The advocate., 1890-05-07
THE STANFORD BILL

lM Immediate Elects ana lts future Ienu'
enCles.
From an article in The Industrial Age,
Of Duluth, MINI, / clip the following
paragraph:
Hence some such scheme rs that attributed to
Senator Stanford would naturally present Itself
10 that class Of people who would lose everything
by universal refusal % pay. Such scheme
would convert the debt into the form OF money
This would glYe 20 the creditor something while
by Reputation they would lose everything If
the people are unable TO pay when payday
comes, the result will be repudlatlOn. Hence II
would be wisdom ON the part OF the creditor 10
move In favor Of system that would give him
al that the people are able 10 pay.
The first effect OfgOyernment loans without In
terest would be the cancellation of all interest
bearing debt. When this debt was paid the
creditor class would have possession OF nearly
MI the money and with the continuation " the
present system the present condition OF affairs
would be reproduced IN q few years with great
profit 10 the mOney-hOlders. Hence, when the
millionaire combinations are brought face to face
with universal refusal 10 pAy on the part Of the
great mass OF the people, II Is not unlikely that
u large number VIII be In favor OF government
loans 80 that the burden Of debt may be dlstrlb-
uted more wealth created, tO be followed by an
other era Of currency contraction and debt ere
atng This looks like feasible explanation Of
Senator StanfOrd's scheme, and whether IL s or
not u is certainly very significant. The present
condition Of affairs certainly Can not be perpettI-
ated. The people will refuse tO be crowded any
lower, and capital must adapt Itself 10 the com
ing changes, or lose all
Before commenting upon the above
common justice requires the statement
that what is now being generally dis
cussed under the title of "Stanford's
plan" is not realty StaafOrd's plan at all,
but is an old demand formulated by the
union-labor party, and Incorporated into
their 1888 platform, as follows;
MONEY
The establishment Of national monetary sys-
tenn In the Interest OF the producer instead Of The
speculatOr and usurer, by which the circulating
medium, I'm necessary quantity and full legal tend,
er, shall be issued directly TO the people, without
the Intervention Ot banks, Or lOdllCd tO citizens
upon land security at q iOp rate NJ interest 10 re-
iiCUc them from CrtONiOnS NJ ustTU and enable
thcm 70 control tle m9ncB supply, Postal savings
free coinage OF gold, we should have free coinage
Of silver. We demand the immediate application
Of all the money In the United States treasury 10
The payment Oi the bonded debt, and condemn
the further Issue of interest bearing bonds, either
by the national government, or by states, terri
tories or municipalities.
This demand is called "Stanford's
plan," from the fact that he has proved
to be the first man Of unquestionable
standing, wealth and influence to pub
licly advocate said plan, and press Its de
mands in the senate Of the United States.
And ao1C all the papers, Of both old par
ties, must notice this plan, while the peo-
pie are loud in their advocacy Of H. and
are haillng Senator Stanford as their
savior and deliverer But REMEMBER
II the people had elected union labor
congressman in 1888, they would not ROW
be reduced to a condition OF servitude
and pauperism.
The Age says: "Hence some such
scheme as that attributed TO Senator
Stanford would naturally present itself to
that class of people who pOuld lose e5cry
thing by universal refusal to pay"
How "lose everything?" If the class
spoken of failed to get their money, they
would get the security and would be- the
possessors Of all the imprOoed farms in
the United States. II, as is asserted, this
is just what they want, then the putting