The Iola register. [volume] (Iola, Allen County, Kansas) 1875-1902, 1891-05-15
DANIEL WEBSTER ON MONEY.


Topeka Capital: Not content with
traducing Grant and Lincoln, the dem
agogues who do the calamity work for
the alliance have attacked the memory
of Webster. In a recent issue of Folks
organ, the National Economist, appears
the following paragraph:
Daniel Webster said: "When all our
money is made payable in specie on de-
mand, it will prove the most certain
means that can be used to fertilize the
rich mans field by the sweat of the poor
mans brow"
What Daniel Webster did say is as
follows, and directly the contrary in eff
feet to what he is made to say by the
sub-treasury organ:
OF all the contrivances for cheating
the laboring classes of MANHOOD none
has been more effectual than that
which deludes them with paper money.
II is the most effectual of inventions for
fertilizing the rich mans field by the
sweat of the poor mans brow. Ordi-
nary tyranny, oppression, excessive tax
alton bear lightly on the masses OF hu-
manity compared with the fraudulent
currencies and the robberies committed
by deprecated paper money. We have
suffered more from this cause than from
any other cause or calamity. 1t has
killed more men, pervaded and cor
rupted the choicest interests OF our
country more, and done more injustice
than even the arms and articles of our
enemy.
Daniel Webster was statesman. BY
his inherent genius, by the education OF
long years OF study and by his exper-
fence in public affairs he became famil-
lar with the principles of government.
He understood the science OF finance
and what he said on that subject will
bear repeating at the present time when
SO many dangerous financial microbes
are floating around poisoning the air
and filling the people with contagion
fatal to good government and prorper-
GUS business. In his speech on the
tariff in April, 1894, Mr.. Webster said:
The paper system of England had
certainly communicated an artificial
value to property. 1t had encouraged
speculatiOn and excited over-trading.
when the shock therefore came, and
this violent pressure for money (lS1S-19
acted at the same moment on the CONT
nent and in England, inflated and I'M
| natural prices could be kept up nc
longer. A reduction took place, which
has been estimated to have been equal
| TO fall OF 80 If not 40 per cent The
depression was universal: and the
change was felt in the United States
generally, though not equally so in
every CART.
The year 1919 was year of numer
Gus failures and very considerable dis
tress. and would have furnished fan
| better grounds than exist at present fol
| that gloomy representation OF our con
dition which has been presented. MIR
Speaker has alluded to the strong in
| clination which exists, or has existed
in various parts OF the country to issue
paper money, as proof of great exist
| ing difficulties. regard lit rather as
very productive cause of those Difficult
ties: and the committee will not fail u
observe that there is at this momen
much the loudest complaint of distress
precisely where there has beer
the greatest attempt to re
lieve it by systems OF papeI
credit. And, on the other hand
content, prosperity and happiness arr
most observable in those parts OF the
country where there has been the leas
endeavor to administer relief by law
In truth, nothing is so baneful. so ut
terly ruinous to all true industry, as in
! terfering with the legal value OF none.
or attempting to raise artificial stan
dards to supply its place.
Whenever a debt is allowed to be pait
by anything less valuable than the lie
I, gal currency in respect to which 1t va
contracted, the difference between tn
value OF the paper given in payme1
and the legal currency is precisely s.
much property taken from one man ant
given TO another by legislative enact
ment.
We have no occasion for the preciou
metals as money. except for the Dur
poses of circulation, or rather OF sus
tanning safe paper circulation
If two currencies be allowed TO exist
of different value, that which is cheap
est will fill up the whole circulation.
Before we invent new modes of rails
inc prices. let us take care that eXistin
nrices are not rendered wholly unavail
able, by making them capable of oeinl
paid in deprecated paper. | regard
SIR. this issue or irredeemable pape
as the most prominent and de
plorable cause of whatever pressure still
exists in the country. We ma
assure ourselves once for all, sir, tina
there can be no such thing as paymen
of debts by legislation.
We have given much space to MI
Webster. HIS remarks on money ar
appropriate to the times and contain
good deal of nutritious food for though
on the part of Senator PETER and Jerr
I