Orleans County monitor. [volume] (Barton, Vt.) 1872-1953, 1878-09-16

on to the law as it Is. The Democrats
not only want the gold in the Treasury
issued, but they want 1924, 100000
more issued, making resumption impos-
sible. In all they want an issue of
$6O0,00O,O0O. My objection to this is
that it is in opposition to the Constitu-
ton and to the pledge of the nation. In
their demand for the permanent substi-
ton of greenbacks for national bank
notes, the Democrats have turned their
backs upon all their old traditions. Ev-
cry Democratic member of the Supreme
Court has declared that even our present
issue of greenbacks is unconstitutional
The majority of the court defended the
issue only as war measure. The Dem
ocrats are wrong when they assume that
the poor are the debtor class and that
legislation to protect creditors Expresses
the poor. There are 100000 poor
represented in savings banks by depos-
its amounting to Sl,377, 100000, and
the vast amount
THEY LOAN TO weLL-To-Do BUSINESS MEN |
who need capital. The poor man says,
''while l live [ can manage to keep my |
wife and family from the poor house.
When | die | want to leave them some
thing that will accomplish the same
result" He invests in small life in
surance policy. The life insurance COM
panies report 774,625 policies represent
ing S1,822,0O0,O The premiums
represent $445,OOO This immense
sum is loaned by these poor people, the
insured, to the men who carry on the
business of our country and make us
nation. The Treasury Department shows
that registered bonds of the country
roProCnnt S452, 600, 900 held in the
United States by 275,50O persons. and
of that number 81 1884 hold less than
$4,000 the amount running down to
$50 apiece. In one of the Ohio coun-
ties the coupons on all the bonds held
by residents were collected by county
bank. Of the whole number, eight held
over $4,000 apiece, and 1873 held from
$4,000 down to $50. OF the whole
number 60 were widows and l2l minis
tiers and laboring men. These are the
so-called "bloated bondholders." The
point then may safely be, and it never
has been answered, that the poor people
are the creditors and the rich debtors.
The comparatively poor contribute small
sums, that like the trickling streams,
flow together and make great rivers,
that are afterwards loaned to the rich
through the banks. The borrowers are
few compared with the lenders, hence
anything that depreciates the value of a
dollar strikes at the small bondholders,
savings bank investors, insured people
and laborers, who every week are credit.
ors for vast sum of wages. Let us
suppose for moment that at any
given hour all labor should suddenly
cease.
HOW MUCH WOULD BE DUE ON ACCUMU-
LATED WAGES?
The amount would equal $120,0O0,-
900. Suppose we reduce the value of
greenback paid to those laborers 10 per
cent, making its value 80 cents on the
dollar, the loss would be $4,000, 900,
loss that is irre.rievable since the
money, whether it be more or less, must
be spent at once for whatever its worth
Webster, that perhaps greatest of New
England's Senators, said: "Of all the
contrivances for cheating the laboring
classes of mankind, none has been more
efectual than that which deludes them
with paper money" In reply to al
assailants we base the policy of resump
ton upon these impregnable grounds
First, the public faith demands it; sec
ond, the highest interest of labor anc
! capital alike demand stable currency
third, the chief hardships of resumption
have already been endured, and we can
not afford to retrace that weary road.
: The present depressed time is perfect
, ly natural, and just what we experlenc,
> about every 20 years. and always fol
! lows paper money imitation. This infa
ton is like soap bubble. It's beauti
J full for time, but when the bubbl,
bursts there is nothing left. So will
the Greenbackers-they are trying t.
get rich by cutting sharp corners. The,
curse the money power, but do not sto]
to consider the case. If this pape
g money that is desired was issued, hoy
$ could you get it? Do you know an,
: other way than to earn it? If you d
t not know dishonest way. Every on
: who seeks to get rich by the tricks o
the printing press are either deluded o
!. dishonest. Now, for fact, the Green
: hackers charge that
l THE BUSINESS DISTRESS OF THE coUNTR
. has been caused by the operations of tn
resumption law, and by what they cal
1.-The merciless policy of contracting tn
currency, boarding gold and increasin
the value Of money" This charge
S both reckless and unjust. | ask ever
: man who believes in this allegation t
: wrestle with the following facts: l
n 1860, a year of peace, and at least {
y fair prosperity-a year of Democrat
e rule-this country had $2O7, OOO,OO0 {
$ paper currency. Up to that time $2l5
It 100000 was the largest amount of pa
s per currency ever in circulation at an
e one time in this country. Banking wa
: free in most of the States, and banker
i were issuing all the currency they coul
s keep in circulation. No one then claim
It ed that there was insufficient volume
It currency, and doubt whether any re;
a sonable man will now claim that th
e currency of 1860 was insufficient
y amount. Now, in the month of Jun,
y 1878, just before the great panic struc
d us, our outstanding paper currency wa
'e $4,000, or more than three time
le the amount in 1860. In the face
re this fact, will any man of Intelligent
= say that the panic of 1873 was cause
re by an insufficient volume of paper Gu
80 rency? The volume in 1873 was great.
50 | ILL., Z Lad Loaa