People's voice. [volume] (Wellington, Sumner County, Kansas) 1890-1917, 1893-01-20

, leCI, something more Gndn INO VII
lion. This debt of two billions in
round numbers was refunded, rum
ming, | think, thirty years. Now,
my friend, take out your pencil and
do little figuring on the debt, two
billion dollars, interest for thirty
years; compound it. for the reason
that the promise is to pay semi-an-
nually. Do this and you will realize
for once two appalling facts, of which
the people in general have for a long
time been ignorant. When you have
done this fgulng. take the gold sta
tistics of the world, by which we
learn that since the beginning of the
world up to date there has been, all
told, about six billion dollars of gold
mined and brought into use for all
purposes. Now compare your figures,
forty. eight billion, you will find that
our representatives in congress have
bound US for the payment of eight
times more gold than ever was in the
world. They have bound US or at
tempted to bind us to perform glar-
ing and positive impOssibility, not
withStanding maxim of law recOg-
nized and conceded the world over,
tO-wit, any agreement or contract
which requires an impossible thing
to be performed is absolutely void.
| will incidentally add to this my
opinion that sometime in the future
this very question will be tried in the
proper court. lmean the legality of
the debt on the ground stated. Now
by these facts we have three prOmi-
nent thoughts brought out. First,
the enOrmity of the debt; second, the
impossibility to perform our contract
and third, a CLEAN of hope that we
may be released of it on account of
the impOSSibility of the contract
Now don't understand me to say that
| wish to repudiate our debt, for |
am far from it. | simply want it
paid in the money it was originally
contracted in. In this connection |
think it well for us to talk little
about the banking system as connect
ed with this bond matter, for they
are inseparably connected and must
go hand in hand until they have
crushed the nation or until they are
buried among other things of class
legislation, in the ruins of plutOcracy
by the hands of just people through
an honest congress of law making
power. And now to the bonds and
the banking system.
First, l will say that the aver
age cost OF the bonds, statistics will
bear me OUT, did not exceed seventy.
five cents to the dollar and that often
in greatly deprecated currency.
Now the man who could get together
$4,000 could buy 100000 in bonds.
Now on this 100000, which cost him
$4,000, he is, under present law, real
izing compound interest. In other
words, his interest is paid semi-annu-
ally. Not only that, but don't forget
that it is paid in gold. Now, in all
Candor, don't you think this would be
good investment if it stopped here?
But it don't stop here. The man de-
pOsits his 100000 in bonds with the
treasurer of the United States, where
upon the treasurer gives him a receipt
which he takes to the sub-treasury at
New York, on which he draws 800, OOC
in United States treasury notes, fol
which the government charges him
the nominal sum of one per cent
The man brings his $4,000 out to
Kansas, or anywhere else for that
matter, and starts with it a national
bank, loans the money at the highest
rate of interest, without regard, gen
, orally, to the usury laws, and so man
ages his 100000 that is costing him
one per cent, as to realize double in
terest omit. Now, get out your pen
Gil again and let US figure little
First, notice the fact that he only
has SIS, 900 invested; second, that HI
is realizing on $4,000; third, fine
:. the interest on $4,000, his invest
ment for one year at six per cent
which is 1880. Now figure the inter
est on his $4,000, which is sll, 400
=. Now from this we deduct the legiti
mate interest, which is produced b.
' the $4,000 invested, which is $3.50
and the one per cent. on the $4,000
which Is $500, making s5,4OO. w,
: have left the snug little sum of $500
year, which is fllched from the PEG
pie. Comment here is unnecessary
| simply ask, is it right?
III There is one other branch of gu
!. money system that / want to give
l. little airing before l close my lette
+ and that is in regard to silver value
+ relative to gold values, the demone
s tizatiOn Of silver act and the relativ
i value Of the bondholder's dollar ant
j.. tho paop1a,c dollar which mill ;nyo1vo