The Meridional. (Abbeville, La.) 1856-1906, 1891-05-23

OHACE CEOpS Vi ChTsHukS, VI ~ WOufW
have fallen short $3,875, $50 OF pay.
lag the interest.
In the great State of Michigan,
with all its diversified industries, the
farms are mortgaged to the amount
of $l20 ,0O0, 900. at an average in
teres' of Z per cent. And to pay
The Interest oa the farm mortgages
for one year would require 455.544
bushels more of wheat than the
entire net crop of the Staten 1889.
In the great State of Iowa $780,
o00,OUO of nortgaged Indebtedness
hangs over ils farm-a sum equal to
Sl04 for every man, woman and
child In the State. And this is ex-
elusive of farms occupied by tenants.
All over the face Of This broad land,
the most princely heritage ever given
to man, may be read the Same sad,
sad story; and ifyou would read the
fearful record of the frightfnl ravages
of money power on the industrial
energies Of our people, 60 TO your
Census bureau in this city and yoa
will. find piled up the abstracts Of
8, 100000 of mortgages on their
homes--a mortgage for every seven
Of our population. or averaging about
one mortgage 70 every family in the
whole unien.
Bat this law of supply aud de-
mand is inezorable and unchanging
in its effects ana operation as ap-
piled TO money. Scarcity Of money
means highprieed money! q plentiful
supply of money means cheap money.
The high priced dollar lessons the
price OF labor products, the cheap
dollar raises the price of labor pro-
ducts. Look at our public debt. li
1886 il was $2,783, 100000. We
have paid In principal. interest and
preiniuHs on that debt the vast sum
Of $4.f9S,s3l,3Gl, and rel it would
take more of labor products to-day
TO pay tho remainder than il would
have taken at the prices IN 1855 to
have paid The original debts.
In 1866 we had $50 per capita in
circulation. During that year We
had 632 bnsines failures. involving
liabilities to the amount Of 447 $685..
900. In 1889 We had less than 81
per capita in circulation, and during
that year we had 1927 business
failures, involving Liabilities 10 The
amount Of $3l2,496, ,742.
The farmer sees United States
4-per cent bonds, which would be
utterly worthless but for the sturdy
blows Of his strong arm, due In 1907,
which we're bought at 81 cents on
the dollar. selling al SLIPS to the
dollar, when he knows that mort.
gage on not one farm in thousand
| for the same time at one third its
value. at the rate Of 7 per cent intnr.
es.. could be sold at its face value.
4e is alarmed when he sees under
our financial policy the major part OF
the wealth OF 63,uO0.0O0 people pass
irto the hands Of 8 900 men. He
sees centralized capital allied 10
corporate power, invading our tenn
pies Of justice, subsidising the preas,
controlling conventions, corrnpting
the ballot box, debating the plat.
forms of parties, overriding individu.
al rights, intimidating official au.
thority and directing legislation.
State and national. He sees the
rich growing rapidly richer, and The
poor growing rapidly poorer, and
yet with each recurring year be con.
] tinues to SOW 10 faith, toll in hope,
reap in a ,spair. Surrounded BY the
most wonderful progress and4develop-.
ment the world has ever witnessed, !,
| he stands applied with impending
bankruptcy AMI ruin. Is II any
wonder that these suffering and
oppressed millions are organizing for
protection Z But we are told that
all these conditions have the sanction
Of law. But we know that there
is no tyranny 80 degrading asiegal;z.
ed tyranny. and no injustice is 50
oppressive as that which stands
enirencEed behind the forms Of law
But the political doctors tell us We
should be less indolent, less extra.
vagant aud less improvident, and
ali viii he veil. lhnrl the insuIt
h.ok vr;th sha assertion that no class