The representative. [volume] (St. Paul, Minn.) 1893-1901, 1896-10-21

and tax sales that blasts the hope and
sends thousands of the energetic and enter
prising men and women of the nation to
the graves of suicides and the asylums for
the insane; and other thousands, young
and old, to the poor house, the Jail, the pen
itentiary and the gallows.
No matter what the amount of currency
issued through any banking system; the
usury debt it forces is always larger than
the volume of currency issued, and 1t nee
essarily ends in ruinous collapse.
l have proven both positions that bank
ing system of currency is a despotism and
that 1t forces debt, usury and ruin.
You ask the question. what is the remedy
for this great evil? l answer. adopt the
American system of finance proposed by
the National party.
Have the money issued directly from the
government into the channels of trade
all business is done cash then there are no
persons ten per cent note lying where it
came out requiring it to be carried back in
80, 60 or 80 days. 1t comes without being
loaded with usury. Then have it a full le-
gal tender, and in sufficient amounts to
produce and distribute the wealth cash. If
all business is done cash then ther are no
debts. If there are no debts then no usury
can be exacted or accumulate. Every
business man in all the land will tell you
that cash business is the proper and safe
business. To do cash business you must
have a sufficient volume to meet the re-
Quirements of each days transactions.
What is required is a system fixed that
whatever amount is needed to do cash
business can be had, be that great or SMALL
and unen strike down every law for making
collecting a debt, and thus force all to
do cash business. Then just distribution
will be made of the products of industry,
and each will get the value of his own pro-
duction, and no more.
All mankind are consumers of wealth;
portion are active producers, another por-
tion are distributors. All your merchants
are distributors, no matter in what line
they are engaged and they usually stand
nearest the devouring Jaws Of bank usury,
as they are the first borrowers, and the
first to fail Hence, less than four per cent
OF those who enter the mercantile business
in this country succeed in grabbing more
out of others than is grabbed out of them.
The other great bulk of them are bankrupt
ed and ruined, whereas, If business was
done cash, as the national party demands.
1T could continue through all time without
without debt and usury there is no such
thing as bankruptcy; and it is clear to all
that If you could always sell for cash, COM
mencing with the labor God gave you, you
could always buy fir cash, and as conse-
quence ''Owe no man anything at any
time, as Gods law directs.
Our opponents ask how are you going to
get this money out? Then in the same
breath they will say, you can't get it out;
then close their sentence by yelling infia-
ton! imitation!
1 answer. first-It appears clear to me
that If it cannot be gotten out it cannot in
fate anything very much. Naughter.)
To those who seek information ] answer
there is perhaps an hundred modes in
which it could be issued without doing in
justice to any one'
Here is one mode: We have a large ma
tional debt that has already absorbed by
its usury more wealth than is represented
in the assessed value of seven whole states
Of the Union. Our opponents say this debt
is payable in COIN
The silver dollar of 4121a grains, nine
parts pure, is a coin competent to pay every
dollar of the principal and interest of that
debt; and more than s7OO,000,0O0 of this
bonded debt is subject to call within few
months. Let the government call in $46,-
000, 900 of these bonds tomorrow and pay
them with the $46,O 900 of silver now use
lessly stored in the treasury valuts. That
will put the silver dollars outside of the
treasury and the bonds inside. Let these
redeemed bonds be at once destroyed.
Then allowe these silver dollars to be de-
posted in the treasury in exchange for full
legal tender paper dollars. That would
put the paper dollars out and take the sill
yer in. Then repeat the process of call
ing, paying and destroying more bonds, and
changing such paper dollars for silver dol
lars and buying silver bullion with paper
dollars until the bonded debt is all paid in
"coin" in the strictest Interpretation Of
the letter and spirit Of the contract. Then,
instead of this debt depressing the people
by robbing them of wealth to the value of a
whole state every thirty months. it would
be represented by like amount of paper
dollars in the channels of trade, stimulat-
ing industry to the production of more
wealth, and distributing it so that each
would have the profits of his own toll:
Next our opponents sing out, as does
Bayard, Belmont, Sherman, Hancock, and
English. Garfield and Arthur, and the
whole ring brood and syndicate of the Shy
lock party, Rag baby! rag baby! Depreci-
ated paper" continental money" Con
federate scrip" John Law and his big
Mississippi scheme And the great news
papers, both secular and so-called religious
of the country, and the hired and willing
yelpers that parrot and echo whatever this
moneyed combination put in their mouths
seeming to not know or care for the truth.
I say to you tonight, as did Calhoun on
the floor of the United States senate, His
tory shows that no full legal tender paper
money ever deprecated a single farthing,"
per money is more stable and less fiuctua-
ting in value than money manufactured Of
gold and silver, or any other merchantable
commodity.
AS authority upon this point quote from
Adam Smiths Wealth of Nations" Lon
don Edition, 1888. page 480, where, speaking
Of full legal tender paper money issued by
the state, the following language is used:
'The quantity Of such notes may be ef-
fectually limited, and 1t is shown that.
when this IS done, intrinsic worth is not
necessary to currency. 1t consequently
follows that, by properly limiting the sup
ply of paper declared to be legal tender.
its value may be sustained on a par with
gold, or any other commodity"
Again, quote from page 490 of the same
work:
'Notes not legal tender and payable on
demand. or at some stipulated period, are