The representative. [volume] (St. Paul, Minn.) 1893-1901, 1896-03-04
ANOTHER CONVERT.
GOOD POINTS MADE.

GOOD POINTS MADE.
We have just received the following
letter from valued subscriber.
Editor Representative.
Enclosed please find list Of twenty
four subscribers.
With the exception of two names
all OF the list belong to one or the
ago, / believe it would have been i'm
possible to have got five subscribers
out of this list, the world moves, i"
and you are power" in the right
direction. l look for good results from
this list. Yours truly,
NJ. L. WOOD.
P. 81 enclose clipping from the
Winona Herald.
l am acquainted with Mr.. G. L..
Vance, Of Joliet, Ill., and am both sur
prised, and pleased at at the stand he
has taken. M. L. w,
Witoka, Mimi, Feb. 26.
The article referred to is as follows:
At smoke conference, recently held
at Joliet, Ill.,, Mr.. G. L. Vance, BROTH
er of Mr.. D. E. Vance, of this city,
stated views so radically different
from what was expected of him as a
bank officer, as to create genuine sur
prise. Nine-tenths of the audience
had come expecting to hear the bond
issue defended. But the qualification
at the unexpected position Of the
speaker was shown in frequent ap-
plause. We quote from the Joliet
News, and regret that we have room
only for extracts from this very able
speech:
"What was the last bond issue for,
and what is the present $1O0, ZOO, 900 is
sue for? 1t is part and parcel of an
iniquitous crime against silver and
the toling masses, and in behalf of
the yellow metal and the capitalistic
class. OF course it is not avowedly So,
nor do l think it is consciously so on
the part of many of our legislators,
but that is the practical effect of
most of our financial legislation, in
these piping times OF peace" From
the list OF those who are unconscious
ly responsible for our financial ills |
would exclude John Sherman, the very
marplot of the gold cons piracy.
The maintenance of the 800, 900, 600
gold reserve, and the boarding of hun
dreds of millions of silver in the treas
ury, are not in obedience to tatutOry
enactments, but are simply secretarial
provisions, dictated by the money
sharks. The issue Of bonds to secure
gold with which to maintain this re-
serve and for the payment Of the cur
rent expenses of the government, is
thought by many to be entirely with
out warrant of law, and even by the
friends of the measure is regarded as
a strained construction of the statute
namely the resumption act.
The bonded indebtedness of the
United States has been so manipu-
la ted that 1t has been an ever increas-
ing source Of wealth to the bond hold
ers. Many of the bonds were original
ly purchased with the currency taken
at par, which was worth not more
than forty cents per dollar in gold:but
they have been refunded into bonds
payable, principal and interest, in coin
at rate of interest which make them
command a premium of from ten to
thirty per cent. The government has
already paid in interest upon these
bonds, 81, 800. DOC, 900, and 81, ZOO, 600. 900
Of the principal, and yet the 81, 1907
600 remaining unpaid in the hands of
the bondholders is today worth more
debt at the close Of the war.
This is not sophistry but fact-plain
indisputable fact. The 81, 100, 900, COO
present debt will buy more corn, oats,
wheat, pork, cotton, ETC., than would
the whole $2,sOO.OOO.0O0 of the debt in
1866. Abraham Lincoln said that eff
a government contracts debt with a
certain amount of money in circula-
tion, and then contracts the money
volume before the debt is paid.it is the
most heinous crime a government can
commit against the people"
So it goes. Every day brings us re-
ports of new and valuable accessions
to our ranks.
1t is the people rers,ts the Money
power and every day the conflict grows
hotter, and victory for mankind more
Arfo