Weekly independent. [volume] (Elko, Nev.) 1887-1914, 1897-05-30
DEBTS AND SILVER RES FORA
TIOS.

&. j. ililycr, formerly Of Nevada
but now a resident OF Washington,
ID. c.. has an able article in the late
number OF Stewart's paper the Silver
knight. from which We copy Il portion,
as follows:
-rhe property Of the world is under
mortgage To the holders az money OBJ
legations. Debts national. municipal.
corporate. and individual are every
where, in all climes and under all
nutioualities bearing down with
crushing weight upon the people
by whose labor they must be dis
charged. Twenty.ninc billions Of
dollars OF national bonded indebted
ness-an equal amount. at least. OF
debts due by municipal corporations
-Erivatc property in addition to
membranes pledged for half its
value. This is the load under which
industry bends and staggcrs rs it Is
driven toward hopeless serviiude.
And this burden the cold bloOdcd us
urcrs propose To double hy Legislative
and administrative manipulation of
governmental power. Perhaps the
none. power is omnipotcnt. Per-
haps the people will submit to he
first robbed and then deprived al
their Independence. refuse To be-
licve it. But my only reliance for its
prevention is upon the people of the
United States. This nation alone has
both the necessary strength and tie
ins,rumcntality Of II free ballot. IL
the world IL to bc saved from this i'm
pending calamity the salvation must
come from the intelligent voters OF
this republic. But .his Il depression.
What | wish to say and cmphas iAe is
that the injustice OF SILVER demOnCti-
zation falls directly and m"st heavily
upon property owning debtors, in
Guiding the tax payers 10y whom ma
tioual and mum cipdl debts must he
paid. 1t is against debtors that the
blow is directed and primarily they
feel its force. but the force IL by no
mans expended upon them. When
debtors are failing business stagnatcs.
Inability of debtors to meet their
obligations is not only the infalliblc
index of business prostitution but
the most potent agency in producing
il. With a normal facility OF debt
paying there can he no hard tlmcs
With m abnormal frequency of f"il.
uTcs there can bc no general pros.
pcrity. This constant relation il
very simply explained by the fact
thnt both conditions have Il common
cause. Both are the result Of falling
prices. Tho mcnns 81 dischurging
debts can only be obtained 10y palr
OF property or labor. As prices
decline. therefore, the difficulty Of
dcbt-paying increases. so when
prices are sinking tho inclination to
productive enterprise is weakened
aud finally destroyed. These two
conditions mutually react and ono
constantly rcinforccs the other.
Debtors are purchasers ~ well ms
sellers and when mcnacel 10y bank.
ruptcy because of the inadequate
price of that which they have to sell
they restrict or possibly discontinue
their purchases and thus the market
FOR producers IL constantly narrowed
until production ceases to be profit
able. Thus II gold standard means
not only ruin TO debtors but IN in
definitely prolonged paralysis Of
ipdusiria enterprises. Tho end will
ouly bc when the property OF those
who owe money shnli have been con-
liscutcd mud when from necessity tho
producers Of wealth snail consent to
employ their hands and their brains
IN absolute dependence upon Il power
ful class of owners Of money obliga-
tons. who hy the authority of cor
rupily mndc Inv will hold tho indus
Try of the world in bondage. Whether
this infamous scheme can RucccCd
rests, IA | eaid before. with the Amer
lean people