The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1893-07-06
The FINANCIAL OUTLOOK.

this city told me that he thought the
worst over, that Congress would this
fall repeal Sherman's silver bill, and
that prosperity and plenty might safely
be looked for.
These are certainly reassuring
words, but the condition of affairs
compels me to reject them as fallacious.
This financial furry is not the outcome
of passing disturbance, but the re-
suit of the financial sins of three
decades, dating from the close of the
civil war to the present time. The
people felt this instinctively last sum
mer and cast their votes accordingly,
acting much like giant who carries a
troublesome burden on his right
shoulder, but, instead of throwing it off
entirely, shifts it upon his left. The
Democratic party is expected to heal
wounds which stupidity and evil intent
combiued have inflicted, and If they
fail, as fail they must, for the time of
miracles has gone by, the short-sighted
masses will blame them for present
troubles and worse future attrib-
utable merely to the sins of their pre-
decessors.
But let me quit generalities and draw
in few graphic outlines the evils
which an unwise and vicious financial
policy have brought upon US, with the
prospect of sudden ruin unless sud
den and radical change takes place, a
change which the general ignorance of
political economy of the masses and
the selfish greed of the leaders makes
highly improbable.
The Cleveland Press said truly the
nfhnr dow. Unha Dnonnaa nf q frx
should be conducted in the interest of
the people, and not that of the bank
ers." Here you have the trouble in a
nutshell. No sooner had the sound of
the last gun died away, when the intlu-
ence of Wall street, or capital, If you
prefer, became paramount In the three
branches of the government. Lincoln,
the martyr, saw this and expressed his
fears for the future in words of agony
Many have asserted, that the bullet
which ended his life, was directed by
the spirit if not the dictate of capital
but let this be as 1t may, his
untimely death was ter
rible calamity TO his country. Sc
great was his power over the masses; SC
powerful even his influence in the halls
of Congress, that the financial conspir,
acies transacted in the latter would have
withered and died under his stern veto
His lips being closed, the voice of sell
fishness, greed and ignorance prevailed
and measure after measure was passed
shaping the finances of the country in
the interest of the FEW to the detri
ment of the MANY. l have not the
space here to repeat them all, nor to re-
mind you of the untold misery which
the strengthening act, the resumption
of specie payment, the demonetizatjon
of silver, the establishment of the ma
tional banks brought upon millions
They are a matter of history, and will
be properly judged and condemned by
more intelligent posterity, posterity
bound to class our financial solons with
John Sherman at their head az the dire
foes, and not benefactors of their coun
try.
What l want to emphasize here, Il
the utter impossibility to cure the evil:
pestering, and the dangers threatening
US, by the half measures proposed by
President Cleveland. The great trouble
Of the times is the attempt to confint
the currency of the country to a golC
basis. Do not object by saying: awe
have now large volume of paper cur.
rency, for your objection is ill-founded
since this currency Is founded upon /;
gold basis and redeemable in gold OF
demand. 1t Is a we'll known fact, an(
best known by Wall street, that WI
have not one fourth enough gold in tht
world to do our money business upon ;
cash basis. In fact, every sensible per
son knows, that, were all depositors O.
the country to demand their deposits
not ONE bank In the Union could sat
isfy the demands of their creditors.
wish my feeble voice could resounC
from one end Of the Union to the other
to startle the people, and convince then
of the folly to expect salVation from {
repeal of the silver act or the reissue o.
gold bonds.
The time will undoubtedly come
when people will laugh at the folly o.
basing the currency of a nation upor
the intrinsic value of such currency
The day will come, when both gold ant
silver will be demonetized, and it ap,
pears to me that if the people had 6
clearer idea of the nature and purpose
of money, that glorious day could no
be far distant. What is money
Simply an exchange for or rather o.
values. No one would work for gold
silver or paper money, if he could no
exchange such money for the com.
modities Of life. Every sensible person
must see moreover, that there is n,
necessity for an intrinsic value of tn,
article on which the Indebtedness o.
the State or individual is written. Al
long as the money secures for tn,
holder all the commodities of civilized
life, he does not care, whether such in
deptedness is written, printed or coinet
upon paper, gold or silver. Tht
cheapest article will strike him as tn,
best, since the Investment in a cost.
material Is unnecessary waste WoulC
it not be folly to claim, that a yarC
stick must be made of gold, to be cor
rectp AS long as the paper currency o
a country is absolutely safe, there Is n,
necessity for either gold or silver. An,
now let me tell you, that gold is an ar
rant coward which, as history shows
has always fled into vaults, socks o
pots, whenever the existence of
nation was at stake, while paper none.
has done everything In Its power, t
save that nation. Our greenbacks hav
done that in this Union, and If 1t haI
not been for that diabolical exemption
clause which created one currency 70
the rich, and another for the poor, l
would have done Its work even better
Take away both gold and silver as
currency, and the paper would prove
cement so powerful to knit this natiol
together, that neither outward nor in
ward enemies would be able to destro,
It. Such currency, however, should no
bear the fatal "On demand we promis
to pay the equivalent of the curse o
man.. but simply" "This is a lega
tender for all depts private and public.
My word upon 1t, Mr.. Editor, the issu
Of auch a nanar nurranoV In mn M ci an