The representative. [volume] (St. Paul, Minn.) 1893-1901, 1894-03-07

Johnstown. He has heard of fires and
floods and shipwrecks and disasters on
all hands from year to year. He knows,
and we know-yes, sir, all men know
that millions on millions of United States
notes have been retired by loss and de-
struction during the last 80 years. And
our government officers know, and we
all know that every dollar lost means a
contraction of the currency, with falling
prices of products and less demand for
labor. The law of May, 1878, was in
tended to preserve the volume of green
backs at the volume which was estimat-
ed to be in existence at that time. That
volume has not been preserved.
The secretary has not reduced the vol
ume, but he has stood by and seen it
done. The laws Of this country are in
tended to preserve human life, and the
man who commits homicide has commit
ted crime. And, sir, the man who stands
silently by and sees the murder commit
ted is particeps criminis. Our secretaries
have not retired the volume of the green
backs, but they have sat silently still
and have seen them destroyed. They
have uttered no word of warning; but,
on the other hand, they have reported
them, from month to month in their Of
fetal report, as in full, undiminished
volume. They thus see the crime COM
mitted and utter no word of warning
They are particeps criminis. They deny
and try to hide the crime. They are
thus as much guilty of the crime as if
they had deliberately committed it them
selves, with malice aforethought.
The result Of this crime is contraction
of the money value. This reduces the
prices of all property, increasing the
weight Of debts and taxes, making it nee
essary for the producers of wealth to sell
more of their property in order to meet
their monetary obligations And, on the
other hand, it increases the value of dol
lars in the hands of men who receive
them from the debtors and taxpayers.
Mr.. Chairman, there is another point
of Importance in this connection. The
banks during the past dozen years have
retired about $3.50, 100000 of their cur
rency, more than they have taken out
Their maxim of currency at any one
time has been about $3.50, 100000 The
amount now outstanding is below $780,
600, 900. The banks should be compelled
to keep in circulation an even and steady
volume of currency, or they should be
compelled to give up the job of issuing
currency entirely. The least that should
be done in justice to the people is to re-
place the retired bank currency with
new greenbacks as fast as retired, with
the prohibition of the banks from reissu-
ing the currency after they have once re-
tired it. They should be compelled to
"fish or cut bait" The people are en-
titled to an even and adequate volume
of currency with which to do business
and with which to pay their debts, with
the prices of property at the same gen.
eral sea level Of values prevailing at the
time the debts were contracted
This can be done by controlling the
volume Of money. To make good the
retired bank currency we require $780,
100000 Of new greenbacks. That sum
turned into the public treasury would
place the government above want in
spite of any present pressing necessities.
And it would only be return to the cir
culation which has been fraudulently re-,
tired, wasted or destroyed. It would be
in no sense an imitation of the currency
It would be merely returning to the peo-
pie their own, which they should have
had all the time. 1t would give to the
country rising prices. Money now hoard
ed in the banks would be checked out
and invested. Old enterprises would
again prosper, with the ability to pay
good wages. New enterprises would start
up. All strikes Of laboring men would
cease. Idle men would all find employ
ment at living wages. The clouds of
revolution would disappear from our
skies, and distress, nakedness and star
walton of men, women and children
would be heard Of in the land no more.
It would bring on the year of jubilee.
Debts would be paid, mortgages lifted
and homes saved. 1t would again be
possible for laboring men and their fam
lilies to be happy. Again the home in
the hamlet would become aplace Of COM
fort, fathers and mothers would have
clothing warm enough to shut out the
U1dSUS VI W1uCCI tuO OOC0AtS
enough for weekly visits of whole. 6a46-
lilies together to the church and the Sun
day school.
Then, Mr.. Chairman, there is another
item which is necessary to continue this
just and happy state of things. The
money volume must grow or increase as
population increases. In order to insure
such an increase of money there should
be added to the circulation at least $780,
0O0, 900 per annum of United States treas
ury notes. This amount should be added
at once and annually to prevent what
General Grant, in his message of Deem
Der, 1878, styled "a comparative contrac-
tiOn."
Mr. Chairman, it is but fair that the
people should have the relief have here
pointed out and which have embodied
in my bill. 1t would relieve the treas
ury of it's present deficit and the country
from its dangerous paralysis, and, in
connection with the income tax and 9th
er revenues have suggested, would fur
nish the revenues of the government in
great abundance until the new order of
things could be adjusted and other
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