The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1895-05-02

whom property is only worth half
Ne much as when the debt was created.
The census of the United States Tor 1871
shows that the national debts OF the prln-
cinal nations, mot principal, coPporate or
private debts amounted 10 9-o,oVo,oVo,-
pnn II would now require as much prop
O ortr or rs much of the products of labor,
20 nav that debt as would have required
70 nav Sac, OOO, 100000 when both gold and
silver measured values. Less than two
ears ago il was shown by Poor's Manual
that the debts of the corporations OF the
limited States amounted to Slo,OoO,oOO,-
|000 This does not cover the vast vol
nme of private Indebtedness, and II would
now REQUIRE as much property and labor
70 nav il as would have paid SoO,OOO,-
l0OOOtJO of debts in 1873, when silver
was demOnetized. The bonded indebted
ness of the railroads of the United states
on the 31st of December, 1898, as SHOWN
Inv P0ors' Manual of railroads for 1874,
was S5,51O,225,52S, the most, OF which
| is owned in Europe. 1t would now, AT
gold prices, require as much properly
to pay this sum as would have palu uept
of $11,000,0OO,0OO in 1873.
The gold standard policy now requires
that all these debts and all other indebted,
ness, public and private, shall be paiu
in gold, that is, that gold shall be the ohly
lawful tender money. This makes tne
payment of the indebtedness of the world
an impossibility, and must OF necessity
cause general bankruptcy. ana II tnis
single gold standard policy shall be per-
sisted in, besides paralyzing all industries,
and bringing financial ruin on the produc'
tive classes of the people, it must end IN
the bankruptcy of the banks, railroad
capitalists, and other capitalists now tav
oring that policy, and cause the eX
tinguishment of the enormous bonded IN
Idebtedness of this country through the
agency of the bankrupt courts.
1t is estimated that the interest on the
gold bonded Indebtedness of this govern
ment, corporations and people of thu
United States which is now held il
Europe, most of it in England, exceed
$20O,000,OOO annually; and this is to b.
paid out of the surplus products of thi
country, and by the labor and capita
of our people, by those who by their in
dustry and enterprise create propert
and wealth. And this is now to be pal
when cotton is less than 6 cents pount
and when wheat is less than 80 cent
per bushel, and other products in lik
proportion.
From these facts it can be seen that
! is the policy of the holders of public 81
curities and the owners of money to II
duce the volume of money, and therein
increase it's value while reducing tn
value of products of labor; thus increa.
ling their fortunes at the expense of tn
great body of the people.
| They first bought government bonds
which cost then only about 80 cents i
coin on the dollar, and which were the
redeemable in gold and silver coin alik,
and in the legal tender notes of the gON
eminent. ( Congress was induced, b
what means may never be fully know
by the act of 1869, ito strengthen til
public credit" to deny to the America
people the right to redeem these bone
in legal tender notes, and they wei
then required to be redeemed in gold an
silver coin. This some of the able
statesmen estimated to cost the Peep
about $500,000,000. The next step wa
in the name of honest money" to pa
the act of 1873 demonetizing silver al
making these bonds and other indebte
mess payable in gold alone. And in tn
5 way the money sharks. first under pI
T tense of strengthening the public cred
t and next in the name of honest none
+ have robbed the American people of b
e lions of dollars by the reduction of valu,
and now in the name of Sound money
: they propose to perpetuate this syste
: of robbery for the benefit of the Rot
g childs of England and the horde of mon
e kings in this country. Shall we rema
r quiet and submissive, permitting t
V fraud and deception to continue, or sh
s we, by united efforts, organize for SUI
V faction as will remove from the necks
e the masses the yoke of financial opprt
:, sion which they have been made to be
t for so many years? Let patriotic DEN
q Gratis answer.