The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1895-09-27

I have eldeaVOred to show in sew
eral of the preceding articles concern
ing the Sound Financial System" en-
tailed upon US by the Republican
monetary policy that it has been
throughout a gigantic imposition upon
a confiding and patriotic people. 1t
has been a fragrant and unparalleled
engine of spoliation and financial dis
aster. It has robbed the people di-
rectly Of billions of money. 1t has
defrauded them indirectly of hundreds
of billions of dollars. It has crippled
the nation In its economic and indus
trial welfare; and it has fastened upon
the people a mountain of debt under
which, to all appearances, We Will sink
into hopeless insolvency and bank
ruptcy. Reckoning all forms of in
debtedness, public and private, we are
carrying a burden of $4,000 900, 900.
The interest on this uncomfortable sum
is more than the increase of national
wealth That is, the growth of this
cancerous Indebtedness, by means Of
accruing interest, is more rapid than
the growth of the real wealth of the
nation.
The consequence is that the fruits of
labor are being absorbed into the
clutches of fictitious capital. Farms
and products and all forms of real
wealth are depreciating. Let a few
wealthy men lend their names to a
money enterprise; say a railroad. They
need not invest single dollar, but
they issue million dollars in stock
which is in itself a fiction, except that
it serves the purposes of credit and
confidence. They go forward in bust
ness, as it is called; and in very few
years their stock has doubled or
quadrupled its par value. Their mil
lion dollar vacuum as stock has won,
under this abnormal condition of
things, millions of dollars of gold
which is now the tyrant that rules
honest people by inVeigling them, de-
ceiving and outwitting them, and
finally by absorbing the real and use
full wealth that is indispensable to
human welfare
I impeach the Republican policy as
a stupendous fraud. It is a gigantic
confidence game. 1t is a policy whose
only claim to respect lies in the magnl-
tude of its nefarious Vaccinations and
embezzlements. It is almost worthy
Of admiration for its dauntless cour-
age in defrauding and mulcting man
kind If the Satan of Millions Para
disc Lost can be admired for his i'm
pious audacity, we might with as good
reason admire the unparalleled gall
or that sound financial system" It
is a magnificent Giant Despair and
surely we can not wonder when zeal
Gus Republican devotees feed their
golden image" with the means of
welfare that rightfully belong to the
hopeless millions Of our poor and suf-
fering humanity that are ruthlesslv
cast under the wheels of this Republi-
can Juggernaut. No. I do not seek to
belittle or despise this modern Moloch.
But we must destroy 1t; or this vaunt-
ed Goliath will crush the nation and
grind it under the heel of an un-
scrupulous despotism.
But 1t will be no small undertaking
10 reverse the financial policy that has
settled itself upon the nation by thirty
three years of growth and SUPREMACY
II must, however. be plucked up bv
the roots and cast into the fire. And
the several roots, as l conceive of
them, are as follows:
First:-The wrestling from the peo-
pie the power to issue the money of
The country and to regulate its volume
In other words, the Republican policy
mas delegated this power to specuIa-
tors. 1t has farmed out this power to
individuals and corporations whom II
has taken into partnership as dictafors
70 the people and usurpers of its
wealth. The national bank system. as
conceived and engineered by the Re-
publican party, is diametricaly on
posed to free institutions. The deenest
tnought and the most earnest opposi
ton of Jefferson were developed in an
tag0nlSm to Just such an abnormal
Lansing system 1t is an octopus
sapplng and crushing the life
out of the nation. Tberofnre
the hrst step in the direction of re-
FORM is that the issuing of money and
the regulation of its volume shon1d he
under the control Of the peopIe in
tnelr sovereign capacity, and NOT nm
der that Of individuals and combines
whose interests are necessarily hostile
TO those Of the people We have coon
how, when the nation was in the throae
OF a death struggle, the gold and sill
yer all IN hiding, a. valiant foe and an
empty treasury confronting lincoln
and his cabinet; we have seen how in
that crisis the money Of the people was
ISSUED WITH SOVEREIGN POW
ERS, according to the principles ex-
phcitly advocated by Jefferson in 1912
Not until the money mower hranJad
that form Of money with dishonor did
It depreciate. When the VOLUME he
gan TO be controlled in 1866 nv the
SPECTATORS, the country was involved
IN business stagnation and bankrunt-
cy. When the cormorants succeeded
III ndIIOhHg the volume down to gold
and to the limited amount of silver
that was already coined. they sealed
the death warrant of the business Dros
perity of the country. Whenever the
hondholders and interest-gatherers de-
sire. they can lead the victim out to
execution
Second-The second evil root Of
republican financial policy is its self +
surrender to corrupt and mercenarv
leadership. It's fundamental principle
us genius ana essence, is subserviencv
70 imperious greed and selfish dom
ihatlon. What burning caricature if
is, the boast of Republicanisn1 that ire.
poncy Is honorable and upright, From
1867 down to the present era, scarcely
q single transaction under RenuhIiean
financial policy that is not marred Inv
corrupt and dishonorable surrender ~
the money classes. either of Furona ~ ~
America. or both. The seven moro |
notable items already reviewed give |
confirmation to this arraignment. The !
most self-centered financier in our an
nals Is jefferson, who would bave
money issued and controlled by the SOW
ereign people; and in this view. banks
and banking systems were wholly suh-
ordinate; but Republican policy makes |
them supreme.
Third-The third evil Of Republican
policy is its inherent tendency to make |
Itself parasite of the money power
by borrowing and creating q. huge |
Indebtedness; and thus it chooses
CO flourish and grow like a
cancer, rather than healthy organism |