The representative. [volume] (St. Paul, Minn.) 1893-1901, 1893-10-18
STEPPING OUT OF THE RANKS.
A Strong Letter From One Lately
Republican Leader of
Prominence.

Money to Lend but None to Inrest IN
Productive Industry. Great Crime
Against the People.
[The REPRESENTATIVE is proud to
publish such letters as the follow
ing:]
Mr.. EDITOR:
One of the best articles that has
been written on the currency Ques-
ton, since the repeal bill began to be
discussed is one written by Edward
B. Howell and entitled "The Evils of
an Approaching Currency" 1t is a
mastery exposition of the national
curse of currency increasing in
value and conclusively shows that
gold is more unstable and fluctuat-
ing than silver, and that since the
demonetizatio of silver in 1873, the
price of staple commodities like
wheat, cotton, butter, eggs, etc.
ETC., have gradually but constantly
decreased. He demonstrates by care
fully drawn charts that by reason
Of the falling off in the output of
gold this condition of things is made
still worse. In other words all staple
articles of production are yearly in
creasing in outputs while gold is de-
creasing; consequently as measured
by the gold standard prices are
steadily falling at the same time
that gold by it's scarcity is increasing
in purchasing power. He further
demonstrates that such condition
of things presents legitimate invest
meat on the part of those who con-
troll the gold and causes them to
either hoard it or keep it for loaning
purposes. And this is done on &C
count of the fact that greater re-
turn can be secured by loaning to
present necessity than in investing
on falling market. In the end
the loaner will get his security and
absorb the labor of the debtor in the
form of interest meantime.
This last proposition is one not
often considered but the present con-
dition shows it to be true. 1t is Oft
en- said now, in fact 1 heard it stated
to-day that there was money enough
to loan on good security.
Yes indeed, money to loan but
none to invest in productive enter
prises that give employment. The
borrower must give good security
and then go into such enterprises on
falling market, with the almost
sure fate of speedy failure. Add to
this an attempt to tide over by the
extension and granting of credit and
a condition is created which makes
it almost certainty that the lender
will absorb all the profits of the bust
ness.
Speaking of the farmer he says.
'When the farmer has mortgage
on his land, the approaching dollar
does him a three fold injustice:
1t shrinks the value of his land, it
augments his Indebtedness, and at
the same time by lowering the price
Of his products, takes away his
ability to pay"
The same thing applies to all who
do producing business wholly or
partly on borrowed capital.
Is it any wonder that the loaning
of money is more attractive than u.s.
ing il in business under such circum-
stances. And yet our learned (?)
members of congress, republican and
democratic alike; hasten to put fin
ishing touch to this enormity by vot-
ing to destroy silver as part of the
currency.
If the people really understood the situa-
ton there would be a mass meeting
in every schoolhouse and hamlet in
the broad land, to protest against
the contamination of this crime.
Shame on a man who has not the
moral courage to step out of the
ranks of the two political organiza-
tions that are, whether knowingly or