People's voice. [volume] (Wellington, Sumner County, Kansas) 1890-1917, 1894-07-27
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Concluded from preceding page.

on paying out its gold and holding its
silver. When by this process it has d.
min: shed the supply of gold in the treas
ury, it issues interest bearing bonds and
buys more gold to protect the gold reserve.
Here let me offer a word about the gold
reserve. After the late war, when the gov
eminent resolved to resume specie pay
ments, $1OO,OO0,0O0 of gold was gathered
into the treasury with which to redeem the
outstanding greenbacks. When we re-
sumed specie payments, as everybody pre-
ferred the greenbscks, this $lOO,OOO,OOO
was not disturbed.
After it had lain there few years, al
though it was placed there to be paid out,
our public men began to talk about this
sacred reserve of $lO0O00,0OO, and began
to claim that if we ever dared to use this
money dire disaster would follow. The
fact is, that if every dollar of it were paid
out, it would expose many fallacies that
are current to-day.
The bondholders have made more than
one effort to have Congress declare the
bonds payable in gold, but have always
failed. What they failed to secure through
Congress they have secured through the
executive. The bonds are payable in coin,
and the government has the privilege of
paying in either silver or gold. five adopt
free coinage, the bondholders Of the nation
will be interested in seeing that the parity
between gold and silver Is maintained, for
if gold should go to premium the Ameri-
can people would cruelty any man who
would dare to pay the interest on the
bonds in gold.
If man should insist on buying wheat
by measure when it is heavy, and by weight
when it is light, we would call him an un-
principled scoundrel. If farmer should
borrow 800 for 30 days, and agree to pay
in either wheat or corn at its market value
when he borrowed the money, and wheat
should rise or corn fall in price, the farmer
would certainly be justified in settling his
debt with corn. The bOndhoider who in
sists on being paid in the more valuable
metal when the government has the option
Of paying in either metal is eulogized as
an eminent fnancier.
Monometallists have awakened 70 the
fear that the American people are deter
mined to have free coinage of silver. This
knowledge has proven a powerful stimulus
to the demand for international bimetal-
lism. While great many people are sin
oere in their desire for international
bimetallism, much of this talk has for its
object simply the defeat of bimetallism.
There is no present prospect that England
will agree to any arrangement for the re-
monetization of silver. Gladstone has
publicly declared, that as England is the
great credit nation of the world, it Is to
her interest to make the purchasing power
Of money as great as possible, and that
she will consent to no arrangement that
will result in destroying the advantage she
now possesses. The obligations she holds
are payable in gold, and the more valuable
she can make that gold the more wealthy
she becomes.
This is very easily understood. If q
man has 100000, he is considered wealthy
because of what he can purchase with his
money. If he were on desert island,
without hope Of rescue, with nothing but
his 100000, he would not consider him
self as wealthy as a man located on a sim.
liar island with 100 bushels of wheat. If
q man has 100000, he can double his
wealth by doubling the amount (relative
values remaining the ssme), or by preserv-
ing the amount and diminishing by one
half the value of everything else. England
holds the obligations of other nations to
the amount of 10 billion dollars, principal
and interest payable in gold. She sees
the purchasing power of gold increasing
every year, and, though the distress of her
common people cries aloud to heaven,
with greed born Of hell, her rulers pam
per avarice at the sacrifice of humanity
Without England, no international agree
ment can be had; and many who have SO
suddenly become jealous for an interna-
tional agreement realize that there is no
hope of its contamination.
If such a thing as an international
agreement were possible, it would not
be international bimetallism. 1t would
simply be an agreement to continue the
single, gold standard and make silver sub
ordinate. This we do not want. This we
must not permit.
We are told that all this trouble comes
from running in debt, and if people would
keep out of debt it would make no differ
ence whether we had free coinage or not
While the burden is heavier upon him
who has bankruptcy staring him in the
face, the injustice of present conditions
presses heavily upon every producer in
the land, whether he is in debt or not.
But why should we sneer at the men who
get in debit To whom do we owe the
glory and grandeur of this nation. Who
are the energetic, active business men Of
the nationf Are they those who never
become involved in debtY How could the
magnificent enterprises of the day be car
ried out if no person was willing to 60 in
debtY What would become of the money
lender if no one became involved in debt
We have within twelvemonth seen the
most marvellous production of any age
We have seen an exposition in the city Of
Chicago that put to the blush the vivid
fantastic imagination of the author of thu
Arabian Nights. To that fair the worlt
contributed its best mind, muscle, anC
achievement. Shall we denounce the de
signers, promoters and conductors of tina
enterprise because they went in debt?
We have country here that we hav,
just begun to develop. It's resources arr
almost limitless. ALI of the capital which
it is possible to procure throughout tn,
world can be used to advantage here
We can properly hypothecate the energie
of coming generations, if the men of to
day have the manhood, the courage, tn
determination, to free succeeding genera
tions from the desdening hand of an ap
precisting currency. Let Us free human
effort from the benumbing palsy that
now psralyzing it; change conditions 5,
that human effort shall be permitted Il
retain more and evermore of its fruits