St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-07-23

he Peoples party has been sent out by
Secretary Schilling. 1t starts out with
the information that the times which
try mems souls are here once more.
The descendants or British Tories of
1776, and other European and American
capitalists, have bound the country in
chains. The Declaration of Independ-
ence from British arrogance needs to
be supplemented by declaration of in
dependence from the powers of con-
centrated wealth: the political indie
pendenee gained by the revolution is
but shallow sham unless our
country can secure industrial
independence The address en-
larges on the subtle Lower of
money to Cypress the people, and then
declares the railroads of the country
are capitalized at 50. 000,0 900, 900, and the
great majority of their stock is held by
people in England and other foreign
countries. who have no more interest in
the United States than the vampire has
in its victim.
AT reasonable estimate, it says, for
eign capitalists have invested S10,000,-
100000 in our country. What value
have they given us in return? They
did not give us gold or silver, because
these metals have been carried abroad
by the shiplOad and are mined here, not
in Europe. TO secure this vast prop
erty these foreigners have merely
loaned us their credit. in bank checks,
drafts and notes, and they are paying
these with the dividend they draw from
our people. Comparing the foreign
capital invested here with the
total wealth of the country, the
address declares that, reckoned at
compound interest, the former will
reach the amount represented by the
latter in less than twelve years. The
statement is made that the Western
Union Telegraph company is capital
lied at 800, 100000 and makes per cent,
but that its plant could be duplicated
with S15.000,0 900, showing that the actual
rate OF interest is 30 per cent, and that
the same applies to numerous other
corporations, thus making a source of
great national danger.
The policy of the government in pay
ing high premiums for so many years
to take up bonds not due SO as to dis
pose Of the accommodations of the treas
ury is denounced as idiotic, and refer
ences made to the protested inability of
the treasury department to redeem the
$50, 000.000 of per cents about to fall
uuS. llG dUul0SS HIdk6S TIE TGuldEhd-
bic statement that the treasury contains
$3.50, 100000 of money, but that the
bankers who control the department
fear that the release of the S50,OO0,000
of ready money would break down the
money market and ease the grip that
unprOductive capital has upon the peO-
pie of the country. The burden of debt
resting on the people. as shown by farm
mortgage statistics, is discussed, and
the following remedy proposed: IF
the billions of dollars of bank and cor
poration paper, mortgages and other
paper, evidences of debt issued by in
divjduals, are good enough for the ex-
tortioners and the usurers, paper notes
issued by all the people jointly, in the
form OF government notes, are better"
The address then goes into weary de-
tails over the debts of the country, and
Iefutes the charge that it would be i'm
proper for the government to loan
money to individuals. 1t calls for the
control of telegraph lines by the peo-
pie the same as the postal system, and
says that the Peoples party does not
propose to stop at the reform proposed
in its platform, as it is a progressive Or
ganiZation and cannot stand still. An
earnest appeal to the people to join the
organization closes the address.