The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1894-06-23

PoPULIsT DUPLIcITY AND FoLLY.
The Populist convention at Des Moines,
Ia, referred to trusts as one Of the curses
that were carrying the land to ruin. 1t
declared that the fruits of the tolls of
millions are boldly stolen to build up
colossal fortunes for few. unprecedented
In the history of mankind, and the pos
SCISSORS Of these IN turn despise the re-
public and endangsr liberty. From the
same prolific womb of govern mental in
justice we breed two great classes-tramps
and millionaires-
OF the four Populist senators In con-
gress only one. PETER Of Kansas. voted
with the Republicans against the sugar
trust. Senator Stewart absented himself
from all divisions. Senators Kyle and
Allen, after voting for the continuance of
bounties, joined the Democrats in the
final vote on the adoption of the Jones'
German trust schedule.
Concerning the utter nonsense of the
Populist philosophy of finance the Hon.
K g. Horr punctured them most eff
fectively in Oregon when catechized by
his Populist riddle makers. The Populist
riddle makers asked Mr.. Horr first, What
was the market value of silver per ounce
in 1878. before il was demonetizedf Was
silver at par or at premium with gold ct
that timer"
To this Mr.. Horr replied that the mar
ket value Of silver in 1873 was about 81 30
L1fl
vas at small premium, between and 2
per cent above the standard gold dollars,
which accounts for the fact that there
were no silver dollars in circulation when
the act of 1873 was PASSED, as il was worth
more to send them to the melting pot
A second Populist question propounded
by the Populist 20 Mr.. Horr. was: what
was the need of destroying the debt-pay-
ing power of silver and stopping the coin
age OF it at that timer"
To this Mr.. Horr promptly replied that
the question assumed that q certain thing
was done by the act of 1873 which was not
done. There was no need of destroying
the debt-paying power of silver. nor was
IL done by the law passed In 1878. Mr..
Horn said:
''Silver, since that time. has been used
20 pay debts as freely as il had ever been
before, and more after the law passed than
ever before. So long as any money is at
| par with the best money, no law is re-
| quired TO give IL debt-psying power.
People take such money whenever they
can get IL. simply because they want IL.
| 1t requires no statute TO induce people to
take gold at the present time. Ii does not
make particle of difference whether gold
is coined or not. Every man who has
money due him will be glad to take his
| pay in gold in any shape or form in which
| Il Is offered 90 him.
Legal tender laws are never required 10
| compel people 10 take money which they
are anxious TO get. Such laws are only
required in case one desires 10 pass some
money which people are not willing to
| take without legal compulsion.
"The law in ISIS simply stopped the
coinage Of silver dollars. That law was
passed without the least opposition on the
part Of any party IN the Uuited States
Silver was at that time above par Ii was
not being used as the currency of the
| country. liz was above par. and sold at q
premium.
"The silver men cared nothing about
that law because they did not desire TO get
their silver coined so long as they could
| get more tor IL uncolned than coined
| There was st that time no opposition to
the bin by any one. because the conditions
| were such that no one was much inter
| ested in the question. The shrinkaee in
| the price Of silver did not begin af the
| date OF the passage OF that law. liz began
| months afterward, when the output of
silver in the United States became SO
enormous
Ia is q mistake 70 assume that SILVER is
not nos used for psYing debts. More
4 II. l.
/ ever been used before. either in the world
| al large or in the United States. Our
silver Is not deprived of its dsbt-psyinz
power. Is has simply ceased 20 be the
| meta used Tor the ultimate redemption OF
our paper money, and the silver dollar has
ceased 10 be the unit Of value Ia this coun-
try"
A third question asked BY the Populists
was. what, in your opinion. has brought
about the present condition of such large
surplus Of money Ia the Eastern banks,
and the great lack OF money in The West
! and SOUTH
This question assumes something which
is 40, fact There IS a very large amount
Of surplus money in the banks Of the East
srn states, hus there Is 10 such lack Of
currency in the banks Of the West as the
question intnAses There il . surplus Of
money IN the banks GO where you viii.
The general talk among Popalisis tha.
what we lack IN the United States is cur
rency Is not true. There is an abundance
Of currency piled NJ and nos In use all
/ over the United States. IL is a. .bund-
/ anee Of business which makes money ac-
4 tive. Surely there Is no better Sign a.
business activity than to have the money
ef the country constantly drawn out OF the
hanks 10 supply the needs Of business
1 There is more money "A existence. more