF paper So eculaticn burst The poor mans
earnings. You speak OF reviving confidence.
and, with confidence, enterprise, by new issues
OF paper money. and yet that very confidence
has been destroyed by the very agency OF that
paper money; and confidence does not revive
to-day for fear OF new fluctuations and new
uncertainties. You talk Of debtors and credit
ors, debtors being benefited by imitation, and
creditors by the resumption CT specie pay
ments. Let me ask you. who are the debtors.
and who are the creditors of this country?
z m. ot q avip 81
what do you see there? Seven hundred and
sixty millions dollars OF deposits Who are the
depositCrs Not the rich, but the poor man.
who earns his bread by the sweat OF his brow
the man OF small means, who puts there for
safe keeping his small surplus earnings The
same class have in national and State banks.
and IN trust companies, as has been estimated
by good authority, two hundred millions more
and another two hundred and fifty millions are
owing to tie same class in the shape Of unpaid
wages and other debts. There are twelve
hundred millions, then--twelve hundred mil
lions OF debt-owing to the laboring men and
the men OF small means. And now. l ask you
who are advocating the imitation OF the
currency, what are you doing to those poor peo-
Pile; what are you doing with their twelve
hundred millions OF money? Initiate the cur
rency, and by imitation depreciate it, and you
will diminish the value of these twelve hundred
millions 10, 90 80 per cent. And now boast OF
beng the friends Of the poor while you advo-
cate policy that will rob the poor OF the land
OF so large a proportion OF their hard earned
property