The Breckenridge news. (Cloverport, Ky.) 1876-1955, 1894-10-24
MONEY.
], n. A. Comes Back Al c. p. Bush
and R. p. S. And Asks
Their
Prayerful Consideration Of the
Populists Declaration Of
Principles
They Read and Sound Mighty Nice
on Paper But will They
Work Out.
READ AND JUDGE FOR YOURSELF.

PADUcAH, KY, Oct, 10, ls94.-EDIToR
NEws:-I am glad to see in the last issue
of your paper that my invitation to some
good Democratic reader, or readers of
the News to take issue with me and re-
ply to my article on money published in
the issue-of Sept, 20, by two gentlemen,
one OF Louisville, the other of Hardins
burg, Ky.
shall attempt reply to both, ifspace
will permit; and, that my answer may be
clear, ineligible and convincing, shall
be obliged to quote quite frequently from
their articles.
First, MIR. Bush assumes that we favor
an unlimit, d issue of money. This as
sumption is not true. refer him to our
declaration OF principles adopted at
Omaha, July 4, '92, which recommend
him to study prayerfully. Mr.. Bush
says, "The legal tender greenback sent
gold to premium" This statement is
an error The exception clause on the
back OF the greenback sent gold to
premium, and this exception clause only.
The demand notes issued by the secretary
of the treasury under the authority of
the act OF Congress of July IL, and
August 5, 1861 had no exception clause
on them, and, though the banks decried
them, aft, the secretary ordered them
to be received in payment Of customs
dues, they always stood at par with gold,
and sometimes at premium over gold.
The demand notes were declared full
legal tender by the act of February Z,
1862, while the greenbacks still retained
the fatal exception clause.
Mr.. Bush says, at is true this initiation
made high prices, but they were unsta-
BILE. They benefited no one but the
Spectator" Let us see:
In 1872, wheat was worth 81 AZ and
cotton about 20 cents. Then it would
require 9S bushels OF wheat or 500 pounds
OF cotton to buy 800. With the 800 in
band the farmer could pay taxes,
Say -.s.s...... ~ w
For 200 pounds of flour ......... 1000
lOO meat IA %
suit Of clothes ........... 1000
Dress for wife. .... go. 600
Cash for sundrits .............. 1000
Total ........... 500 90
How is it now?
6S bushels OF wheat "a 40 cents. 1927 20
500 pounds ofcotton 96 " 80. 30 90
A sum not sufficient to pay taxes
which are just as high now, il not higher.
Now double the quantity OF wheat and
cotton for 1894 and look at the result.
1876 bushels Of wheat "a accents .$54 40
1000 pounds of cotton @6 " -. GO 90
With which he pays taxes $40 90
Buys 200 pounds of flour
Cheaper now ...... 500
Buys 100 pounds of meat
cheaper now ... 300
sos 90
Nothing left for suit OF clothes, dress
for wife or sundries for children. II
there should be debts for the farmer to
pay now, the showing would be much
worse. 1t is true that with the higher
prices of 1872 the farmer could pay his
taxes with less than half the products of
his labor that is now required. 1t is true
that he had larger surplus left to ex-
change with his brother laborer of the
shop and the factory for the needed COM
forts and niece ssities OF life: but then Mr..
Bush tells him that the prices Of 1871
were unstable" and did not benefit
him.
Wheat at $3.50 per bushel and cotton
at 20 cents per pound are unstable"
and do not benefit the farmer; while 40
cent wheat and cent cotton are stable"
and make the farmer smile all over and
fairly revel in luxuries! Brother farm
ers, shall we always listen to our lawyer,
Democratic politicians and gold-bug
sophistsY
"Helped no one but the speculator."
Whom does Mr.. Bush mean by the
speculator Does he mean the banker
who had suspended specie payments and
could in 1864, sell 100000 in coin TO the
importer for 1885, 900 in greenbacks, and
with this sum Immediately buy s2s5,OO0
worth OF United States, non-taxable,
interest bearing bonds, and get at once
in advance interest payments on these
bonds TO the amount of $1,000 to be
~imme liately invested in more bonds?
agree with Mr. Bush that the banker
had a pretty rich thing made out Of the
exception clause on the greenback. Mr..
. Bush says my statement that all money
is fiat money sis emphatically untrue"
The time was when the statement OF a
proposition by the politicians was ac-
repted by the people Of their respective
political parties without question as a
gospel truth, but that time has passed.
A gold standard advocate will now have
TO give something more than bis bare