Phillipsburg herald. [volume] (Phillipsburg, Kan.) 1882-1905, 1894-07-26
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10 Olaimb ~ WhnJb O hUlu iVb BViut ihbibV9
on paying out It's gold and holding Ito
silver. When by this process 1t has d.
minishod tho supply OF gold In the treas.
ury, IL issues Understanding bonds and
buys more gold to protect the gold reserve.
HorO lot mo offer word about the gold
reserve. After the late war, when the gov
srnment resolved to resume specie pay.
msnts, elO0,OO0,000 Of gold was gathered
into the treasury with which TO redeem the
outstanding grsenbaOks When We re-
sumod specie payments, as everybody pre-
ferred the greenbaoks, this $lOO,OOOOOO
was not disturbed.
After IL had lain there few years, al
though II was placed there to be paid out,
our public mon began TO talk about this
sacred reserve Of $l00,00000O, and began
10 claim that IL We ever dared TO use this
money dire disaster would follow. The
fact 10, that II every dollar of II we're paid
out IL would expose many fallacieS that
are current to-day.
The bondholders have made more than
one effort 10 have Congress declare the
bonds payable In gold, but have always
failed. What they failed to secure through
Congress they have secured through the
executive. The bonds are payable In coin,
and the government has the privilege of
paying In either silver or gold. II we adopt
free coinage, the bOndholders of the nation
will be interested In seeing that the parity
between gold and silver Is maintained, for
II gold should 90 to premium the Ameri-
can people would cruelty any man who
would dare to pay the interest on the
bonds in gold.
ia man should insist on buying wheat
by measure when it 10 heavy, and by weight
whom 1t is light, we would call him an un,
principled scoundrel. II farmer should
borrow 800 for 30 days, and agree to pay
in either wheat or corn at its market value
when he borrowed the money, and wheat
should rise or corn fall in price, the farmer
would certainly be justified in settling his
debt with corn. The bondholder who In
SlSts on being paid in the more valuable
metal when the government has the option
Of paying in either metal Is eulogiEed as
an eminent fnancier.
MOnometallists have awakened to the
fear that the American people are deter
mined to have free coinage OF silver. This
knowledge has proven powerful stimulus
10 the demand for international bimetal-
lIGm. While great many people are sin
oOrs In their desire for international
bimetallism, much Of this talk has Tor its
object simply the defeat OF bimetallism.
There lie no present prospect that England
will agree to any arrangement for the re-
mOnOtiEation of silver Gladstone has
publicly declared, that "a England 10 the
qrost credit nation of the world, II 10 to
Ter interest to make the purchasing power
of money as great as possible, and that
she will consent to no arrangement that
will result in destroying the advantage she
now possesses. The obligations she holds
arc payable in gold, and the more valuable
she can make that gold the more wealthy
she becomes.
This is very easily understood. II q
man has 100000, he is considered wealthy
because of what he can purchase with his
money. If he were on a desert island,
without hope of rescue, with nothing but
his 100000, he would not consider him
self 40 wealthy as man located on a sim.
liar island with 100 bushels of wheat IL
q man has 100000, he can double his
wealth by doubling the amount (relatiVe
values remaining the same), or by presorv-
ing the amount and diminishing by one
half the value of everything else. England
holds the obligations of other nations to
che amount of 10 billion dollars, principal
and interest payable in gold. She sees
the purchasing power of gold increasing
every year, and, though the distress Of her
common people cries aloud to heaven,
with greed born Of hell, her rulers pam
uer Avarice at the sacrifice of humanity.
Without England, no international agree
ment can be had; and many who have so
suddenly become Jealous for an interna-
tional agreement realize that there is no
hope of its contamination.
II such thing as an international
agreement were possible, it would not
be international bimetallism. 1t would
simply be an agreement to continue the
single, gold standard and make silver sub
ordinate This we do not want This we
must not permit
We are told that all this trouble comes
from running in debt, and If people would
keep out of debt it would make no differ
ence whether we had free coinage or not.
While the burden is heavier upon him
who has bankruptcy staring him in the
face, the injustice of present conditions
presses heavily upon every producer in
the land, whether he is in debt or not,
But why should We sneer at the men who
get in debtY To whom do we owe the
glory and grandeur of this nation. Who
are the energetic, active business men OF
the nationH Are they those who never
become involved in debtH How could the
magnificent enterprises of the day be car
ried out If no person was willing to 60 Ia
debtp What would become of the money
lender if no one became involved in debtY
We have within twelvemOnth seen the
most marvellous production of any age.
We have seen an exposition in the city Of
Chicago that put to the blush the vivid,
fantastic imagination of the author Of the
Arabian Nights. To that fair the world
contributed its best mind, muscle, and
achievement. Shall we denOunce the de.
siRners, promoters and conductors of that
enterprise because they went in debit
We have a country here that we have
Just begun to develop. Its resources are
almost Iimitless. All of the capital which
II is possible to procure throughout the
world can be used to advantage here.
We can properly hypOthecate the energies
Of coming generations, If the men of to-
day have the manhood, the courage, the
discrimination, to free succeeding genera
tions from the deadening hand of an ap
preCiating currency. Let us free human
effort from the benumbing palsy that is
now paraly zing it; change conditions so