The Goodland republic. [volume] (Goodland, Kan.) 1891-1907, 1892-04-15

"Ricardo says:
That commodities would rise and fall In
price In proportion to the increase or
ammunition OF money. | assume as a fact
that 1t is incOntrovertibe. That such would
be the case, the most celebrated writers on
political economy are agreed. The value of
money does not wholly depend upon Its alb
s0lute quantity, but on Its quantity relative
to the payments 1t has to accomplish and the
same effect would follow either OF two
causes, from increasing the uses Of money
one tenth, or from diminishing its quantity
one-tenth, for IN either case its value would
rise one-tenth.
I'M. Wolouski said, In 1869. before q
French monetary convention:
The sum total Of the precious metals Ia
reckOned at fifty milliards, One-half gold
and one-half silver. II bv a stroke OF the
pen they suppress one of these metals in the
monetary service, they double the demand
for the other metal, to the ruin Of all
debtors.
"Now, Mr.. Speaker in submitting
the statements of Mill, Ricardo, and
Woluski, you will see that We have the
key that will Solve the problem of the
situation of our people today. Wo;ou.
ski very clearly points out the motives
that have actuated the capitalists in
controlling the legislation of the last
twenty-five years.
"Granting the statements of those
three men are true which are sustained
by many other able writer's as we'll as
| by the observations Of every intelligent
citizen Of our country, we find that the
wealth of the creditor class has not
only been doubled, but has been quad
rupled by legislation. In 1865 men OF
great wealth in this country were verv
rare indeed. Today statisticians tell
us that q little over thirty thousand Of
our people own three-ffths of all the
wealth of this country, and that the
5000 900 own but two-ffths.
ii ask you, Mr.. Speaker, is this a
happy condition of affairsP Or rather
is it not one to be dcplored by every
lover of his country. Is not history re-
peatihg itself very rapidly in this
country of oursP Does not the same
dark cloud hang over us that destroyed
almost every nation of antiquityP Lei
us for brief time revert to the
changed condition TO the deb.or class
of this country. Mr.. Jones in 1866
borrOws 81 900 agreeing to pay G pei
cent interest per annum, note to be
paid July l, 1875. During that time
owing to the financial policy of the
country the value of his note il
doubled, and instead of canceling hil
DEBT with $1,000 it takes So, 200 wortl
Of his labor or products OF labor tt
| pay the debt. Labor divided against
itself has allowed our present unjust
financial policy to become law, and
must overthrow the wrong and estab.
fish right and justice in its place.
"A buys u farm in 1875, price $780,.
900. He pays $4,000 in cash and
gives his note for $4,000, one-tenth
to be paid annually with interest at 6
per cent He pays his interest regu-
larry for ten years, but has been I'M
able to pay the principal of the note.
He has ut the expiration of ten years
| paid In principal $4,000, and in in
terest Sc, 900, oil a total of$16,00 His
farm has shrunk in value between 1875
to 1885 from $4,000 to $4,000. We
can readily see that the farmers con
dition is one of insolvency. That there
has been steady decline in value Of
all classes of products is acknowledged
by everyone.
care we today a nation Of debtors
or cred itorsP In 1866, Mccullough,
secretary of the treasury, is reported
to have said that the American people
as u people were then virtually out Of
debt. But says some one, enc
Collough never said that" It matters
little whether he said IL or not. 1t re.
mains true just the same, and no less
parsonage than Senator Plumb, or
the 9Th of Jnne, 1890, said:
The debts today resting upon the Ameri
can people would aggregate $4,000, 100000
1--WE find that in 1865 there were bu
$50 failures in the United States, anC
they aggregated but little over S17,
000, 900. In 1870 there were $500
failures. aggregating a little owe
$88, 600, 900; 1873, failures 5, 1870, thei
aggregate 1928. 900, 900; 1875. failure
7,74O, aggregate s2O1 100000; 1878
J failures 1O,47s aggregating s2S4,OOO,
600.
There was a regular, steady reduc
ton in the volume Of money, with Blu
| slight variations from 1866 to 1890