The farmers' union. (Memphis, Mo.) 1891-1895, 1891-09-10

worth of land, of cotton, or of other
product, the same quality that is ac
corded the bond. The suh-treasury
bill may or may not he what is wanted.
This, however, | do know, that the ex-
igencles Of the times demand some
thing; gnawing hunger will not be
stayed by fancy disquisitions upon de-
preclated currency, technical quihbles
upon constitutional law. empty pride.
or that crowned heads will look With
dlsfavor upon our money. What care
we for all Europe? wide alien land
law" l still adhere to the doctrine
that this government should issue in
sufficient volume all the money needed
by the people. Money is the creature
of the government. and no industry
should be permitted to perish for want
of it in a country with such abundant
resources as ours.
Democrats say farmers and laborers
are all right, SO long rs they hold their
alliances and labor leagues in the
democratic camp. The republican says
you are very proper persons, so long as
your organizations are held upon re-
publican camp ground. The moment,
however, You begin to or anize for
mutual protection, and tt eaten to
secure it by setting up shoI for your
selves, by housekeeping upon your
own responsibility, Ly daring to have
convictions and policies of your own,
then you become fanatics, communists
and traitors.
The day of BilIingstate prejudice
and blind humility has passed Men
aud women are thinking and before
| another twelve months they will be
| acting for themselves. Why not? To
whom does the government belong?
Who supported it in war; Who nur-
lures it in peace? The people, the
masses. If wrongs exist, let them rise
in their majesty and correct them.
Take all that is good, just and patri-
otic Of democratic and republican pol
icles and from it mold an adlninistra-
| ton of law, OF justice, of moderation
and of equal rights that will restore
original purity, prosperity, happiness
and contentment. | would therefore
bid godspecd to every farmer organi-
zatlon and every labor organization,
that has for lis purpose the ameiora-
ton of present conditions; the relief
of the great body Of American citizens
from their oppression; that promises
reform in government policies; that
promises to retrench and restore us to
honest methods; that promises gov
ernment for the people Equal rights
to all and special privileges to none
THE CONTRACT WAS CHANGED.
Like All G. o. +. Papers tn" Topeka Cap
ital" Is Forced to Dispute History to
! Make an Argument.
It is plain to see why the Farmer
| wants vast increase OF poor money.
however 1t states that bv decreasing
the volume Of money creditors. have
made debtors pay on a higher money
standard than that on which the debt
was contracted. This it denounccs
If it were true that the volume of
money or even the volume per capita
had diminished there would be force
and reason in its ticnunciation. 1t
| would have been Infamous and disrep-
utable III this government to have per-
petratet such an outrage Oh the debtor
as to change the value of the debt TO
his disadvantage. The government
did no. do IT, But the Farmer. wants
the government to perpetrate precisely
this injustice on the creditor. 1t III
sists upon an enormous increase of the
volume of money on the most worth
less basis possible, in order to make
the debt far less valuable than when
contracted This is what Daniel Web
ster, whom the National Economist
loves to quote, characterized as ''pre-
clselv SO much property taken from
one man and given to another by leg
islative enactment. .'-Topcka (kau.
| Cnpital.
But the contract rHS changed. And
it was done deliberately, with full
knowledge of the dreadful consequence
to follow. The treasury officers, from
the beginning opposed the permanent
use of the government paper money,
and as soon as the war ended. the
currency" was called in MS fast as
possible the extent Of $500, 900, 900
in round numbers, bv the end of 1869
The subject was discussed in congress,
committees reported upon it, and many
able speeches were delivered during
the pendency of bills proposing to
substitute gold for paper in the pay
mcnt of debts contracted when paper
WAS the only money in use among the
people and the only money in conem-
iplation Of parties to the contract. Sen
ator Sherman, as chairman of the SEN
ate committee on finance, reporting q
bill in relation to the currency and the
public debt, December II, 1867, among
other things, said:
The action Of congress upon these
subjects tcurrencv Of different valuesl
affects the value of all property in the
United States; the reward of labor
the income of the rich; the wages of
the loor: the pension of the widow
the enterprise, and thus touches the
home and heart Of every person in the
United States"
Speaking on the same subject (see
congressional Globe. Jan. q, 1869,
page G261 Senator Sherman said:
''Practically, any law requiring a
resumption of specie payments, is a
law adding to the amount of cur
rency debt the full depreciation of the
currency, unless YOU either scale the
debt or allow the parties to adjust the
matter between themselves.
All contracts to pay money are con-
tracts for the delivery of gold, and the
contract to pay an indefinite amount of
gold, depending upon the uncertain
depreciation of the currency at the
time of payment.
But the distress caused by an appreci-
alton of the currency falls mainly upon
the debtor class: others suffer only by
reason of their inability to pay. What
does specie payments mean to debtor
1t means the payment of Sl35 where
he has agreed to pay 800, or, which is
the same thing, the payment of 500
where he agreed to pay S74. Where
he haspurchased property and paid
one=fourth of it, it means the loss OF
the property; it means the addition OF
one-fourth to all currency debts in the
| nltp1 States A measura tn ron miro