The representative. [volume] (St. Paul, Minn.) 1893-1901, 1896-06-03
IGNORANCE OF GOLD BUGS.
JOHN DAVIS REPLIES TO THE
LUNACY OF H. B. B. OF
BOSTON.
A Thorough Review of the Coin
age Question by an Able
Champion.

The Woman's Journal, of Boston May 8,
1896, contains review Of A. C. Fisk's val
liable little book, entitled Statesmen
Three" The review is signed by H. B. B.,
which I suppose means Henry B. Black
we'll, the editor in chief Of the Journal.
His statements show so much ignorance
and bigotry that some of them deserve at
tention.
Evidently H. B. B. has only studied the
money question from the standpoint of the
usurers and gold gamblers, whose prede-
cessors our Savior drove from the Temple
in Jerusalem; and onf whom President
Lincoln said: 'I wish every one Of them
had his devilish head shot Off" (Carpen-
ter's Six Months in the White House. D..
S4)
H. B. BIS remarks respecting Fisk's fig
ures reminds one Of the American In
dams opinion of the multiplication table.
To him it was "a wild congeries of falla-
cies," because he had not studied the sub
ject.
H. B. B. thinks that Fisk's assertion
that the government is in the hands Of
brigands who have robbed the people of
more than billion dollars annually for the
last thirty years." IS wholesale false
hood" by which "well meaning people are
mislead and become anarchists" He says
":f the writer believes this amusing state
ment he is lunatic; if he does not be-
lieve it, charlatan"
Now let us test the truth of that alleged
assertion. The United States Census re-
port of 1890, states the wealth of this coun-
try at sixty-five billion dollars, ($65, ,000-
000,000). There is very general impress
sion abroad, sustained by the testimony of
numerous public men and high authorities,
that fully one-half OF that tremendous sum
is now in the hands of about $4,000 men
who are not creators of wealth. The ques-
ton arises, how came those 10000 non
producers in possession of $32, 500 000, 900
Of wealth which they did not create?
There are several ways by which wealth
may be acquired. First, it may be earned;
second, it may be inherited; third it may
be acquired by marriage; and fourth it
may be stolen. Now if these 10000 men
have not earned, inherited, or acquired by
marriage some or all of that S32 500, ,000,-
600 of the wealth now in their possession,
then they must have stolen part or all of
it seems that F.sks little book has hit
wonderfully near the truth.
H. B. B. says 'the national banks have
supplied a better currency than ever ex-
isted'
Let us look at the facts. National bank
currency is redeemab,e in greenbacks.
Can the redeemed be better than the re-
deemer? Is not that absurd? And it may
be added that the greenback is older by
two or three years than the national bank
currency. What loose statements these
goldites sometimes make in behalf of the
rich anarchists" who override, change
and disregard law almost continually.
H. B. B. says 'the gold standard is the
indispensable basis of our financial sta
bility."
That is equal to saying that American
liberty is a failure, and that the great
bulk Of the people must surrender all
power and property into the hands of the
owners of gold, and that enforced idle
ness. starvation and death must be the
fate of millions.
The single gold standard is the newest
and least tried Of all the financial sys-
TENS known, and as far as tried it has
proved itself the least satisfactory of all
of them. The silver standard, the double
standard of gold and silver, and the fiat
standard have all been tried through lone
periods Of time by great nations with
considerable success in each case. But
the single gold standard was not known
on earth prior to the year 1916. 1t was
then adopted by England. And since
that time England has been the seat and
center of monetary crisis and panics, as
Egypt is of the plague and India Of the
cholera.
This country adopted the single gold
standard in February, 1873. Let us com
pare results with former systems by dec
ades Experience is the great teacher
of wisdom.
During the decade from 1850 to 1866
this country was on q bimetallic basis
with silver as the unit of account, and
both metals freely coined, and, alike legal
tender for all purposes. The increase Of
the wealth of this country during the
decade of 1850 to 1850, was 1876 per cent
The wealth of the country was more than
doubled.
During the decade from 1860 to 1870
we were on a paper basis 1t was the dec
ade of the war-of the destruction and
confscation of wealth for four or five
years, with reconstruction and recupera.
ton only half the time. Yet in spite OF
war, in spite of waste and devastation N
one half of the country, in spite Of the
confiscation of slave property and the di
version of northern labor into unproduc-
tive channels, for the creation of the
munitions of war to be destroyed on the
battlefield, the increase of wealth dur
ing the decade from 1860 to 1870, was 6s
per cent, gold valuation. Had it not
been for the war and its consequences
the PERCENTAGE of the preceding decade
would, certainly, have been equaled OF
surpassed.
During the decade from 1870 to 1886
we got on specie basis, and, eight years
Of the time, we had the single gold
standard There was no war with its
attendant devastation and destruction
No impediment to hinder the fair work
OF the gold standard system. The in
crease of the wealth of the country from
1870 to 1880 was 45 per cent. It was 81