The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1895-04-16
He TALKS BACK.
W. H. Harvey Answers Cleye-
lands Letter on Money.
He is a Member of the BIZ
Metallic League.
DEBTS HARDER TO PAY
Money Has Steadily Increased
in Exchangeable Value.

CHICAGO, April 16.-Mr. W. II. Har-
wey, chairman of the executive COM
mittee of the Bimetal1ic league, whose
headquarters are in Chicago, prepared
yesterday the following reply to Presi-
dent ClevelaDd's letter to the Chicago
committee of business men:
TO His Excellency, Grover Cleveland. Presi-
dent:
CHICAGO, April 15-Dear Sir: In reply to
your letter addressed to a committee Of busl-
ness men of this city, we wish to say that the
committee that waited you, and the persons
who attached their names to the petition such
committee presented, did not represent ma
3ority of the business men and citizens
of this city, who take a deep interest
IN the welfare of this republic. They
represented that class that owns money and
securities payable in money-fxed incomes.
We respectfully submit that your letter does
not present the true merits OF this controversy.
You call the attention of farmers and wage
earners to the fact that raising prices while
enabling them to sell their products and labor
at higher price, will also cause them to pay
equally more for what they purchase, but you
neglect to say that your statement is not ap-
plicable to debts. With prices coming down
regularly and steadily since the demOnetiza-
ton of silver, our merchants manufacturers,
and the people generally, have been doing
business on q falling market, so that the time
intervening between the purchase Of their
merchandise material and placing 1t
months after the market has removed the
margin they would have otherwise made.
This shrinkage in values, added to the ord1-
nary risk and expense Of business, has lead to
an ever-increasing volume Of debt-to money
lending period-untl it has increased, all told,
public and private to about $40 900 900, about
two-thirds of the total value OF all the prop
erty in the United States.
Money and those debts payable in money
have been steadily increasing in exchangeable
value with the property of the people. A debt
for hat I nj VIII would
have paid ten years ago now requires the
farmer to give up 1000 bushels Of wheat in eX-
change for these dollars with which to pay
the same debt. The debts now in existence
are principally old debts, renewed or re-
funded debts or debts contracted to pay
old debts, or debts the people have been
forced to contract by reason OF
the continued decline in prices. The
owners of products must now give up
twice as much property to pay their taxes as in
1878. Seventeen thousand bushels of wheat
would have paid the presidents salary Of s25,-
300 in 1873, and it now requires 100000 bushels
of wheat to pay your annual salary of S50.0 900.
We have constantly pointed out to the people
the ever increasing interchangeable value of
the creditors dollar, and to the reason why it
was increasing, but the influence of these cred
itors has dominated your administration and
you insist on such currency as they have es-
bablished, a sound currency.
1t means the conhscation of the property of
the people by the sale Of property under mort
cages, judgments ana executions. IL means
shat fixed incomes will wipe out the interest of
stockholders in our railways and corporations.
If it is injustice to restore prices SO that
people can exchange their property for a suff-
Gent number Of dollars to pay their debts and
bring happiness and prosperity to our land
again, it greater injustice to destroy the
value of property and enhance the value Of
money by characterization of silver and the es-
Establishment of a single gold standard.
So, that when you call the attention Of the
farmer and waae-earner to the fact that rising
prices will make him pay more for what he
buys you should at the same time call his at
tention to the fact that it would enable him
to pay his debt, free him from bondage in
which he has been unjustly placed and
again make him the owner Of a home
and a free and independent citizen.
We might say further to him that
rising prices causes money to seek Investment
and would thus open up the channels Of COM
Enerce and trade and give employment to
millions now idle. It is not more money that
we want to borrow, but to pay of what we al
ready owe. The more money we borrow the
more we must pay and the annual interest Of
an our public and private debts Is now more
than the annual profits of business and prOduc-
zion. Where will 1t endi