The representative. [volume] (St. Paul, Minn.) 1893-1901, 1894-06-13
ASTROnG LETTER
An OctOgenarian Leader of the Old
Grange Discusses the Great Finan-
cinl Issues-He Shows Who Was to
Blame for the Panic.

Blame for the P0mtc.
MORRISTOWN, Mimi, June 2, 1894. Edi-
tor Representative: 1 wish to say to you.
although in my S6th year, l am neither
dead to the peoples cause. nor indifferently
sleeping; while the two old parties are, like
children, lettering up on board, balanced
on the backs of industry; pretending to
advance by sending. up Cleveland in '92 and
dropping Harrison off; and in SO up goes
Mckinley sky-high, and down goes Demo-
cracy. This internal bobbing up and down,
on the back of the producing classes. is
making their backs sore; while many
stomachs are empty that three million
men are tramping it; there in the city
of Minneapolis 1000 alone. And yet moth
ing is done in congress but competing to
see who be put up as candidates that
can most SUCCESSFULLY divide the people,
and keep them hollering for Democracy
and Republicanism. The money-powers are
dividing their bets, not caring bean
which wins. for the truth is the majority
representing each party in congress have
proved by their acts they are nothing but
set of whining, cringing sycphants,
waiting and willing to obey the "orders of
their master, the Money Power; and to de-
ceive the people the Republicans raised the
howl that the panic was caused by the
fear of free trade; and the Democrats as
vigorously charged it to the purchasing
clause of the Sherman silver law. This
gave the banking power an excuse to flood
the towns and cities mot the country,
with petitions, headed by bankers mot
farmers), city councils boards of trade and
the banks, to sign the said petitions; urg-
ing the president to call an extra session
or congress even in 'dog-days," to repeal
salo law, for it was making money so
scarce, Though in fact was adding near
Tour million dollars in silver certificates to
| the volume in circulation. Then it was
proclaimed to the world the majority of the
| people demanded the repeal of the silver-pur-
| CHASING clause of the Sherman law (when
| IN TACT not one voter in a thousand had
seen or signed said pettions) congress
met and 1t took about two months at a
cost to the people of hundreds of thousands
OF dollars to repeal the law and now
money is as scarce as ever. This proved
the Democrats lied.
And now we will show that the Repub-
means lied also. To do So we will
flrst quote in substance an editorial of the
falrpault Republican. of August 18th 1893
Ihat the volume of national bank notes
Ia Deen decreased since 1879, from 1922
VoV,Voo, IN lSI9to Sl7S,0OO,000 at the time aug.
loth, 1881 This was a decrease of S251 OO0 :
wv dollars; and as further evidence of the
Withdrawing of money from circulation
the comptroller of the currency. Mr.
Eckies, said at a meeting of associated
bankers, IN Boston, November 18th 1893
that there had been $37S 900 900 of denosits
Withdrawn from circulation since the 4tb
VI May last up to October last"
NOW II would seem, as the $251, 900 900 of
pailh notes referred to by the Republican
were returned and the bonds taken up and
notes Cancelled and DESTROYED that ~
deposits withdrawn by depositors u-are o,-au
ana above the s251 900, 900 as stated bv tho
republican; and if so the total withdra wal
would be, since 1879, six hundred and
twenty-nine millions of dollars. The two
,,~-''1. above quoted 1 have in my
possession The Eckles statement was nuh-
hshed in the Des Moines Leader a Damo
cratic paper published in Iowa, dated Nov
II, 1873; and the most reasonable cono1u
SION is that the destruction of s251 600 oO0 Of
oanh notes caused the banks to fail first:
ana what could be more reasonabIe tb.n
Tor depositors to withdraw their danos;t
from the bank? So it seems clear that tho
banks We're the prime cause of tho manic
ana not the depositors, or the fear Of free
manufacturers ~" al Us
NOW to bring this home to every one.s
.Siip.y) pocket We will see how many of
the so,ooo banks, having s45 900 in currency
~ so19'UoUo would empty by drawing
thls amount out of them The ,nsuar 10
1887; and s35.aN out of anothar .anI. -;
now many banks of that amouo+ in eaoh
" me "A states-316 and a fraction over
ANA now much per capita, allowing we
n nave e"vovo OF people in the United
from the head of each family. allowino i1a
to a family? Why s469O ''e
NOW the question is, Had this an,ount
or money remained in circulation wou1d
not the people have bought and paid for
manufactured goods as before: and u.o,1d
not the retailers have continued to oi,,a
orders to keep up their supply tariff or M
l. ,alill Inc papers say many are running
their factories to fill orders; and this gives
the lie to the alleged fear of tariff legisla
tloh' ana settles the fact that the with
urawal OF the money did it. And did it for
the following purposes 80
flrst--To get law passed to allow banks
70 issue notes to the full face of their
oonds deposited for this the Republicans
put in plea, for in the same issue referred
to, and said it would add s1S O0O ono ,nora
to the volume of money in circulation: and
1t ought to have added, allow banks TO
draw interest off of the people on 81 for
every one they invested in the banking
business e
When reading that editorial 7 was SIR
prlsed at such brazen faced demand and
seeing the money power had purposelv
brought the people to such a condition that
Such a demand might be granted if seemed
10 me to be only equaled by highway rob-
80 , Mno say Give me your money or
your life Second-The bankers w.n+aa
SILVER certificates out of circulat ion 90 +ha1,
might I'LL their places with national bani,
notes. And to get more bonds to base thew
notes on, they demand. through their fool
| the secretary of the treasury $50 900 600 If
long bonds to buy gold to keep IN the
parity of silver with gold and that is the
very thing to further discredit 1t as a
money metal. But since contraction of tho
currency has enabled the monied classes 70
gobbe up millions of dollars worth Of
property at greatly reduced prices If will
soon be necessary to greatly initiate the cur
rency, SO as to enable them to DISPOSE of
all property subject to taxation for they
are shy of taxes is the ID of hoIy
water. And another purpose will be TO
quiet the people, as to keen them howl
ing hurrah for the old parties who have
nothing to recommend them except the
TOMB stones of such patriots as Jefferson
ana jackson, of the old Democratic Marty
ana Lincoln, Seward and Thaddeus Stevens
whose memory ought to make them hide
their faces in shame, for by their acts thew
nave d1sgraced the principles of the great
men OF both their parties. Now as for th,
tlme the s2oooo0o0 was withdrawn it must
mostly have been during the past wear.
for the Republicans said if was "because
the premium on the per cent bonds had
advanced during the past year to 10 per
cent These large amounts seem to be more
money than was in circulation. But as
stated there is no other inference to be
drawn from these statements except what
l have written.
is 1t not true that every man, who
breads such conditions as have been in
nlcted on old Ireland, to be up and doing
n md unit