The advocate., 1890-09-03

claimed that a reliable basis must be had
20 secure an honest circulation Of paper
money, their land and the products OF
labor, the basis Of all securities, should
certainly take precedence And since
the land could be utilized while at the
same time Il furnished security for the
circulation, Il has this one great advan-
tage over coin or any other commodity.
But space will not admit II, nor is II In
tended that we shall enter into an ex-
tended argument why resumption and
specie payments are frauds. The whole
question is fully and thoroughly dis
cussed In the "lIistory Of the Wheel and
Alliance, and the Impending revolution"
The resumption act passed Congress
and was approved January ID, 1870, TO
take effect January 1, 1879. Nearly
every republican in Congress voted for,
and the democrats, M party voted
against the bill. Both parties, however,
favored, and now favor specie payments.
The difference between the two parties
was, the democratic party wanted It to
take effect sooner than il did Contrac-
tlon being only a preparatory measure to
resumption, and having already shown
some OF its evil effects and the burdens
1t imposed upon the industrial masses, 1t
now only remains for us TO mark some OF
the general effects Of the course Of legis-
latlon we have been discussing through
the columns Of THE Advocate during
the three months past. We will not at
tempt To further follow the course OF
legislation after the passage Of the re-
sumption act. II is sufficient to say that
the series Of acts from 1862 to 1875, ac-
complshed by the application of the
most dlaboliCal methods, gave to the
money power full control over the Clrcu-
lating medium, and over the business
of the country. The policy Of contTac-
tion has been perslstently pursued by
the money power since 1865, AS result
OF this policy we will now note some OF
the marks OF "The Decline Of the Ameri-
can Republic"
Many years ago Oliver Goldsmith, Of
whom It is said, "lIe left no species of
writing untouched by his pen, nor
touched any that he did not embellish,
wrote these lines:
M fares the land tO hastenng Ills n prey
Where wealth aCCumulnteS and men decay
Princes and lords may flourish or may tade;
A breath can make them, ~ u breath has made
but bold peasnntry, their cOuntry's PRIDE,
When once destroyed can never be supplied.
A time there was, ere Engands griets began
When every rood Of ground maintained lts man
For him light labor spread her wholesome store
Just gave what life required, hut gave no more
His best companions, Innocence and health,
And his best wishes Ignorance Of wealth.
But times ARE altered; trades unieellng train
Usurp the land, and dlsp0ssess the swain
Those Of our readers who are acquaint.
ed with the history Of England will
recognize the fact that her financial his
tory and experience is being reproduced
in America In 1910, after the close OI
the Napoleonic wars, Parliament passed
bill to resume specie payments. The
widespread distress which followed the
passage Of this net is so we'll described
by Senator Jones, of Nevada, in speect
delivered in the United States Senate
May 70 and 13, 1890, that we make tn,
following extract:
Prices rapidly fell, cotton In particular slnklnl
IN the short space Of three months tO One-half ~
former level Within six months oil prices ha,
fallen One-half, and showed no signs or Improve
ment Rnr the next three wears nv rOngOn Of CHI