The advocate., 1890-03-26

The above represents the discounts which the
government made good 10 ths bOndholdor by the
law Of is0O"
This is the additional burden iui;
posed upon the people for the benefit
ola favored class. Concerning the
position of the parties upon this
question when the bill was passed Mr..
Blaine says!
"The position Of eacli party WIS prcciady thH
reverse Of the other. the Republicans held the
normal law OF paytflent Of Government obligations
10 be In con unless payment In paper money hgd
been previously agreed upon; tho Democrats lisid
that all Government obligations might be dis
charged In paper unless payment in coin had been
previously agreed upon"
A few republicans refused to be d
party to this ubiquitous scheme and
uttered noble protests against its coli
summation. Senator Oliver p. Morton
during the discussion in the Senate
saidi
"And now PROFOUND tho questions II Is
either intended by this blll 10 make new CON
tract Orltls h ndt n II Is lsundorstOOd to make
new contract protest agalhst H. We should do
foul injustice 10 tile government and people Of
tho United 5ttt6s, otter We have sold these bonds
on nm average OF not niOr6 tliih sixty cents ON the
dollar now tO make contract for the bthtnt dt
the bohdlioIders II gives 10 those laws a con.
strlctOn do hot beilSVe In dud that hare shODn
n cOatrddictcd by al least tOtt dCts ~ FOrdress
"Sr,it s understood, / believe, thdt the passdgt
OF bin Of THIS kind would have the effect In Eu-
rope where ddr Gndncidi questions are we'll TN.
derstood, 10 increase the deRaid, dUd that win
enable the great operators 10 sell the bonds tliey
have on hand at profit. Itlsin the nature Of a
brokers' operation. II is a hull movement tO put
iljthe price OF bonds for the Interest Of parties
dealing In them. This gTeit Ueerest N thunder
Ing at the doors Of Congress and lids bedt nidHy
months, and IN cUerU means attempting ID drive
us into legislation for the purpose Of making mon
ey for the great operators This Is what II means
aid nothing else. Speech IN the United States
Senate.
(3) We would next ask the attention
Of the champion to the act providing
for contraction of the currency, II
will hardly be necessary to enter into
any extended argument to show the
i'll effect Of this nioasdre upon every
American industry. Political econo-
mists without exception agree to the
disastrous effects Of O shrinking vol
ume Of the currency Of any country.
The following brief testimonies may
not bo out Of place however in this
connection.
"Al Intelligent writer's on currency agree that
when II ls decreasing In amount, poverty and mis-
cry must prevail. "--WHt II. Crawford, Secretary
of tho Treasury IN hisrepOrt Feb. 1890.
NJ Richards says;
"That commodities will rise In price In proper
tlon tO the increase or dlmlnutOn Of money | as
sumo as fact that Is lncOntrOvertlble That
such would be the case the most celebrated writ
ers on political economy are agreed.
"The true and only cause In the stagnatlon In
industry and commerce now everywhere felt Is
the fact everywhere existing OF falling prices,
caused by a shrinkageln the volume Ofmoney."-
Report Of SilUcf COmmissi0n, page i9L
ut is an undoubted fact that during the late
clyllwar the activity Of the workshops factories,
mines, machinery, shlpyards, railroads and
canals Of the loyal states, caused by the Issue Of
legal tender currency constituted an mex
haustlble fountain Of strength 10 the national
cause. ."-Suprcme Court Of the United States
n Wallace 66i.
"If a government contracted debt with Ger
tain amount OF money In circulation, and then
contracted the money volume before the debt
Uas Maid 4 Ia the most helnOug CrimeS govern