Phillipsburg herald. [volume] (Phillipsburg, Kan.) 1882-1905, 1893-09-07

luf OF BOlu or Silver, ana Gno business
of everybody prospered by having
"cheap money and an advance in
prices" IL was when we changed
our money back into that Of the
lender-of England, II IL is preferred
that panics and such things became
fashionable again, - Kansas CITY
Journal
Yes We got along for four years;
but we didn't pay our expenditures.
When the war was over we owed q
little matter Of three billion dollars
1t was when we changed our money
back TO n sound basis that we man
aged to pay not only nearly every dol
lar of that debt but to open millions
of acres OF land to cultivation and
build industries employing three mil
lions of hands and supporting fifteen
millions Of people. The United
States has not been 80 dead under a
gold standard bimetallism as the
Journal thinks. Capital
Let us sec. Nearly every dollar
of that debt has been paid". Let us
investigate and see how and when it
was done. In August, 1865, when
that debt was nominally largest it
was in round numbers, $3.50, 900, 900
which at that time represented l.
140,0O0,0O0 bushels Of wheat. To-
day 1t is $650,000,00O or 1,3O0,000000
bushels Of wheat. viii the wise
epistolean Of the Capital explain howe
it happens that this debt, nearly
every dollar of which has been paid
of" still is worth more bushels Of
wheat than 1t was in 1857
But this is not all. The people OF
the United States paid in principal
and interest on this debt before we
returned to specie payment the 80
called Sound bRsls", more than
350,0O0,OOO a year and since that time
about $lO0,0O0,0O0 a year Thus it
appears how the debt has been paid.
We have managed to pay out vast
sums and yet we owe as much as we
did before. And this the result of
the gold standard,
But IN the next clause OF the SEN
tence, for presumption the great cps
tolizer outdoes himself. The idea Of
intimating that our great resources
have been q burden-or that the in
dustries have been run at a loss to
our people, certainly belongs to the
aforesaid epistolean by right Of dis
covery. The facts are that vast re-
sources OF the United States enabled
her people to prosper in q measure in
spite Of the oppression heaped upon
them.
The HERALD hegs leave to cite the
Capital to the following paragraphs
from Life Of James G. Blaine" by
by John Clark Ridpath, LII. D.,
than whom there is no more erudlte
scholar, authentic historian, and pat
riotic citizen in the United States:
Then came on the warfare between
the advocates of the so-cglled honest
dollar and the paper dollar with
which, and on the basis OF which, the
business of the country had been so
long transacted. The advocates of
high payment, backed up and instr
gated by the creditor classes, took the
honest dollar as their catch word,
and to make long narrative brief,
they won win it, and by q series of
Legislative enactments, entailing the
greatest hardships on the producing
interests of the country, succeeded in
twisting up, turn by turn, the stand
ard unit OF the financial mill; until
the so-called resumption of specie
payment was finally, after fourteen
year from Appomattox, effected.
Thus the value of the national debt
was augmented from year to year as
rapidly as 1t was paid away, As fast
as payment was made the value of
the dollar in which it was expressed
was increased. To the debtor class
all this was the labor of Syslphus.-
The toiler laboriously rolled the stone
to the top of the hill; but ever, when
near the crest, it got away with him
and returned with the laundering
roar of bankruptcy to the bottom
To the present day the process has
been kept up and, Notwithstanding
the multiplied billions upon billions
which the American people have been
paid in principal and interest upon
that patriotic war debt which ex-
pressed their devotion and sacrifice,
1T is the truth of history that the
debt itself is, at the present time,
worth virtually as mach to the hold
ers as it was when it reached it's NOM
inal maximum in August of 1865"
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