Evening journal., 1891-07-23
MONARCHY OF VEAL tn
The Peoples Party Restive
Under Its Yoke.
An ADDRESS TO THE ELECTORS

BLENDERS Of the New Political organixa.
zion Believe That Foreign Capital
Rules acknowledgements Control
Of the Telegraph System.
AiLwAuKEE, July 23-The address Of
she national executive committee OF the
Peoples party has been sent out by Secre-
eary Schilling II starts out with the in
formation that times which try mems
souls are here once more. The descendants
Of British Tories Of 1916 and other Euro
pean and American capitalists have bound
she country In chains The Declaration of
Independence from British arrogance
needs 70 be supplemented by declaration
OF Independence free from the powers Of
concentrated wealth; the political indie
pendence gained by the revolution Is but
shallow sham unless our country can
secure industrial Independence
Foreign Capital In America.
The address enlarges on the subtle power
Of money TO oppress the poor. and then
declares the railroads Of the country are
capitalized at $4,000, 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 q reasonable estimate foreign capital.
Ists have invested $4,000, 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 car
ried abroad by the shipload aud are mined
here, not in Europe To secure this valu-
~ r.. a.
loaned us their credit, IN bank checks.
drafts and notes, and they are paying these
with the dividend they draw from our
neople
The Western Unions stock.
Comparing the foreign capital invested
here with the total wealth OF the country.
the address declares that reckoned az 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 com
pany Is capitalized at 500, 900, 900, and
makes per cent. but that it's plant could
be duplicated with SIS, 900. 600, showing
shat the actual rate of interest is 80 per
cent, and that the same applies TO numer-
Gus other corporations thus making a
source OF great national danger.
The Treasury's Policy Attacked.
The policy Of the government 10 paying
high premiums for so many years to take
np bonds not due so as to dispose OF the
accumulaEons OF the treasury is de.
nounced as idiotic, aud reference Is made
10 the professed inability of the treasury
department to redeem the $50, 900 900 OF 1 |
per cents about 10 fall due The address
makes the remarkable statement that ths !
treasury contains $3.50, 100000 OF money.
but that the bankers who control the de- |
partment fear that the release OF $50. 600. 600 |
OF ready money would break down the /
money market and ease the grip that m |
productive capital has upon the people Of /
she country. The burden Of debt resting
on the people, as shown by farm mortgage /
statistics, is discussed and the following
remedy proposed.
III the billions Of dollars OF bank and
corporation paper, mortgages and other
paper evidences Of debt issued by indi-
viduals are good enough for the extor- |
aoners and the usurpers, paper notes is \
sued by the people jointly Ia the form OF |
government notes are better"
Tho sub-Treasury scheme.
The address then refutes the charge that /
II would be improper for the government |
90 loan money to individuals. II calls for
the control Of telegraph lines by che people
she same as the postal system, and saws
that the Peoples party does not propose
TO stop at the reform proposed, as it Is a
progressive organization and cannot stand
still An earnest appeal TO the people 20
Join the organization closes the address.