The Black Hills union. [volume] (Rapid City, Pennington County, Dakota [S.D.]) 1889-1904, 1897-06-25

their successors in interest. If trans
fers have been made the original equity
as to mode of payment has followed it
into the hands of the transferees. The
debtors are the taxpayers of the diff
ferent nations. Any Legislative or ad-
ministrative action which has increased
the burthen of it's discharge has been
fraudulent, no matter under what form
it may have been disguised. Now, |
ask the reader to pause and try to COM
prehend the immensely of the sum rep
resented by these figures. The annual
interest upon this amount, ever 1T
three per cent, is $3.50, OOO, O0O-in itself
an expression battling adequte concep-
ton of its full import. twenty-five
billion dollars is more than five times
the amount of the whole worlds stock
OF gold coin and bullion. And yet this
vast sum is only the amount of actual
profit to be realized by the holders of
this one class of securities if the plot
TO destroy silver as standard money
car be carried to completion. What
ever may be said as to other indebted
ness, there is as to this no chance for
even a bubble respecting the time and
circumstances of it's contraction.
Every dollar of it originated under a
double standard, and it is a ~travesty
on equity to double or in any way in
crease It's burthen by requiring it to
be paid under a single standard of
gold. | might stop right here and con-
HnntIv claim fho4 fho f,l~;%, ~r W. ,~
sumption with which | am dealing had
been demonstrated. This aggregate of
national Indebtedness constitutes near
ly one-half of the total amount due
upon secured interest-bearing Obliga-
lions, which alone deserve considera-
ton in this connection. When it is
shown that as to one-half of the in
debtedness involved in the inquiry the
claim of equity through contraction I'M
der a gold standard is deprived of any
semblance of validity, that would seem
to be sufficient to constitute an estOp-
pei against it's further assertion. If
there were no other debts in the world,
this alone would brand the scheme to
change the standard of value as the
most stupendOus crime ever cOntem-
plated against humanity. If b%ondhold-
ers can, without consideration, by mere
manipulation OF political agencies, add
to the value of their securities $22, O00,-
600 900, then others somewhere, and in
some way, must suffer a correspond
ing loss. 1t makes no difference how
widely the loss may be distributed, it
is still q fact, and in it's consequences
a fearfully momentous fact, that what
the bondholders dishonesty gain other
classes must unjustly lose. The world
is not wide enough that this mountain
of $22, 600, 900, 600 of unearned, law
made Indebtedness can be piled as an
additional burthen upon its industry
without the universal oppression of it's
Wealth-producers wherever situated.
The tax-ridden people of Europe have
the same, perhaps stronger, interest to
rebel against this diabolical scheme as
ourselves, but their efforts for redress
are handicapped by monarchicaI insti-
buttons and standing armies. Relief,
II 1t is to be had, must come from the
intelligent citizens of the United States
who still retain the power of a free
ballot. C. J. HILLYER.