Middlebury register. (Middlebury, Vt.) 1886-1937, 1896-04-24


metallists, loyal to the principles of freedom
and equality in which our nation had its birth
The gold standard or monometallism not only
in this country but in Europe, aside from
England, is directly attributable to the condi-
tons that arose from our civil war. The ex-
penses of the war were enormous, nursing and
indeed inspiring the business of money lend
ers Under these conditions the money
power in this country, that has since become
SO powerful in the affairs of government be-
gan its growth.
This was the natural soil for the development
Of greed or desire for gain. Very soon, John
Sherman, a United States senator from Ohio, and
member of the committee Of finance, became
the guiding spirit, the great commander of this
money power TWAS his leadership that had
enacted in the senate after the bill had passed
the house, the clause which made an exception
to the legal tender qualities of the greenbacks,
in favor OF the money lenders, declaring that
interest Of the national debt should be paid in
gold, by which the expenses of the war were
vastly increased, and probably doubled. Later
Mr.. Shcrman's restless and bold genius per-
ceived how the vast amounts Of money accu-
INFLATED during the war by himself or friends
could at one stroke be doubled by increasing
its purchasing power, and for this purpose led
the way to the demonstration Of one of the
metals from which money was made. lie adj
vocated this first in Europe in a monetary con-
ference in Paris in about 1867, at which time
he had become chairman Of the senate COM
mttee on finance. This position and his bril-
liant talents caused him to be one of the re-
cognized leaders OF that conference and the
seed dropped by him then, afterwards devel
oped into the gold standard among the differ
cnt nations Of Europe.
In sos Mr.. Sherman first introduced bill
into the United States senate for the dcmone-
tization Of silver. This was before any such
measure had been proposed in European par
liaments; excepting that in England the
gold standurd had obtained since 1910.
In the presentation Of this bill Mr..
Sherman said that it was an American idea.
The bill received a majority report from the
senate committee on finance of which Mr..
Sherman was chairman, but minority report
was made by ex-Goyernor-thcn Senator Nor
gan OF New York, that exposed its true char
acter, and Mr.. Sherman, being too astutc a
manager to force the discussion, bidcd his
time and let the bill die. In 1870 he intro
Il. i ~.
and amending the laws relative to the minis,
assay offices and coinage Of the United States,
hidden in the 18th section Of which were few
words that demonetzed silver. The ruse sue
ceeded. There was no great, honest and ca
pable man like Gov. Morgan on the commit
tee, to warn the senate and the American peo-
pie Of the fearful catastrophe that threatened
them. The fact that it demonetled one OF the
money metals did not appear at all in the dis
cussion OF the bill in the senate, nor did it APP
pear in the newspapers. 1t was mentioned in
the house, but not in wayto attract attention.
This bill was finally passed in 1873. From
that time the troubles in this country began.
About the same time the seed which Mr.
Sherman dropped in Europe took root and
their troubles began. These tronbles, the
troubles inherent to any law where justice is
overthrown, have since been lowering over and
obscuring the prosperity OF every country where
the law demonet1ing silver was passed And
as disease will not quit the system, but grows
worse and worse in It's symptoms until some
appropriate remedy is applied SO this disease
in the body polite refuse, to quit and can only
be eradicated by its proper remedy. 1t will
be seen that Mr.. Sherman led the way to do
preciaely what Mr.. Calhoun foretold money
lenders or money lovers might undertake to,
and which he said deserved to be so carefully
watched and resisted
Such being the conditions, the people come
now face to face with the question what they
are going to do abou, it. The remedy for their
troubles is a return to bmctalsm, that with its
honest old-tme measure, and double the
amount OF rcdempt ON money, fayors the labor
ing classes Of the world. VIII they have this
or monometallism, that by a CONSTRUCTED curren-
cy brings an advantage to the Weather classes
ON one side lie the interests Of all the farm
ers, all the producers and the laborers, for the
laborcrs must depend upon the prosperity of
the producers for their wages, and all the mer-
chants and business men, as such, for they, toe,
depend upon the prosperity Of the community
for their own prosperity; on the other are those,
who, whether busy or idle, have large fixed in
comes, mostly residents Of our cities, and at
this time, upon this question especially active
in Boston and New York.
A second question, closely connected is,
whether the banks or the government shall is
sue the currency OF course, if the banks is
sue it all profits 90 to them; when issued by the
government they 60 to the people. OF course,
too, the credit or strength of our government |