West Virginia argus. [volume] (Kingwood, W. Va.) 1877-1946, 1896-10-22

tween tho Potomac and Rio Gran.le
When Mr. Thomas G.. Shearmanl
figures test came out. showing tina
100000 men owned half the wealts
OF the country, the Tribune was loud
In donouncing IL as an exaggeration
but its own igures now given show
that probably Mr.. Shearman was
we'll inside the truth. For example,
the Tribune states that the 1903 mil.
lionaires OF New York City alone
could. IL they choose, buy up the
whole real estate Of the entire South
ern States, and evictlthe. population
by due process of law"
Such y boon has your boasted Re
publican rule for thirty years con.
ferred upon the South that 100 mil
lionaires in New York City owa and
control more propertyjin value than
all OF the. Southern States from the
Potomac to the Gulf OF Mexico.
Neither has the great producing
West Jared much better at your
hands. Your platform boasts that
your party Brought about and pass.
cd the Redemption act, whereby la
1879, all obligations of the Govern.
ment became redeemsble in coin.
AT the close of the war IL was est,.
mated that of the bonds OF the Gov.
ernment only per cent. was held in
the South and ouly tifteen per cent.
In tue West; the remainder--S5 per
cent.--was held 10 the North and in
Europe. Any speculation, therefore,
which resulted from a contraction of
the currency, aud the payment of
the National DEBT in gold, resulted
mainly in favor OF foreigners, and
Northern capitalists, while the cor.
responding increase of liability to be
met by further taxation fell upon
the West and South.
In order TO realize what a distress.
ing and grinding process the con
traction of our currency was, we may
recur to speech made by Senator
john sherman IN the Senate OF the
United States Ia 1859.
"rhe contraction OF the currency
10 far more distressing operation
than Senators suppose. oar own
and other nations have gone through
that operation before. II is not pos
sible TO take that voyage without
tue sorest distress. TO every per.
son except a capitalist out OF debt,
or a salaried officer or annuitant, it
is a period Of loss, danger, lassitude
OF trade, fall of wages, suspension OF
enterprise, Bankruptcy and disaster.
IL means ruin OF all dealers whose
debts are twice their business CAPT.
tai, though one.third less than their
actual property. IL means the fall
OF all agricultural production with
out any great reduction OF taxes.
What prudent man would dare TO
build house, a railroad, factory,
or barn with this certain fact be.
fore him2"
Observe how graphically he por.
trays the disastrous effect OF an uu
due contraction Of CURRENCY Every
rejecting person will concede the
fact which no student OF political
economy has ever questioned as
fundamental principles; viz, that
there is q normal amount Of oircula,
ting medium Of exchange necessary
to the vigor aud health of every civ
ilized community. lii there is undue
imitation, produces overtrading and
speculation, which mast ultimately
bring about financial crisis. Such
was the cause in this coansry OF the
crash of 1887, and that OF 1857.
Upon the other hand, the converse
proposition is equally true, viz that
undue contraction of the currency
impoverishs the State, and visits
upon her oitiz sns widespread ruin
and disaster. The rich become richer
and the poor poorer. To them that
have there is given, and from them
that have not, there Is taken the lit
tie that they have. Now, the flnan.
cial policy Of the Republican party
has illustrated aud entailed upon
the country, all the evils OF nfiatlon
followed up by ali the disasters Of
contraction. After enormously ia.
dating the currency from 1852 TO
1875, suddenly like clap Of thun
der came your Resumption law, an
edict which proclaimed that In three
short years tue country should be
brought TO a specie basis That Is
to say the expansion Of Is years was
TO be liquIdated ia three. Not con
tent with this, your policy has de,
handed the paymentlof all National
obligations not only ia coin. bat in
gold, thus discrediting our own sill
YER, and other National money. Not
content with this, you have demon
etized silver, and in conjunction with
a few apostates, calling themselv
Democrats, you now propose 20 call
In and retire the legal teuder notes,
and hereafter to obliterate and ostra-
else silver from our mlnts. This Is
your Republican scheme to enrich
the few and impoverish the many.
This is your Republican policy. 70
lentlcssly pursued. until aided and