The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1896-08-31

! OF wealth and the necessity for credit
is the throwing Of dust in the eyes of
! the people to blind them to the neces-
slty for an increased rather than d.
minished currency. Panics are the pro-
ducts Of the credit system. You
destroy the necessity for credit and you
exterminate the possibility Of power.
MI. Reed cites the case of England in
1ezo when she Undertook to lend a vast
amount of money on the credit system.
AT that time some one looked into the
question and found that England had
contracted TO lend more than double
the money in existence in the world.
Then no one would lend money, and
property on which money had been
loaned diminished in value until ruin
engulfed thousands upon thousands of
people who but short time before had
been wealthy. No one pretends to say
that there was not in existence as
much wealth as was undertaken to be
loaned. There was lack of the repre-
sentative Of wealth-that was all Had
there been in the world the money re-
preventative of wealth or measure of
wealth in sufficient abundance to have
maintained the value of the property
in existence-if there had been suf-
ficient money in the world-the ''czar
of Russia and the king Of the Mosquito
shore" could have sold their property
and realized what they wanted with
out borrowing on ii. 1t was not the lack
OF confidence which caused the bursting
of the bubble. It was the lack of
money. All the confidence of the world
was unequal to doubling the money
supply which England had undertaken
to loan, but the people had it in their
power to double the money supply, and
had they done so the savings of life
times and of general tons would not
nave passed out Of the hands of those
who created it and from their descend
ants into the possession or hands of
those who had acquired the limited
standard of wealth, which the nations
in the interest of the money lender
have said should be the measure of
values, For man of Mr.. Reeds at
tainments he can say very trif1ing
things on a very grave problem.
Mr.. Reed says: In 1892 we thought
hard times had been banished for
ever" 1t was in 1892 that Mr. Cleve-
Iand was nominated to run against the
renominated president, Mr.. Benjamin
Harrison. Mr. Harrison was defeated.
Mr.. Reed will not have the hardihood
TO state that the defeat Of Mr.. Harri-
son was compassed because of the be-
lief Of the people that times were good
and that, therefore, they must vote
against the administration which had
brought about good times. Mr. Reed
has little regard for his word and little
respect for the memory of the people
when he viii undertake to state that
there was anything but the hardest
kind of times in 1892. Can Mr.. Reed
together with the Republican hosts of
the United States join in the acclaim
that the Democratic party had succeed
ed because the people had lost faith in
the Republican party, or, again, that
the lack of confidence in the
IlsT,- -
the dissatisfaction created by
the existing hard times? Now, Mr.
Reeds plan of restoring confidence is
first to put down anarchism. Peace
and a stable government are the first
necessities" 1t may be pertinent to
enquire of Mr.. Reed if he imagines he
is going to obtain peace or increased
confidence or enable the United States
to borrow more money, which is his
cure for our financial ills, by proclaim
ing to the world that those who differ
with him on the money question are in
favor of anarchy and that we are de-
pendent upon foreign nations for our
financial salvation and can only hope
to survive by our ability to borrow
from them. The Republican and rene
gade Democrats will have an obligation
to pay to the people of the United
States that they cannot live long
enough to repay. They are loudly noti-
flying all the world that a large body
of the people of the United States favor
anarchy; in the hope of political adj
vantage they are prociaiming to all
mankind that this government-the
only living governmental exposition of
the power of man to govern himself-is
in danger Of being controlled by thou
sands Of men who prefer anarchism
and robbery and spoliation to the more
peaceful. more lasting and more credit
able methods of community existence.
1t is an infamy, that men posing as
statesmen should join in this loud ac-
claim and brand their fellow citizens
in free government with being an
archists because they express the
opinions of free men and favor forms
of government and laws which are
not altogether in harmony with the
ideas of the lackeys of money lenders
and the borrowers from old worlds. If
a mans citizenship is to be tested by
Republicans and renegade Democrats
on his Willingness to abide the judg-
ment of the classes that prey upon him
then indeed has popular government
proven the rankest of failures. The
honor of the whole nation is involved
in repudiating the limitations of the
possessors of wealth, uttered Thomas
B. Reed and such men as join with him
in degrading their fellow citizens be-
express their honest convictions on sub
jects that are of the most vital import
ance TO them.
Finally Mr. Reed comes back to the
point that has been foremost in his
speeches since the beginning of the
present campaign and says:
This is a borrowing and a lending
world Enterprises are carried on by
the united confidence Of men Of money
and men of brains" Mr.. Reed forgets
one significant economical fact, which
is that money is the product of labor
and brains. 1t is only valuable because
it is labor saved and can be reapplied.
If all the money in the world were
destroyed, the progress of the human
race might be retarded but it could not
be stayed Men would continue to
create wealth and would find a substi-
tute for the standard of values which
had been lost. Money is not wealth. 1t
is the representative of wealth-the
token of wealth-that which stands for
wealth. but is not wealth, excepting so
far as human labor has been involved
in its production. But if you destroy
the brains and Drawn from off the
world and apply your money TO the
production of wealth the distinction
will become most apparent. So if man
refuses to work and to apply his brains
all the money and wealth in existence
may be offered to continue the creation
of wealth, but the wealth will not be
created. Money is potent, but it is only
potent because of a sentiment of man
kind. All potent is human labor and
the exercise of the brains given to man
by the Creator. It is an outrage to
her and none hljf