The Caucasian. (Clinton, N.C.) 188?-1913, 1893-09-14
CONFISCATIDN,

We desire to print here for the in
formation of our readers an edito-
rial article that recently appeared in
the Boston Globe, the only demo-
cratic newspaper of large circulation
or influence in the east. The state
ments made are conservative, and
they cover the most important phase
of the situation:
The gravity of the silver crisis
lies in the fact that the question of
demonetization must soon pass from
the phase of a financial problem in
to burning social Issue, which, if
it cannot be adjusted, must precip-
itate some catastrophe.
The difficulty is self-evident. ANY
thing which causes the alteration of
the ratio which the standard of val
ue bears to other property must inev-
itably confscate the property of one
man for the benefit of another.
Thus, for example, the action of
England and other countries has
caused so great fall in plice of sill
yer that debts paid in silver dollars
would be scaled down more than
one-half, and the lender would suffer
proportionally. But supposing to
go out of circulation, the supply of
of gold would be so much less than
the demand that its price would rise
relatively to other commodities, with
the result of confiscating the proper
ty of the debtor for the benefit of
the creditor, and it is this great fact,
and not the rapacity of the rich sill
yer miners, which makes the bitter
ness and the danger of the present
struggle. The silver kings could be
handled easily enough, but it is the
southern and western farmers, who
see the progressive shrinkage IN the
price of a bushel of wheat of a pound
of cotton who are desperate aud who
will be heard.
Nor is this movement confined to
the United States; it extends over
the whole world, and it was a sug-
gestiye fact that the demand for a
single standard, which has tended
and must tend to enhance the rela-
tive value of gold, originated with
England, which is the great capital
istic nation, and whose direct inter
est it is to confscate the property of
all to whom she has lent money.
There can be no question that for
the moment the commercial people
have no alternative but to do like
wise, since in no other maner is it
possible to protest themselves; but il
is equally certain that such action
will not be solution of the Difficult.
ty. The stubborn fact remains that
single standard, if persisted in
must end in enhancing the relative
value of gold, and by so doing it will
have the effect of taking a portion
of the debtors property and Civ.
ing it to the creditor. 1t also seems
certain that such an alteration il
values can not fail to produce wide
spread distress, if not general bank
ruptcy, and that such a calamity af
fecting principally small property
holders, would seriously endangel
the stability of existing institutions
It could not fail, for example, tt
cause an enormous extension of soci
alism. 1t is not all impossible, there
fore, that silver may be the test ques
ton upon which the relative strength
of the capitalistic and the debto
classes may finally be tried all owe
the civilized world.
Strange to say, this article, just a
| it is reproduced, without comment
on the editorial page of the Ne'
York world, which is a hot ant
thirsty advocate of Wall street views
and vet it knocks the bottom out o
argument that the money power eve
has or ever will make in favor o
the single gold standard.
| Confscatlon! That is the mean
ing of the destruction Of silver a
the money of final payment IN thi
country. Confscation Of the debt
or's property. Confiscation Of tn
wages Of labor. Confscation of tn
profits of the farmer! Confscatio
of the profits of the merchants AM
business men!
That is the scheme on foot Tha
is the programme of England. Ho'
| is it to be done? By the comblna
of a few eastern democrats with tn
republican agents Of the money powe