Iron County register. [volume] (Ironton, Iron County, Mo.) 1867-1965, 1895-02-21
FALSE REPRESENTATIONS.
Republican Journals Distors Facts to In

FALSE REPRESENTATIONS.
Republican Journals DIs.ort Facts to In
iure the Administration.
That the distinctively republican pa
pers should endeavor to mislead the
farmers is bad enough: but it is to be
expected because it is their regular
practice to mislead voters of every
class. That agricultural newspapers,
published ostensibly for the enlighten-
ment OF the farmers, should either in
tentionally or ignorantly mislead them
Is altogether wrong and inexcusable.
It is certainly inexcusable if they do it
Intentionally; nobody will question
that. 1t is equally so if they do it
through ignorance, for it is their
bounden duty to inform themselves as
to the facts concerning which they as
sumo to teach the agricultural comnu-
nifty.
This conclusion is drawn from an
article in the Michigan Farmer. in which
that journal undertakes to criticise
the presidents financial message. So
far as the article is merely critical,
we have no quarrel with it,
though the partisan bias is clearly
apparent. We shall not even quarrel
with differences, which, while they seem
to be il-founded, are to some extent
matters of opinion. Such. for instance,
is the Farmers statement that Ito de-
mand the payment of duties on imports
in gold would at once add to the value
Of that metal, and place it at a premi-
um, and as corollary depreciate the
value of other currency" 1t does not
seem to us possible that this could be
the result, unless the act which de-
clares it to be the policy of the govern
ment to maintain gold and silver at a
parity in the currency should be re-
pealed; but so long as it is in any de-
gree a matter of opinion we cheerfu!ly
concede to the Farmer its right to it's
own opinion, ridiculous as it may ap-
pear to us. We accord the same re.
spect to it's opinion that ito retire the
greenback, as redeemed, would cut
down the currency to such an extent
as to embarrass business" The presi-
dents recommendation covers an in
crease in the national bank notes
which, with the releasing of the gold
now held for the redemption of the
go very far to overbalance any con-
traction which the gradual redemption
of the greenbacks as proposed could
occasion. The contraction is, however,
a theoretic possibility; and we are quite
willing to concede that the Farmer be-
heves what it says in that behalf.
There are two statements in the article
however, which can only be explained
ON the score of dense ignorance or
a willful intent to mislead the farmers.
One of them is the statement that the
greenbacks ''are as sound as the gov
eminent, and cost nothing, while the
people will have to pay interest on the
bonds" No one who read the presi-
dents message intelligently can be ig-
norant of the fact that the greenbacks,
instead of costing the people nothing,
have cost them great deal, and will
continue to do SO as long as they are
kept outstanding with the obligation
upon the government of maintaining a
gold reserve to redeem them. Speak
ing on this point in his message, the
president said:
objection has been made to the Issuance o.
interest-bearing obligations for the purpose
d.
der notes. In point of fact. however. these
notes have burdened us with a large load of in
terest and it Is still accomplishing. The ag
gregate interest on the original issue OF bonds
the proceeds OF which in gold constituted thu
reserve TOR the payment OF these notes
amounted to sc, a26s5 on January l. 1895; ant
the annual charge for interest on these bonds
and those issued for the same purpose during
the last year. will be S9,l45,0C0, dating from
January 1, 1895"
This is a sufficient answer to the
Farmers statement that the green
backs ''cost nothing;" but it does not
tell the whole story. Figures care
fully compiled by the New York Times
show that the actual cost of the green
back to the country-in spite of its
non-interest bearing character-was,
from March 10, 1862, when il was first
issued, to June 80, 1889, 81, s3s, sO7. 45o.
And, Notwithstanding this enormous
cost, S346, 900, 600 of them are still out.
standing to be redeemed and reissued-
unless existing laws are changed-at
constantly increasing cost.
The other misleading statement OF
the Farmer which we have in mind re-
lates to the rate of interest on the
bonds sold by President Cleveland's
serve. 1t is in these words: 1.-The
s1OO,OOO,O0O in bonds already issued
bear per cent. interest. They are
payable in twenty years, and will
then have cost 500, OOO, 900 in interest "
Now, while it is quite true that the
bonds referred to are nominally per
cent. bonds congress having refused
to authorize the issue of bonds at a
lower rate of interest--it is we'll
known fact that they were sold at a
price which makes the rate of interest
the government has to pay only 5 per
cent. The cost to the government,
therefore, in the twenty years will be
only $50, 200, 900, instead of 500, 600, 900,
as the Farmer puts it. In other words,
it is 100000 900 out of the way in its
statement Free Press.
NOTES AND COMMENTS.
The republicans and populists
ox-o ho 70 nd 81