The representative. [volume] (St. Paul, Minn.) 1893-1901, 1895-06-05
AN ADMIRABLE LETTER.

AN ADMIRABLE LETTER.
HE DECLINES TO TURN THE PEO-
PLIES PARTY OVER TO THE SILVER
PARTY-HIS REASONS-STRONG AND
EXCELLENT.
George R. Henney, Assistant Secre-
tary, American Bimetallic League, San
Francisco, Cal.-Dear Sir: Your favor
OF the 10th inst. received, with resolu-
lions passed at mass meeting of bimet-
allists, held under the auspices of the
American Bimetallist League at the Met
ropolitan Temple, San Francisco, CAL,
on the 7th inst, recommending the for
nation Of silver leagues throughout the
state, and providing that committee of
fifteen be appointed to take charge of the
movement and proceed with the organi-
cation of such leagues; five to be ap-
pointed by the Governor of the state, as
representing the Democratic party, five
by the Hon. Morris Nj. Estee, as repre-
senting the Republican party, and five
by myself, as representing the Peoples
Party.
In reply, will say, that I have read
your letter and the resolutions accom-
panying it with much interest, and while
conceding the urgency of the adoption of
the double standard as safe foundation
for the monetary system, which must
ultimately prevail. Nevertheless, 1 am
constrained to decline the honor con-
ferred by the resolutions, for the follow
ing reasons:
The first resolution declares in favor
of laying aside party differences and
subordinate all other issues to that of
bimetallism, and to work together to
elect Congress and President in 1896,
in favor of restoring the unlimited COIN
age Of silver upon equal terms with gold,
at the ratio of 16 to l, and without await
ing for, or depending upon the action of
any other country
Be assured that there is no division of
sentiment in the minds of reformers on
this question, but to be confined to the
silver plank in the life and death strug-
gle which is approaching, is like the en-
deavor to successfully sail the waters of
a turbulent ocean in craft composed of
single timber without keel, ribs or
rudder.
Moreover, to secure the free and I'M
limited coinage Of gold and silver at the
ratio of 16 to 1, with a continuation of
the methods of control and distribution
now prevailing, would afford but little
relief to the struggling millions of our
people,
The bankers and money changers
would assuredly manage and manipulate
the circulation as effectively as at pres
emit; hide away so much of the coin as
could not be used by them to advantage,
thereby keeping up the ruinous rates for
money, that is sapping the life of every
legitimate industry, impoverishing labor
and continually concentrating the wealth
Of the nation into fewer hands.
The hope of the industrial elements of
the country are centered around the
equitable adjustment of our money sys-
tenn. No sham financial craft, dovetaiied
together with bits Of white and yellow
metal and national bank bills, all under
control of Wall street, will satisfy the
demand
The situation is too serious to allow
any individual, or even a bakers dozen
OF silver magnates, presumably not
largely in sympathy with the hard lot of
the wage slave, or that of the debt ridden
mudsllls OF society, to dictate the terms
on which we may be allowed to fight the.
common enemy of mankind.
T. 1t is generally conceded that gold and
silver must form the basis of any tangi-
BILE financial system, but this basis, with
out the erection of proper superstruc-
ture thereon is more dangerous and in
secure than house built upon the sand.
To have national currency subject
to individual, or corporate control is like
hnVyi1 70
of human endeavor. The money of a
nation is it's life blood, and therefore
must be under national control, other
wise the many inevitably serve the few
and ultimately dig their financial graves
with the implements of their oppressors
Curtailment of the circulating medium,
and consequent depression of theproducts
OF labor, and high rates of usury, ruined
all the ancient civilizations of the earth
and is certainly drifting the present one
into the same destructive channel.
The measure of value for the use of
money is the measure of increase in the
value Of property, and to increase the
average rate Of usury, above the average
Increase in the products of labor, is to
ultimately consume the principal sum in
volved in any enterprise, other than that
of favored callings and money loaning.
This is the chief calamity overshadowing
the nation at the present time, and the
only solution apparent, competent to
check this growing evil, is the destruc-
ton Of the national banking system, and
instead thereof, all money emitted by,
and under control of the government,
and by it made accessible to every SOL
vent individual through loans to states,
counties and municipalities at rates of
interest which the products of labor can
afford to pay.
present system of finance Naturally,
edge" securities, consequently govern
ment bonds and like obligations will
always be in demand. Money can be OBJ
because they may be converted into coin
in an hour in cases of emergency.
Very different it is with the average
To convert such credits into cash, is
often notwithstanding months if not
years of time to do so-therefore, cannot
be depended upon in cases of urgency,
and as our financial system is based upon
four per cent of cash and ninety-six per
cent Of credits-an inverted pyramid,
against which every money changer in
the land has his back braced to keep the
unsteady structure from topping over,
hence it must be manifest to every
thoughtful mind, that the productive in
dustries of the nation will continue to
pay tribute to Shylock, for the use of his
money, three or four times greater than
the products of labor can possibly afford.
Therefore, while the present system of
finance prevails the cOrrodin0 hell-wOrm