The representative. [volume] (St. Paul, Minn.) 1893-1901, 1894-03-21
SEVEN FINANCIAL CONSPIRhCIES.
Which Have Enslaved the American People.
Published by Permission of the Author,
Mrs. S. E. v. Emery.
CHAPTER VIII.
RESUMPTION.

[PTION.
though one third less than their act
ual property. 1t means the fall of
all agricultural productions without
any great reduction Of taxes. When
that day comes, every man, as the
sailor says, will be close reefed, all
enterprise will be suspended, every
bank will have contracted it's cur
rency to the lowest limit: and the
debtor, compelled to meet in coin a
debt contracted in currency, will find
the coin boarded in the treasury, no
representative of coin in circulation,
his property Shrunk not only to the
extent of the appreciation Of the cur
rency, but still more by the artificial
scarcity made by the holders of gold.
10 attempt this task by "a surprise
upon our people by arresting them in
the midst of their lawful business
and applying new standard of value
to their property, without any reduc-
tion of their debts, or giving them
an opportunity to compound with
their creditors, or to distribute the
losses, would be an act of folly with
out an example in evil in modern
times"
These were the evils that would
follow resumption, as prophesied by
John Sherman before the clutch of
the money power had dwarfed and
blackened his soul. Quick to per-
ceive the right with an intuitive love
of justice, John Sherman was the
natural friend of the people, but
avarice perverting his nature, we find
him the ready tool of the money
power. bartering away his instructive
love Of justive and relentlessly an
tagonizing the INTEREST," of the people.
His prophecies remain, however. and
their fultillment is undying witness
against his degenerate soul.
Beasey says:
Slavery is the inevita BILE result of
poverty; poverty is the inevitable re-
suit OF low wages; low wages are the
inevitable result of scarcity of cur
rency and an improper system of tax
atlon; and scarcity of currency and
an improper system Of taxation are
Gne !oglca! results OF an unjust ad
mlnlstration of the government
Besides the testimony of Senator
Sherman and Beasey against the in
famous measure, l will also add the
opinion of Senator Ferry, of Michi-
gan, who, too honest to retract and
take issue against the great indus
trial masses, paid the penalty pre-
scribed by President Grant, and is no
longer entrusted in public place"
Here are the words of Senator Ferry
in regard to resumption and contrac-
ton:
1t is easy to see why moneyed men
want contraction; the shrinkage then
which others must suffer would find
compensation in their expanded
purses. 1t would be robbing Peter
(the people) to pay Paul (the million
aire)."
Never were truer words uttered
the shrinkage which followed con-
traction ruined thousands, while the
moneyed class, without an effort.
actually doubled their wealth.
Again Senator Ferry says:
The universal distress and unpar-
allied failures which have followed
record the severity of the process
which has brought the c0nntrv 81
near res umption and SO close to fin
ancial RUM
through the process of contraction
all the truths stated by Senator Ferry
nave been verified, and all the evils
predicted by Senator Sherman have
be; Hen fin : Ooc,,1n Nov :, 4L:,
chu. I'f the train Of cy..s rough :
upon us i'!cucn vhis iifc.nai i..i,-
''bioi' : sapin'g the energies OF lie
''atlo'l nd rapidly UNDERMINING the
"ulwarks of orr Republic. but it is
not necessary to quote the opinions
OF statesmen. politicians, or political
encOnomists to prove that the con-
traction of our currency has been dis
astrous to our national prosperity.
The experience of the American peo-
pie for the last twenty years has de-
monstrated most terribly and conclu-
slvely that any system of contraction
OF the currency is fatal to the indus
try, morality and general prosperity
of nation.
According to treasury reports for
the last fiscal year there is, all told.
in the United States 81, 1874, 781 900
cash. On January, 1876, Treasurer
Jordan reported in the United States
treasury 1901, 1O2, 3lS. 10 page 45), since