The Louisiana populist., 1894-11-09
Decentralization.
Senator J. z. George Writes A
Logical Letter Regarding It.

Special to the Times-Democrat.
JACKSON, MISS, Nov. 1.-The
evening Clarion-Ledger contains
the following letter from Senator
j. Z. George, in answer to one
from the editor of the paper ask
ing him to make some speeches on
the financial question in this State
''No converts can now be made
from the adherents of free coinage,
however able and ingenious the ar
guments advanced. The logic of
events succeeding demonitization
in 1873 and the repeal of the pur-
chasing clause of the Sherman act
in 1898 is simply irresistible. Every
body can see that the predictions of
the friends of demonitizatiOn in
1873 and of the advocates of re-
peal in 1898, have not only not
been verified, but that the worst
apprehensions of those who Op-
posed both have been realized.
With cotton lower than ever known
before and continually falling,
with the consequent bankruptcy of
our farmers and other stagnation
of business and enterprise now
prevailing, there is no need for
speaker to point out the cause of
disaster. Men may talk of the
large per capita of money in the
country, but that will deceive no
body. This per capita is in the
banks and held by large capitalists.
1t is not in circulation; it is not
used in trade, commerce or other
business, but held idle, except
when loaned on security las Uni
ted States bonds) and they like
gilt-edge securities, which cannot
be given by one in thousand SOL
vent borrowers.
''The cry of overproduction will
deceive no one, for there are mil
lions upon millions of persons but
lily shod with cotton goods. Their
power of consumption has been SO
diminished by demonetization as
to cause the glut complained of.
The vicious circle of delusive ex-
cuses at last resolves itself into
this: There is money enough, or
more than money enough for the
small business actually transacted.
The contraction consequent on de-
monetizatiOn has itself thus made
the causes which have dispensed
largely with the use of money.
''Since we are not allowed to
have a currency adequate to the
needs of commerce at the old
prices, they have been reduced not
only to meet the inadequate volume
of money but to produce surplus.
1t takes vastly less money to mar
ket the present crop than any
other in recent years. The idle
surplus is nothing but the amount
lost to producers by depressed
prices. Instead of going out to
pay reasonable and fair prices to
cotton and wheat growers, the
money is now engaged in still
further enhancing its own value
and grinding to powder the masses
of our people by awaiting, in the
Golfers of capitalists, fo- a still
further fall in prices. Thus it will
be enabled for the same nominal
amount to purchase more and more
of human labor or its products.
Thus it will be empowered to In
crease more and more that dOmi-
nation in human affairs which has
resulted in giving to $4,000 per-
sons one-half of all the property
of all the people of the United
States.
"These views are so evident that
it needs no argument to cause them
to be accepted by the people. In
fact, the peaple understand this
matter quite as well as those who
claim to be experts in financial