The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1895-01-17

mpoInB men Wete neruly ADie 10 KEEP, tne
wolf from the door, much less TO pay off mort
cages. What was the result2E Over 1900
laboring men were robbed Of their homes in
that one city alone, and turned adrift to tramp
or starve, and this man ofunlmited credit won
q million out of the law.
When this specie resumption act was pending
in the Senate, John Sherman was appealed to
to make some provision to protect the rights of
the debtor class and save their property from
c0nfiscati0n, but he refused. He was asked 10
insert clause allowing every man to pay his
debts according to the gold value of that debt
at the time 1t was contracted. Sherman said
1t would c0mplicate the law, so that Eastern
members would defeat it.
This law struck blow at the debtor class Of
this country and at labor from which it has
never recovered Hundreds of thousands of
old soldiers, who, at the close of the war; in
1865, went to Kansas, Nebraska, Minnesota
and Missouri, and bought land on credit at
prices enhanced by deprecated paper cur
rency, were wiped out. Their farms, with all
their improvements, ConfsCatcd by the eastern
money lenders. Aftrr 10 years hard strug-
gle in pioneer life, they were wiped out in
fortune and health, and are now mostly in
their graves, where no voices can escape to mar
the song singers of today, who laud John Sher-
man as the great financier, who resumed specie
payments
And the depreciation of values and of the
price of labor that set in then, have continued
ever since, and the "honest dollar" promised
labor by the specie resumption act has left
labor everywhere in u worse condition than
ever before known in our history.
Why, take that little kingdom by the sea,
Portugal, that makes no pretense of being a
government of equal rights. History tells us
that in 1919 the Kingdom Of Portugal demone-
tized silver. In the very act that struck down
the silver metal in Portugal, it was declared
that the addition made to the burden of debtor
class of that country would be so heavy, the
shrinkage of value would be so great, injustice
would be so clearly wrought, that 20 per
cent of every debt, public, corporate, and pri-
! vate, within the realm of Portugal should be
taken from the face of the obligation; and il
was done in the act of decentralization. In
1919 Portugal was unwilling by means of class
| legislation to rob the debtor classes of that
| country. She passed bill, and Doubleday in
his life of Sir Robert Peel tells us that in the
| same act she incorporated a provision that
scaled every debt, corporate and private, with.
in her realm 20 per cent
The money panic of 1893 will go into his.
| tory, as distinct in kind from all other panics
1t was COTTON up and forced, at time when
the National treasury was bankrupt, through
extravaganza and corruption by organized
capital to compel the government to issue
bonds, and to scare Congress into legislation to
increase the value of the Shylocks dollar, by
demonetiZing silver.
In other words, IL was proposed in the midst
of universal distress, caused by a scarcity OF
money, to make money scarcer and dearer, by
| destroying over one half of our metal money
of ultimate redemption.
1t is now proposed to put over twelve hun.
dred millions of current money on redemp-
ton bisis of about $50, ,0OO, 900 of gold, and "a
issue gold interest bearing bonds with
which to strengthen our gold reserve. 1t Is
proposed that we, as debtor nation, with an
enormous war debt and the largest pension
list OF any nation on earth, go into a scramble
for the scarce hod that the credit nations OF
Europe are all struggling for.
1t is proposed to allow England to dictate
our financial policy, so that the enormous
bonded debt held by English capitalists in this
country, shall be enhanced in value at the ex'
pense of the American masses. 1t is proposed
to run in debt and increase the taxation of an
already veortaxed people in order to purchase
gold, that we can never keep, and keep this
country in constant state of semi.panic
in contest with the credit nations
of Europe. Why gold has always proved a
coward in war and an oppressor of the millions
in peace.
1 said gold was a coward in war. Let me
prove it. No nation ever yet went through d
long protracted war, with gold as money.
When that awful crash of cannon shot struck
the walls of Fort Sumpter April 10, 1861, gold
hid itself like a rear hummer in battle, all ovel
the United States. Not one soldier of the great
armies of the Union was ever paid dollar in
gold from July, 1861, to May, 1865.
The greatest war in modern times, the long
est enduring war of modern times, the most
exhausting war of modern timex the most eX
travagant armies of modern times, covering al
most continent of territory, were kept at the
front for four terrible years, when not dollar
of gold was paid a soldier, or marine of the
Republic, for all that time.
Without tedious comment let me sum up the
entire contest of TODAY,
1t is on the part Of those who own all the
money of the country to make that
money scarcer and dearer on the one side
and on the other, by the great brave,
patient people, to secure such an adjustment OF
the conflict, so that those who do all the labor
and earn all the wealth, shall be allowed fair
| division of the earned bread, with those who
| live upon earned wealth and usury.
Let me predict here and now that the re-
! peal of the so-called Sherman silver law will
neither restore confidence nor revive business
as the advocates of repeal so confidently pre-
| dict.
The case of money panic caused by q
scarcity of money cannot be cured by making
| money scarcer. In times of peril to the people
it should rather be the business of the rulers OF
the Republic to extend to its citizens more
generous credit until the peril is past.
predict that the policy of making real
| money scarcer in times of scare money will
| fail to realize the predictions of its authors
| No enlightened nation pursues such policy.
The Bank of France and the Bank of Eng
| land always extend credit to the business
world in times of peril or threatened panic
| In this country we have delegated TO the
banks the power to increase or contract
| both money and credits, and the banks always
take care of themselves first in times of peril
and contract credits at the very time they
| should be extended.
We should cut the heart liver and lights ou
| of Wall street, or at least retain the power o
| making money, the most vital element o
sovereignty, in the control of the people, OF
| the peoples representatives. This is the on,
fatal defect of our present system of credi
|