The morning call., 1893-08-24
THE SINGLE TAX.
Congressman Mcguire as
an Orator.
CAUSE OF THE DEPRESSION
One California Representative Who
Cannot Follow the Financial
Lead of President Cleveland.

WASHINGTON. Aug. 23.-By his speech
in the House to-day on the money Ques-'
tion Judge Mcguire has placed himself in
the front rank of orators in this Congress.
Words of the highest praise are heard on
every side, and some Congressman even
go so far as to say that il was the best
speech yet made. Judge Magure''s pres
ence is good and his delivery earnest. He
said that the Chicago platform pledged the
Democratic party TO two positions on
questions OF finance. First, to the repeal
of the silver purchase clause of the Sher-
man act; second. to provide for the coin
age of gold and silver upon equal terms.
The President has recommended the exc
cution of the first promise and very
plainly intimates that he will resist to the
extent Of his veto power any legislation in
execution of the second promise.
We are, therefore, driven to the necessity
of either repudiating our second promise
or of coupling the expression of our will in
that behalf with the repeal OF the silver
purchase law.
In commenting on the Presidents mes
sage he said: Gentlemen on the other
side OF this House have questioned the
good faith of President Cleveland in sug-
costing that this matter rise above the
plane of party politics: but we can we'll
credit the President with sincerity in that
declaration because we have had frequent
occasion to realize that with him all public
functions rise above party considerations"
He denied that any question affecting
the political rights or interests of the peo-
pie oil this country could ever rise above
the principles of equal rights and Justice
upon which and for which the Democratic
party was founded. He denied that the
present industrial and commercial crisis
was caused by the silver purchase law, re-
viewed the history of six similar depres-
sionS occurring within the last sixty years,
and referred 10 speeches made at the time
OF the passage of the silver purchase act to
show that we were then actually entering
upon the crisis which that act is charged
with producing, He called attention to
prevalence of crises in nearly all civilized
nations, to which all of the former de-
preSslons referred to had extended, and
asked If the purchase of less than $50, ,000.-
600 worth of silver bullion per annum In
the United States could have caused the
depression and panic in those other
nations.
The silver purchase act" said Magnire,
rs wrong in principle, because its whole
purpose is to promote the profits OF the
slyer-mine owners through Government
patronage at the expense of the other tax
payers of the country, but its Importance
as factor in producing the present crisis,
by comparison with the Mckinley tariff
law. is only as one to ten.
1.-The great fundamental cause of all the
industrial depressioDs which have become
a regularly recurring feature of modern
civilization is the appropriation of too
great share OF The products of industry
and enterprise of all kinds by landlords in
the form OF ground rents.
Ground rent rises like the tide in good
times to absorb all that industry and COM
merce will bear. until it finally makes both
Improbable, and they are thus brought to
a standstill. Then stagration follows.
Capitalists are forced to pay excessive
ground rents out of their accumulated
capital while their businesses are Welding
no profit whatever until bankruptcy forces
ground rent down to the economic line, and
then without any act of Congress the
wheels of industry and commerce revolye
again, and good times return for all pro-
ducers until in foul or five years they are
process
''The effect of repeating the silver pnr
chase act without any legislation for the
extension of silver coinage will seriously
contract the currency of this country. and
will pGndingly increase the value of
every dollar and this will enormously in
crease the burden of all debts 1t is
battle between the creditor classes of the
East and Europe and the DEBTOR classes of
the West and South. Unconditional re-
peal will enrich creditors by increasing
the value of their credits and will impover-
ish debtors by increasing tine burdens of
their debts. The creditor classes are nom
producers. while the debtor classes nearly
all carry on their productive enterprises.
''lf legislation is to favor either ii should
be the latter class. The owners of gold
and silver mines are also interested on op-
posite sides in this contest. All their rep
resentatives are here. bat their interests
constitute false quantity in this debate
We should adopt the best system of finance
for our whole country, without reference
to the effects which our legislation will
have upon private interests and the prI-
vate business of the owners of gold or sill
yer mines.
IF we contract our currency by limiting
our coinage to gold we will place
our country at the mercy of the
monopolisis who control the present
gold supply and the sources of
gold production. Where is the gold
now upon which the advocates of uncon-