The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1892-03-30
THE DEBTOR CLASS.
From the Globe-DsmocraJ.

| From the Globe-Dsmocrat.
The advocates of the free coinage
scheme of initiation place particular
stress upon the fact that it is calculated
| to benefit the debtor class by making
money more plentiful and thus provid-
ing easier means of payment. This ar
gument appeals strongly to the farmers
who are burdened with mortgages; but
as a matter of fact they would not be the
principal gamers by such legislation.
They do not constitute the entire debtor
class. Their obligations are only part,
and that not the largest part Of the in
debtedness of the country. The great
corporations owe more than any class of
citizens, and depreciation of the cur
rency would therefore be of more advan
tage to them than to any body of indi-
vidual debtors. The liabilities of the
railroad companies alone are about six
time as large as the national debt; and
the obligations of the savings banks and
trust companies aggregate half as much
more. These corporations would welcome
the change to pay their bondholders and
depositors in cheaper money than that
which is now required for the purpose.
They would make millions OF dollars out
Of an opportunity of this kind; and it
would be made at the expense of credi-
tors representing every form of industry
and investment. That is what an infla-
ton of the currency really implies SO far
as the interests of debtors are concerned
This feature of the matter is closely re-
lated to that of wages. Every laborer IS
a creditor TO the extent of the money
that he earns, and the employer Is his
I0l.t e
would give the latter the privilege of
paying the former III a deprecated cur
renew, which would be equivalent TO a
reduction of the amount promised for a
given service. \ man need not be a
financial expert to understand this view
of the subject. He can see at glance
that he would be a loser by the substitlI-
ton of d cheaper form of money for that
which he Is now receiving. The same
number of dollars would be paid to him,
but they would not be worth so much to
him. They would not buy the same
quantity of the necesSaries of life
that he now obtains. The labor
ing classes are not in debt as
rule. 1t is not practicable for them to
incur serious liabilities, aud 50 initiation
would be of little or no use to them for
debt-paylng purposes. Their interest lies
in getting dollar that will buy the
largest amount of the articles that they
need in the support of their families.
They are paid at present in money that
has a purchasing power equal to that of
any other in the world. The free coinage
project is intended to deprive them of
this advantage aud compel them TO
accept a currency of inferior value.
They can not afford TO give aid or com
fort to 4 party that proposes to Infiict
this injury upon them. The considera-
tons of personal profit are sufficient to
Justify them in resisting the adoption of
such policy by all the means at their
They are benefited in
direct and striking way by the existing
currency system, which has been es-
tablished and maintained by Republican
influences, and their intelligence will
certainly save them from the mistake Of /
favoring destruction.