The representative. [volume] (St. Paul, Minn.) 1893-1901, 1894-05-30
AN INDICTMENT.
Strong Arrangement of the Daily
Press.

Press.
GREEN VALLEY, Mimi, May q, 1894
Editor of The Representative: Dear Sir
l have just lain aside The Minneapolis
Tribune of the 18th inst and as 1 reflect
for moment it OCCURS to me that it is not
at all strange thai the public mind has
drlfted into such a chaotic state. 1t is not
strange that only about one man in five
hundred of the rank and file of the old
parties have Intelligent understanding
of public questions. The utterances cit
would not do to call them discussions from
both sides calculated, to confuse instead
of enlighten. snt
For ten years past I have not seen a
scintilla of argument on any question in
the editorial columns of our metropolitan
sheets. They simply confusing state
ments and appeal to passion or prejudice.
During all their unearthly efforts last
season to move public sentiment in favor
of repeal of the Sherman law can YOU
point to single manly dispassionate argu-
ment? Not one. The following is a fair
sample of this argument:
1t is the avowed purpose of the silver
lings and crack Drained infa tionists to per-
petuate the folly of pig silver purchases
knowing at the same time that the pur-
suance of such policy will precipitate the
nation to a silver basis, to the ruin of
present values; to the destruction of bust
ness interests; to the further suspension of
now active industries, and what is more to
be deplored than all else-will further de-
grade the bullwark of freedom, which is
labor" If there is any argument in the
above, fail to see it. However, the present
condition of "the bulwark of freedom is
refuting argument which cannot by any
manner of means be concealed. The article
to which L wish to call attention is Trib-
une editorial of the 18th inst. under the cap
ton "Greenbacks for Canal Stock" After
sneering thrust at Congressman Bryan
as the brilliant young Napoleon of in
1atlOn and REFORM because of the intro
duction of a bill to issue $1OO 900 900 in green
backs, the editor discourseS as follows:
This is a big scheme that of Napoleon
Bryans. In the first place. the proposition
to issue 500, 100000 more of greenbacks on
daily shrinking gold reserve is a large
question. The 500, 900 gold reserve has
been allowed by a Democratic admnistra-
ton to shrink to less than $4,000, O0O This
sum is the basis for redemption of $346, OOO
900 of greenbacks. Mr.. Bryan would now
saddle upon that daily shrinking $780, OO0 900
reserve an additional S100000,000 of green
backs, making total of s446,O0 OC0 of paper
which is to rest a Shaky 20 per cent
reserve"
Now If this editor and all of his class are
not "the tools and the vassals of the rich
men behind the scenes" if they are truly
the public educators and moulders of
popular thought; if in reality they wish to
tons, why do they not come out and speak
the whole truth? Why do they not tell the
people that the idea of gold redemption is
falsehood and a fraud; heather fetch
barbarian incontation to ensave a
credulous people. He, and every editor of
brains in this country, knows that gold
redemption of present obligations alone is
utterly impossible This whole article is a
piece of cunning deception. He would carry
the idea that at present we are safe, or
nearly so, but that a farther issue of paper
would be very hazardous.
He would have the thoughtless reader be-
lieve that all the paper afoat requiring
gold redemption is about $500 600, 900 green
backs. He is very careful to say nothing
of the $130, 10000 of new treasury notes
"redeemabe in gold at the discretion of
the bill holder" He is very careful to saw
nothing of $143 100000 gold certificates which
are gold demand notes. Said nothing of
the 1921, 0000 900 silver certificates which I'M
der the acknowledgement regime are also
redeemable in gold. } Said nothing of the
national bank notes to the iamount of $780,
100000 redeemable intfgoldj
Why does he not frankly say that in
theory all these areo redaemable in gold
but that like absolute unity or the nebu-
lar hypothesis, it is too ETHEREAL to grasp?
Now, in support of my position l wish
to quote some goodjdauthority from this
gentlemans own political brotherhood. In
Inc American Banker puDllSneQ IN New
York, bearing datey OIL July %, 1893,
page 10, 1 find a speech delivered by
Congressman J. H. Walker, in which he
said: I'VE have of paper money in the
country $1,130, 100000, wholly dependent on
less than $1OO,OOO,OOO for redemption"
He said this, not to pack of hoodlums
who could not comprehend its import, but
to the Worlds Congress-. Auxiliary of
Bankers and Financiefs, who met at Chi
cago June 10, 1893
Now that our Dernorepubilcan editors
have said much about "a sound and sta
BILE currency honest dollars" and
worlds money" let get down to a
practical computation and see what one of
these honest dollars is worth at Mr..
Walkers basis of redemption. 1 find when
$50 100000 are equally distributed among
81, $780, 900, that each sound and stable
dollar is worth a trifle less than cents
in gold Mr. Bryan's additional 800, 900 900
would reduce these honest dollars to 1-3
cents. Oh! what a pity that would be-
This wise 60 editor fears that if the gold
value of these Sound dollars should he
threatened with a reduction of a fraction
of a cent of their gold value that there
would be a run made on the treasury: for
he says, a little farther on, speaking of tho
effect of the serious consideration of such
a bill: 1T would not be strange if nearly
every dollar of the $3Oo, 200 of greenbacks
now outstanding and in circulation should