The representative. [volume] (St. Paul, Minn.) 1893-1901, 1893-07-26
TERRIBLE EXHIBIT.
Save the American Home. Some
Astonishing Facts and
Figures.
[. e. DEAN in June Arena.

l. E. DEAN in June Arena.
A man working by the month buys
a home for 81 900 and agrees that 30
per cent of his wages at the end of
each year shall apply, first on. the
payment of the interest, and the bal
ance on the principal; his wages be-
ing $50 per month, or $500 per an
mum.
Thirty per cent of $500, or sos, ap-
piled on the payment of interest and
mortgage, as per agreement will pay
off the same in IA years and leave a
balance of $22.63, and he will nave
paid in interest $49S.37; while with
double the wages, although his every
expense was doubled, he would own
his home at the end of six years and
have balance Of $86.98; and if he
continues to work and save and in
vests his savings at the end of each
year so they will pay him per cent
profit, he will have at the end of the
IA years that it took to pay for his
home at the old scale, his home and
$2,273.84. Surely the laborers of the
country are interested in these de-
mands.
But, says my banker friend, it is
true that this change would benefit
those in debt, but it would rob the
creditor class to just that extent.
Surprising this statement was true,
who should have the preference in
legislatiOn-them men who produce all
the wealth of the world, or the men
who produce all the misery, bank
ruptcy, poverty. and cause two-thirds
Of all the crime in the country? But
this position is not true, as we de-
mand strictly honest money of fixed
volume of $50 per capita, supplement
ted by the "subtreasury plan and
farm loans," to give flexibility during
the season of the year when extra
money is required to move the crops.
Secretary Window, in his famous
speech made in new York Jan 81 1890,
said:
The ideal financial system would
be one that would furnish just
enough absolutely sound currency
to meet the legitimate wants of
trade, and no more; and that should
have enough elasticity of volume
[flexibility] to adjust itself to the
various necessities of the people.
Could such a circulating medium
[flexible] be secured, the gravest
commercial disasters which threaten
our future might be avoided. These
disasters have ALWAYS come when
unusual activity in business has
caused an abnormal demand for
money, as in autumn, for the NOV
ing of our immense crops. There
will always be great danger at those
times under any cast-irOn system of
currency such as we now have.
Every legitimate business is bene-
flied by the security and safety of
every other business. In 1865 and
1870, when this country had the larg-
est volume of money in circulation,
and we were enjoying the highest
prices ever known, and every will.
ing worker was fully and proftably
employed, ace had but $50 business fail
atres IN 1865, and but 632 IN 1866, in
volving loss of but 1854, 1868, 900; sotile
the failures for 1890 and 1891 acere 10, 67S
and IL, 1874, and involved the enormous
loss of $348, 21O,8:6. This number
does not include the tens of thou
sands of foreclosed mortgages or
failures Of farmers. Hume says:
We find that in every kingdom, in
to which money begins to flow in
greater abundance than formerly,
everything takes new face; labor
and industry gain life; the merchant
becomes more enterpriSing, the. man.
ufacturer more diligent and skillful,
and even the farmer follows his pillow
with greater alacrity and attention.
A nation whose money decreases is
actually at that time weaker and
more miserable than another nation
which possesses no more money, but
is on the increasing hand.
Falling prices and misery and de-
struction are inseperable compan-
ions. The disaster of the Dark Ages
were caused by decreasing money and
falling prices. With the increase of
money, labor and industry gain new
life.
Pliny, the ancient historian, writes:
The colossal fortunes which ruined
Italy were due to the concentration
of estates, through usury, brought
about By lack of an abundant supply Of
money.
During the Napoleonic wars, Eng
land issued an unconvertible legal
tender paper money of $3.50, OOO, 900.
Sir Archibald Allison, in History
of Europe" describing the condition
of the people, said:
Prosperity unheard of and unpar-
alleled perHded every department
OF the empire; the landed proprietors
were in affluence; wealth to an I'M
heard-Of extent had heen created