People's voice. [volume] (Wellington, Sumner County, Kansas) 1890-1917, 1896-09-17

in gold, but the intent to make II
payable finally in gold was evil
IDENTIFY cherished by the Republican
statesmen of that time and by the national
creditors in this country and Europe, be-
cause, in little less than three years there
after a step, unquestionably looking to that
end, was stealthly taken. / reIer to the
act of 1873 demonetiz,ng silver, that is,
striking the silver dollar from the coinage
lists, and like step taken the succeeding
year of 1874, which took from the silver dol
lar its legal-tender character except In pay
ment of sums Of S and less.
Before speaking further concerning
these acts, let US look elsewhere for evi-
dence occurring in other parts Of the world
Of the scheme TO discredit the silver OF the
country and compel the payment Of the
debts Of the world in the scarcer metallic
coin. In 1871 Germany demonetized silver
1t was the second nation Of all the civilized
world to do so. England had done so as
far back as 1916, and although the greatest
commercial nation upon the globe, her act
seemed TO have absolutely no effect TO re-
duce the silver of the country in popular
estimation, or cause 1t TO be less regarded
as a fit instrument for the discharge OF
money obligations.
The Conspiracy TO Discredit Silver.
THE occasion Of Germany's action Is
said TO have been a desire to compel the
payment in gold Of the immense war in
demnity debt eXtOrted from France on ac-
count Of the settlement of the war
between these two countries the
preceding wear. That debt was in
the neghbOrhOOd of $1,000, 100000, and the
German statesmen conceived that its pay
ment in gold so far as possible, would inure
TO the benefit of thir country.
Then followed, in 1873, the demOnetlza-
ton act of our Congress. Did anyone ask
for the enactment Of this law? Was II
known that such a measure was pending?
Was the necessity for its passage explained
TO the American people? Were they con-
suited about 1t? No! On the contrary, IN
til the present and recent campaigns came
on the fact that II passed without the
knowledge even Of the members OF Con-
greSs who voted for ii, and that II passed
in ignorance by them Of its design and ef-
feet, was an admitted fact 1t is too late
now for Mr.. Sherman and other gentlemen
TO make the claim that this measure was
| discussed even in Congress and its char
acter and contemplated effect explained
In 1874 occurred the act Of which | pre-
viously spoke, Withdrawing from the sill
yer dollars their legal-tender character ex-
cept for the payment Of the inconsiderable
sum Of S. Subsidiary silver coins, that is,
halves, quarters and dimes, had not been a
| legal tender for sums exceeding s. since
I
Of Europe composing what was called the
Latin union, likewise demOnetiZed silver.
| The Latin union embraced France, Bel
GUM, Italy, Greece and some others whose
names l do not recollect, and they agreed,
| through their representatives, to strike sill
/ yer from the coinage list as England, Ger
many and the United States had done.
These several acts left the silver Of the
world discredited, rejected for every pur-
pose except its use as commodity, and,
Of course, il became reduced In value. II
became reduced in value because II could
not be used for that purpose for which II
had heretofore been principally used, and
for which it is principally designed. The
same effect would have unquestionably fol-
lowed the general demonetization Of gold
as followed the decentralization Of silver in
all of those Countries. 1t put gold to pre-
MUM as compared with silver, because the
debts Of the world could no longer be paid
in anything but gold. The same effect
would follow an enforced legal restriction
| upon the use Of any article Of value. II It
! were possible TO decree that wheat should
no longer be used for aHy purpose except
! the making of pancakes, wheat would UNI
Questionably shrink in price and lessen in
demand, so that II would come to be re-
garded as of incOnsiderable value.
Subtle Purpose of the Resumption Act
IN 1876 Congress passed what was known
as the resumption act. 1t was an act look.
| ing to the resumption of specie payments
| by January !, 1873. So far as that feature
| Of the law is concerned, l for one have nc
| fault TO find with It, But ii did more than
| that. II provided, as a claimed necessity
| TO the resumption Of specie payments that
| the greenback legal-tender currency in ex.
! cess Of $500 000, 600 should be withdrawn from
| circulation and destroyed. That was an.
! other effort to still further contract the
| ~ tho naOn1afc II
in force until ISIS, and under its operation
many millions Of legal-tender dollars were
| retired. These various acts of legislation
| in this country and in the countries OF the
| older world brought on. as they inevitably
will, a condition Of monetary stringency
and industrial depression fatal, II long con.
tinued. TO the interest OF all the people, ex.
cept those who profit by limited none
| tary circulation and the consequent in
creased purchasing power OF their money
But you will recall that in the middle
or before the middle Of the 70s mutterings
Of discomfort became loud and prolonged
/ The Greenback party, as II was called
arose in protest against these acts Of legis-
! lation and these economic practices and
under the influence OF its appeals and pro-
/ tests many Of the leaders and managers
of the Republican party began to partially
retrace their steps. hear men now claim
| that the Republican party has been the
| ing the blunder committed in the demone-
tization acts Of 20 and "a they assisted in
partially restoring silver to its rightful con-
| stitutional place in the coinage OF the
co lntry. But they did so only under COM
pUlsion Of the aroused public sentiment for
which the Greenback and Democratic par
! ties are alone TO be credited. They did in
1878 assist in prohibiting the further de-
| struction Of the greenback paper currency,
and they did in ISIS authorize limited silver
coinage TO the extent,I believe of s2i OO0 900 a
year. and did restore TO the silver dollar
| its legal-tender quality. But they were
compelled TO do so by an aroused sense OF
the great public wrongs they had previous
ly perpetrated upon the people.
Fear Sent the Bill over Hayes Veto
Even then so divided was that party
| in its Allegiance to the people on the one
hand and the money changers upon the
other that its President, Mr.. r. b. Hayes
vetoed the Bland bill. as it was called, fol