The advocate and Topeka tribune., 1893-10-11

0O YO0 IClA AAS, 1ESSsUEuOg butst Uu4y
professional financiers shall be heard, and
that the demands of boards of trade, stock
exchanges and other commercial bodies
shall be taken as the voice of the peopleG
do not believe that 1t is too much to say
ehRt Is per cent Of the bankers Of this coun.
try today, take them all as a body, have
never given "a hours solid study TO the
subject Of finance. They understand how
to shave notes, how to collect interest and
rents, but they know nothing about the
foundation principles upon which monetary
systems are reared.
Judging by our past legislation, these
advisers have not been safe ones. Immedi.
Rtely after the great war they insisted upon
q contraction of the currency, which cost
our people in the end more than the great
war cost us, Notwithstanding that that 10
dollars and cents amounted to at least S10,'
O00, ,0O0, 600 when Lee surrendered or was
captured in 1866. Since that time we have
paid about q, 600, 1000 in principal Of our
debt. We have paid good deal more than
that in the way of interest. We have paid
about SIC, ,0OO, 900 in premiums and advance
interest, and today we have pension roll
Of over million persons, requiring o yearly
expenditure Of from $3.50, 900 900 to $160, ,000,.
00O Yet, say, following the advice that
was given US by the financiers cost us twice
RS much as tAe whole waE In its active op-
GRAFTON cost us. / mean that it has cost us
chat much in the depreciation Of property.
There has been constant effort on the
part Of the treasury department. Of late
years to conceal from the people the true
facts in relation to the contraction of our
currency.
Our debts were all contracted with the
understanding that they were to be paid
with paper. The people had no money but
paper. Our contracts were made with ref
erence to the paper standard, and so we con-
tinued until what was called 'the resump.
tion of specie payment" under the act Of
1875, which was to take effect on the 1st Of
January, 1S79 Notwithstanding all our
business was done with paper and our
promises to pay were promises to pay inpa-
per, still, at the conclusion of the war, Wall
street demanded payment in coin.
During the fiscal year 1866 something
near &400, 900, 600 Of our currency was with
drawn from circulation and most of it put
into interest bearing bonds. During the
next three years some 5000, 100000 more
currency was withdrawn and put into
bonds, so that at the beginning of the fiscal
year 1870 about 81 300, 100000 of our paper
money had been withdrawn from circula-
tion and the currency volume contracted
to that extent.
At the beginning of the fiscal year 1853
(July 1, 1850 the amount of paper money
In circulation in the United States was
81, ,122, ,437, ,841.02. During the year, as ap-
pears from the report of the secretary Of
the treasury for 1853, on page 164, $211 $780,
615.41 was retired, counted and destroyed"
At the beginning of the year the amount
Of national bank notes out, as appears from
the treasurer's report, was S170, ,595, 80
Adding these several amounts together, we
have q total Of paper money out on the 1st
day of July, 1895, Of $2,122,43 ,s41.O3, as
above stated.
The total amount of money In the coun-
try June 80, 1870, was 500, ,645, $685. The cur
rency contraction to this extent In fve
years, while population and business were
rapidly increasing, cost the people fully
one-half the value of their property and
doubled the burden of their debts.
But what was lost by the people was
gained by class, and they are the class of
which l have spoken-the gold spectators.
Let US not deceive ourselves, Mr.. Presl.
dent. We are face to face with the grsvest
problem of the century. No amount Of
partisan discussion as to where the re-
sponsibility for this condition lies will re-
lieve the situation nor remove from our
path the plain duty that we owe the people
In this supreme hour of their need. The
situation Is full Of peril. Dangers beset US
on all sides. Involuntary idleness soon
brings want, and want brings desperation.
Nothing but food satisfies hunger. In this