People's party paper. [volume] (Atlanta, Ga.) 1891-1898, 1892-10-07

| upon Oue breakers OF nnancIal dis
turbance. As Senator says in my
hearing, it is there now. I think it
is there now. We are dealing with
question which has more to do
with the welfare of the people of the
United States, which is of more con-
Germ to them than any other thing
that is pending in either House of
Congress, or which can spending
the volume Of the circulating medium
OF the country, the value of its pro-
perity, the difference between debt
and bankruptcy, on the one hand,
and freedom from debt and. prosper
ity on the other.
1t IS estimated that there are in cir
culation, including that which is lock-
ed up in the treasury and held in
banks as reserve fund, about 1000
million dollars of all kinds of curren-
cy of the United States, gold and
silver, the overplus of gold and sill
yer certificates, greenback notes, and
national bank notes, all told, and
their are more than go billion dol
lars OF property which must finally
be measured by this volume Of cur
reney. 1t has been contracted dur
ing the last year more than 5 per
cent. in addition to all that has oc-
CURED by reason of abrasion and loss.
No man can tell the volume of green
backs outstanding. Nominally it is
346. million dollars and a fraction,
but that volume has been subject to
all the accidents which have occurred
during the past rs years, whereby
money has been consumed, worn out,
lost, and it IS doubtful if the amount
is really over 800 million dollars to-
day.
But saying nothing about that, the
retirement of the national banking
circulation during the past twelve
months has been FIVE per cent. Of the
total amount Of currency outstanding
There has been during that period
phenomenal depreciation of the prices
OF property There has been the
greatest depreciation Of the price Of
agricultural products the country has
ever known.
The contraction Of the currency
by five per cent. Of It's volume means
the depreciation Of the property Of
the country three billion dollars.
Debts have not onlv increased. but
the means to pay them nave dimin-
ishsd in proportion as the currency
has been contracted. Events based
upon non-legislation have proved Of
advantage to lenders, but disastrous
to borrowers.
Mr.. Ingalls, speech was in favor Of
free coinage, January IA, 1891, his
last great effort before his retirement
from the Senate. Discussing these
prevailing conditions, he said:
Labor and capital should not be
antagonists, but allies rather. They
should not be opponents and enemies,
but colleagues and .auxiliaries, whose
cooperating rivalry is essential to
national prosperity: But I cannot
forbear to affirm that a political sys-
TEN which under.ssuch despotic power
can be wrested from the people and
vested in the few is a Democracy
only in name, A financial system
under which more than one-half Of
the enormous wealth Of the country,
derived from the bounty Of nature
and the labor of all, is owned by a
little more than 10000 people, while
100000 American citizens, able and
willing to toll, are homeless tramps
starving for bread, requires adjust
ment. A SOCIAL SYSTEM WHICH Of
FERs TO TENDER, vIRTUOUs AND IN
DEPENDENT WOMEN THE ALTERNA-
TIVE BETWEEN PROSTITUTION AND
SUICIDE AS AN ESCAPE FROM BEGGARY
IS ORGANIZED CRIME, for which some
day unrelenting justice will demand
atonement and explanation.
Mr.. President, the man who loves
his country and who studies her his
tory will search in vain for any ma
tional cause. for this appalling condi-
ton. The earth has not forgotten
to yield an increase. There has
been no general failure of harvests.
We have had benignant skies and the
early and the late rain. Neither
famine nor pestilence has decimated
our population nor wasted its ener-
gies. immigration is flowing in
from every land, and we are in the
lusty prime of national youth and
strength, with unexampled resources
and every stimulus Of their develop
ment but, sir, the great body of the
American people are engaged to-day
in studying these problems that I
have suggested in this morning hour.
They are disheartened with misfor-
tune. They are tired of the exac-
tons Of the spectators. They de-
sire peace and rest. They are turn
ing their attentian to the great indus
trial questions which underlie their
material prosperity. They are in
different to party. They care moth
ing for Republicanism nor for De-
mocracyssas such. They are ready
to say, GA plague on both your
houses" and they are ready, also,
| Mr. Prnsidont IN hail and tn wo1