The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1886-04-03
7 II e
Pacific Commercial Advertiser
SETTLE THE SILVER QUESTION.

Among the latest converts to BIZ
metallism is Colonel r. Ingersoll, whose
position as leader in the Republican
party is recognized in his own country.
whatever it may be abroad. He appeals
to his party to bury dead issues, and 90
before the country with new ideas of pub
lie economy and finance. Among other
things he calls upon the Republican
party to settle the silver question and re-
wise the tariff, protecting only what
needs protection. This would be a de-
cldedly backward movement so far as
the Republicans are concerned, mas
much as close protection was adopted by
them as fundamental party doctrine.
The monetary question was not party
one SO far as the Republicans were con-
cerned, nor indeed has it been a point
upon which the Democratic party was
agreed. Where the great banking inter
ests prevailed, as in the Eastern cities.
both parties were in favor of gold
standard, because the banks dominated
politics, coercing mems opinions by their
control of credits. In the great West,
and in the producing sections of the
South, indeed everywhere outside bank
ing dictation, both parties were in favor
OF double standard of value and when
silver was demonetized by trick, under
the persuasive influence of English gold,
according to well established proof, the
producing classes speedily insisted upon
a restitution OF silver to it's status as
money The Bland silver bill accomp- |
ished that object, and emancipated the |
productive industries of the United |
States from the gold despotism of the |
bank ring. Since then every possible
device has been resorted to by the bank
ing interests to discredit silver, and by
so doing to transfer hundreds of millions
of unearned dollars from the debtor class
to their own Golfers.
President Cleveland and Secretary
Manning represented the banks in the
national Executive, as their predeces-
sors in the Presidential chair and Treas
ury Department did Both of them re-
commended Congress to stop the coinage
of silver, and as a logical sequence to de-
monetize it. The meaning of this re-
commentator will best be understood
when we state that its practical effect-E
would be to add about fifteen per cent to
the public and private Indebtedness of
the United States. In other words, if
Congress were to pass a law making
gold the sole standard of value, all debts
and obligations to pay would have fifteen
per cent added to their amount by
stroke of the pen, and all property values
would be decreased in the same ratio. IL
The stake the usurers are playing for
is big one, and they can afford to be
in their distribution of favors
where they will do the most good. The s
interest bearing debt of the United States
On November 80, 1885, was 81, 514, 49, c
36O AT; on June 80, 1885, the non-inter- 4
est bearing debt was 1868, 712 1928 the 1
State debts aggregated $243, SIS, 289; and a
he municipal debts did not fall far short v
If that amount, but we shall state them Il
It one hundred millions in round figures.
This gives total public indebtedness of II
&, 522, O07 ,O77 AZ, which is met, principal
md interest, by the taxpayers, and is in D
,art liability against the accumulated Il
property of the people in the States
nd municipalities which have debts
landing against them. Now, if fifteen
,er cent be added to this amount by the @
assage of n gold law, as would un-
oubtedly be the immediate effect OF IL
UGH legislation, it will be seen that III
he interest on both sides OF the Pl
position is enormous and if fif- a
cen per cent were also added to the
rivate debts of individuals and corpora Ia
ons, as would necessarily follow the nj
assing of a gold law, it will be evident pr
nat great industrial depression must "a
nsue, while the non-producing class II
hich controls credits would become oe
lrged with unearned wealth. A more
ire-faced scheme OF wholesale plumber -,
ever was attempted in any age or coun- o.,
v, although in justice to American bu
it should be added that for
e late Sir Robert Peel successfully ac- ne
mplished a similar steal in England, Jr.