The Helena independent. [volume] (Helena, Mont.) 1875-1943, 1891-07-25
4 SECOND DECLARATION.
Independence From British AFRO
ganee Supplemented by That
From Wealth.
Industrial Freedom Must DO Had,
Else Political Freedom Is
q Sham.
A Remedy Is Proposed for the Burden ot
Debt Now Resting ON the
People.

: MILWAUKEE, Wis, July 24.-The address
OF the national executive committe of the
peoples party has been sent out by Score
tary Sohilling. II starts out with the infor-
nation that the times which try mons souls
are here once more. THE descendants of
British tories of 1716 and other European
and American capitalists" it says, ''have
bound the country in chains. The declara-
ton of Independence from British AFRO
Rance needs to be supplemented by a de-
claration of independence from the pow
ers Of concentrated wealth; the political
independence gained by the revolution
is but a shallow sham unless our country
can secure industrial independence"
The address enlarges on the subtle power
Of money to Cypress the people and then
declares the railroads of the country
are capitalized at 81 5000, 900, 900 and the
great majority of their stock is held by peo-
pie in England and other foreign countries,
who have no more interest in the United
States than the vampire has in its victim.
'At a reasonable estimate, foreign capital
lists have invested $40, 600, 900, 900 in our
country" it continues. ''What value have
they given ne 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 cast property, those foreigners have
merely loaned US their credit. in bank
checks, drafts, and notes, n they are pay
ing these with the dividends they draw
from our people,"
Comparing the foreign capital invested
here with the total wealth Of the country,
the address declares that reckoned at COM
pound 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 capitalized at $50, 900, 900 and makes FIVE
per cent, but that its plant could be dupli-
Gated with $4,000. 600, showing that the
actual rate of interest is 30 per cent, and
corporations, thus making a source of great
national danger. The policy OF the govern
ment in paying high premiums for so many
to take up bonds not due, as TO dispose of
the accumulations of the treasury, is de-
nounced as idiotic, and reference is made
departments to redeem the $50,OOO,O0O of
-four per cents about to fall due.
The Address makes the remarkable state
ment shat the treasury contains $3.50, 600, 600
of money, but that the bankers who control
the department fear that the release of
$50, 600, 600 of ready money would break
down the money market and ease the grip
that unproductive capital has upon the
people of the country.
The burden of debt resting on the people,
as shown by farm mortgage statistics, is
discussed and the following remedy pro-
posed: IF the billions of dollars of bank
and corporation paper, mortgages and othcr
paper evidences of debt issued by individ-
nails are good enough for the extortioners
and usurers, paper notes issued by all the
people jointly, in the form of government
notes, are better"
The address then goes into weary details
over the debts Of the country and refutes
the charge that it would be improper for the
government to loan money to individuals.
1t calls for the control of telegraph ines by
the people, 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 o%rganiza-
ton and cannot stand still. An earnest ap-
peal to the people to join the organization
closes the address.