The representative. [volume] (St. Paul, Minn.) 1893-1901, 1894-03-14
SEVEN FINANCIAL GONSPIRhGIES.
Which Have Enslaved the American People.
Published by Permission of the Author,
Mrs S. E. V. Emery.
CHAPTER VII.
DEMONETIZATIO OF SILVER.

moment and consider why the Roths-
childs, who control the financial pol
icy OF England, as the brokers and
security-holders of America control
ours, why they could afford to pay.
not only the paltry half million with
which they bought the demonetiz
tion OF silver, but many millions more
had it been necessary? Our civil war
opened the eyes of England. She
knew that her welfare nay, almost
her existence, depended upon Amer
ica's supply of cotton, meat and
cereals; these were liable to fail.
either in rebellion at home or in war
with foreign nations. But she was,
the worlds great creditor, for she
held the bonds of all nations, and if
she could make them payable in the
dearest money in the world, it would
enhance her securities many mill
ions; and it she could insure herself
an ample supply of wheat and cotton
she would be independent of us under
all circumstances. Now, since she
owned and controlled all India. that
great wheat and cotton country. she.
saw that, with India's cheap labor.
and the demonstration of American
silver, she would have double lever
age over America and her produc-
lions. Silver money is used exclu
slvely In India. England coins that
money, and if, with eighty cents. she
could buy silver, stamp and pass it
for dollar in payment for midas
wheat and cotton, she not only gained
the 20 per cent from her own sinh
Jects, but in consequence OF the de-
monetlzation of silver in America.
her debtors here were compelled To
pay her at least ten per cent more
THAN they would have paid had not
silver been demonetized. Let it also
oe borne IN mind that this discount.
whether much or little, was SO much
ne" capital with which to open up
the interior Of India to compete with
America and her productions.
Inc injury to the people of this
country through the decentralization
OF silver can never, perhaps, be Justly
estimated. The panic of 1873 which
ensued, was one of the most disas-
trlous that ever befell any people.
Language fails in description of the
pllghtlng misery that desolated the
country; the ravages of war are
scarcely comparable with it. From
the decentralization of silver, in 1874
TO its reconciliation in 1878. NAV
well oe called the dark days of our
Republic. Bankruptcies and fnan-
clal disasters brought in train their
legitimate offspring: and the statistics
OF those and the ensuing years are
Volumlnous with the most startling
and loathsome crimes. Murder. in
Sanity, suicide, divorce, drunkenness
and all forms of immortality and crime
nave increased from that day to this
IN the most appalling ratio. Will any
man say that legislation has had
nothing to do with the STARTLING in
crease OF crime in our country? Every
result is produced from certain causes
ana 1t is certain that no more like
Degets like than that the increase ri
misery ana crime in our country are
the uerect results of evil legislation
ma IL is impossible for nation long
10 remain free whose laws are made
granting special privileges to the few
and ignoring the rights of the many
Inc contraction of the currency. com
menclng with the destruction Of the
greenbacks in 1866, and the strinpencv
increased by the demonstration Of
silver IN 1873, has been productive of
more misery and crime to the peonle
OF this country than all the wars
pestllences and famines with which
they have ever been afflicted.
In regard to the policy of contrac-
ton, Prof. Walker, of Yale College.
VINO is not politician, nor states
man, but cool, unbiased writer and
teacher, says:
when the process of contraction
commences, the first class on which
1T falls is the merchants of the large
cities; they find it difficult to get
money to pay their notes: the next
CLASS is the manufacturer the sale of
MS goods at once falls off; laborers
and mechanics next feel the pressure.
tney are thrown out of employment:
and, lastly, the farmer finds dull
sale for his produce; and all, unsus-
plclous of the real cause, have vague
idea that their difficulties are owing
to the hard times. X We
nave become so familiar with these
periodical revolutions in trade. that
we look upon them as the natural
phenomenon of business, but it is
not So
Ricardo, another eminent writer on
political economy, says:
THAT commodities rise in price in
proportion to the increase or diminu-
tlon OF money, [ hold to be fact that
is lncOntrOvertible."
John Stewart Mill saws.