People's party paper. [volume] (Atlanta, Ga.) 1891-1898, 1892-07-29

| that since 1875 the general decline has
been from 35 to 40 per cent. [ think it
has been more than that in Europe on
account of the rapid decline recently.
But this decline must go on, notwith-
standing the pending bill. 1t is not
going to affect the general range of
prices; and that is the evil under which
the world is laboring.
This rapid increase of tenant farming
has parallel. At the time of the dis
cOvery of gold and silver in Mexico
and South America the feudal system
was at its zenith of power and perfec-
ton, but it so happened that in Great
Britain land leases were for ninety
nine years. All who have studied
Blackstone remember those lease hold
estates. They were in the habit of
allowing those long leases for ninety
nine years. Mr.. JACOB, who is the best
authority of anybody who has written
upon the production of the precious
metals, and is so recognized throughout
the country, tells US that at the time of
this discovery there were 10000 land
holders in Great Britain, and that in
one hundred years the number of land
holders increased to about 100, 900.
At the end of the century there were
who owned the land they lived on and
cultivated. He attributes it solely to
the increase of the supply of money.
He said that these long leases, payable
in money, made it necessary for the
large landhOlders to sell their land;
that they could not live on their rents
an account of the rise of prices.
Money became cheaper and commOdi-
ties dearer.
These one hundred thousand land
owners in Great Britain remained for
about one hundred and fifty to two
hundred years, the number of land
owners remaining about the same.
During the NapoleOnic wars the cur
rency was wonderfully inflated, and
Immediately after the war the heroic
remedy of resumption was applied.
The people were doing business on a
high range of prices. They were in
debt, IS our people were during our
war, doing business on inflated prices.
Contraction produced by resumption
destroyed nearly all the enterprising
men of that great nation and reduced
the number Of landowners in a few
years back to thirty thousand, where
it now remains. All this shows the
effect of contraction.
Il has been stated that in this country
the aggregate amount of mOrtgagesis not
increasing, but is growing less. THIS is
because the mortgages are being fore
closed. The mortagagees are taking the
property The people are becoming
tenant farmers.
What has produced this? A shrinking
ill the volume Of money. because it is a
law that can not be changed that the
average range Of prices is governed by
the volume of money [ mean of real
money, money that does not have to be
redeemed. The volume Of money deter
year ago when about STE, 900, 900 went
the gold would go out stocks were mark.
ed down. No man would until he knew
the amount of gold to be shipped. It
was the thermometer that determined the
range of prices Every man could see
the shipments of gold marked on the
bulletin boards, and prices of commodities
were marked accordingly.
Now, as the volume Of gold money,
which lies at the foundation, decreases
in comparison with property and popu-
lation, OF course property must go down
and prices must go down to correspond.
It is just as difficult to keep prices uE
with a shrinking volume of money as it
would be to keep two levels Of the water
of the ocean. 1t never has been done,
and never can be done.
The volume of gold is shrinking no
only with the increase of population, but
by the power of the creditor class oper-
ating upon the debtor class, compelling
them to make gold contracts. They have
even attempted to coerce Austria. Is the
Senate aware that it would have taken
6 per cent of all the gold in the world if
they had succeeded in making Austria
buy the two hundred milliC ms which il
was proposed to coerce her into buying:
That would put up gold, make gold dear
and as the price Of property is measured
in gold, therefore, when gold goes up
property must 90 down. That is the dis
ease, and all the nostrums you can ap-
ply will effect very little.
It may be we'll to pass this bill not for
the good it will do, not because it will
accomplish any Goo1 purpose, for pro
phesy that it will simply make trouble
and accomplish no good, but to show the
people that it is not good medicine, that
it does not reach the disease. If this bill
should pass, next winter when we meet
again the same clamor will be heard
As long as prices, fall as long as men are
driven from their homes and become
tenant farmers, it must continue. There
can be ne escape. The only good &C
complished by passing this bill will bt
to show the people how inadequate it il
to remedy the evil Perhaps the educa
ton they will get may pay us for the in
convenience of thus meddling with the
business Of country.
have been weighing this matter il
my mind and I have not yet datermin
ed how [ ought to vote. | introduced
bill the other day TO reduce the sala'
ries of officers, and | wish to explain
that in this connection,
The bill as introduced reads as fol-
lows:
"That the salaries of all officers and
persons receiving salaries from the
United States in excess of 5000 per an
mum shall, from and after the passage
of this act, be reduced % per cent oil
such excess: Provided, That this act
shall not apply to the salary of the
President of the United States during
the present term of that office, nor &c
salaries of judges of United State;
courts during the terms of the present