Middlebury register. (Middlebury, Vt.) 1886-1937, 1896-08-07

Il
to raise upon our farms can now be pro-
duced only at an absolute loss. The
value of our lands, too. has been con-
stantly falling.
We can all see that this condition of
things began about the time silver
was demonetized. which demOnetlza-
ton reduced the material from which
our money was made about one-half.
With these facts before us; with the
law that governs prices so fully under
stood that their depression after the
decentralization Of silver was as accurately
foretold, previous to its decentralization,
by different bimetallsts in Europe, as an
eclipse could be calculated by astrono-
mers. it seems to me incredible that there
should be any hesitancy among our pro-
ducing classes in insisting that the gov
ernment should at once return to the old
system of bimetallism, or adopt a new
system of finance that will be sufficient
for the needs and wants of the people.
The farmers at least In this matter have
but one interest. The gold standard is
the standard of privilege. The only OBJ
iect of its Introduction in Europe or
here was to increase the value of
money so that those who had it
could buy more with it. The change
was made by few men who represented
wealth. Nowhere were the producers con-
suited. In no instance in this country or
in Europe did a single one of them ask
for the change. The farmers, especially,
in this country, were ignorant of
what was being done until their atten-
ton has been called to it by the
vast shriakage in the value of their lands
and products. The change of standard
is aimed more directly and more disas-
trously at them than any other class, be-
cause they are entirely dependent upon
the prices of things that they raise for
their income, whilst they are obliged to
purchase but little. But in time the de-
preston reaches all, first destroying the
market for all kinds of products because
of the inability of the masses of the peo-
pie to purchase, which is necessarily tol-
lowed by a lessened demand for work
and reduced prices to labor.
Our manufacturers must see, and all
must see, that if the ability to purchase of
those engaged in agriculture, who com
pose nearly half of our population, is cur
tailed or destroyed, the demand for goods
is at once immensely reduced. 1t is not
the few millionaires that make the great
market for our Industries, but the mil
lions who labor; and any system of
finances that increases the value of money
and thereby leads to the aggregation of
wealth in fewer hands,-which is the very
essence and only object of the gold stan
dard, must force down the necessities of
production in the world more and more
as long as it is continued, or until the
people in their might rise and sweep 1t
away. For it is a self-evdent PROPOSE
ton that any system of finance that
sustains prices scatters money, whilst
any that reduces prices tends to the ac-
The idea that our system of money or
that any part of our nations policy should
be arranged exclusively for the benefit of
a few, and those the wealthier classes, is
mOnstrous; and yet this is exactly what
the cOterie of men composed of bankers
and brokers, mostly living in our cities,
i
power of this country, and closely con-
nected with similar power in Europe
having the great banking house of
Rothschild at its head, have brought
about.
Selling upon the opportunity for deal
ing in money that the vast necessities of
our civil war presented, this money
power fastened Its Uentacles upon the
congress at Washington and soon had
the nation largely at its mercy. 1t Sc
cured an amendment to the law issuing
United States notes (greenbacks) abrdg-
ing their legal tender quality by making
the interest of the public debt payable in
coin. This greatly increased and prob
ably doubled the expense of the war.
TO pay the interest on the national debt
required a very large amount of coin.
But this coin was controlled by the
money power, who were enabled to
set their own price upon it, and soon
ran it up to a premium of 2G5 per
cent. This same money power, work
Ing through congress, next obtained
an act that the bonds which had been
sold for legal tender, largely greenbacks,
and by the law that created the green
backs were payable in greenbacks, should
be paid in coin. This was another i'm
mense haul for our thrifty financiers.
Then came the law demonetizing silver,
the intention and effect of which were to
very largely increase the value of the
pOin