The people's journal. (Pickens, S.C.) 1891-1903, 1894-03-08

interest for the money in use
among the people and burn the
money.
This was the beginning of an era
of contraction in the volume of
currency that has been steadily
pushed from that day to this, and
It's path is strown with wrecked
homes, blasted hopes, bankrupt
enterprises, mortgaged farms, de.
sorted fields, closed factories, and
an army of tramps on the one
hand, and on the other a few mil.
lonairos. These evils came on
gradually, because the law limited
tho redemption for the first air
months, but the amount of bonds
issued under this act was $95e, ,4ss,.
$50, and for every dollar 90 issued
dollar of legal-tender currency
was taken from circulation AMONG
the people and burned.
This operation extorted not less
than five hundred million of pro.
tits from the staggering industries
OF tho country, and IN the whole
financial history of the civilized
world no parallel can be found to
this audacious deed of broken faith
and treachery to the people. It
stands by itself, towering above all
common frauds md dwarfing them
by its own vast proportions.
And yet gentlemen tell us there
has been no contraction. A com.
parlson of the prices of farm pro.
dncts at tho time this contraction
commenced and now, will show
that 1T takes from three to fiye
times as much to secure dollar
now as it did then. Why is this
demon of contraction forever how
ering about these Halls and seek
ing to impress it's blighting mark
upon overy item of legislation? +
will tell you why.
a contraction in the volume of
money increases the purchasing
power of the dollar, and therefore
1T is gain to those who have mo-
noy loaned, both because it increa-
Ses tho value of the principal and
tho interest, and to those who have
hNod incomes; but their gain is a
direct loss to all who have to Dor.
row money or to pay interest, or
have investments in land or oom-
modltles for sale, or any kind Of
business investments, because they
arc compelled to give more labor
and commodities to secure money
to meet their engagements. There
is another class, and it is a large
ono, that is benefited by contrac-
ton, and that is the manufacturer
that Is protected by tariff. The
fact is that tho general price of all
commodities and Of labor fall as tho
volume Of money is contracted,
and there arc only two exceptions,
two things that do not go down "a
tho volume of money contracts:
one is taritf-protected articles, and
tho other is debts. They are both
evils, and tho only way to got the
bost of them is to expand the cur.
roncy,
But now, sir the people are be-
coming aroused to proper under-
standing of this question and the
crimo of contraction must cense.
[Applauso.]
Again, if the commodity price
bo lowor than tho coinage value,
commodity transactions will cease
and oil the silver be held for the
coinage price, which will tend to
force tho commodity price up to
lovol with tho coinage price OF VAL
ne. This,s exactly what happened
whom tho Sherman law first passed,
and three days after it went into
effect silver had risen in commod-
ity price to $1.21. But why did it
stop there, and go DOWN For ex-
actiy tho same reason that it went
up. 1t went up because Wall
street and London and public gem
orally believed that the United
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