Phillipsburg herald. [volume] (Phillipsburg, Kan.) 1882-1905, 1897-11-18

,u.-un,usruau.aruuniru
would be benefited by free silver, and
that they could not hope to carry an
election. Hence, the organization OF
silver clubs rs useless.
Are these gentlemen correcti Let
"a briefly analyze their POSITIONS.
II there is $1,600,O00,0OO in the
country, and the banks have loaned
$5,OOO,0OO,OOO, they have loaned 3d.
40O,000,000 more than there is in e1-
istence. II the banks have $3.50, O0O,-
900 in their vaults and there is ST.
600O00,OO0 outside the United States
treasury, then, If all this was deposit
ed in the banks, they would have 81
| 170,OO0,O00 of money to lend. But by
lending S5,OO00O0, they lent near
" five times as much money as 10
available for use. These figures
prove that on a certain day the peo-
Die needed $3,400,000,000 more than
was in existence; that they needed It
so badly that they borrowed the cred.
1t Of the banks to that extent and
used it as money. For it is not to be
presumed that the people paid inter-
est on this vast sum just for fun -
They must have needed it. IL they
needed that amount Of money, then
the government would have to coin
SO, 100000 more before meeting
the demand, az shown by the banks.
As no one pretends that such an
amount can be secured in gold, we
are willing that it shall be provided
in silver.
Now as to our Populist banker. At
first blush one would think that il the
debtors would be favored by free sill
Yer they would be favored only by be-
ing enabled to save more than under
the present standard, and If the man
who is 10 debt could save more under
free silver, the man who is out OF
debt could also save more. At second
blush this view is confirmed.
But the advocates of free silver do
not rest their case upon the proposl-
ton that it will enable debtors to pay,
important as that may be; nor upon
the proposition that it will restore
one of the great industries of this
country, and to this extent increase
the market for the products or our
farms and factories, important as that
may be. The great evil to which we
object is the evil Of a currency con.
tinually approaching in value.
When a currency is approaching IN
value the products and objects OF in.
dustry are depreciatIng III price -
When commodities are depreciating
in price, one with money hesitates to
invest, for he faces the certainty Of
loss; hence, he will hoard his money
or loan it uUon security, knowing that
next year 1t will purchase more of the
products Of industry than this year.
In other words, uLder an appreclat-
ing currency the owner Of money
grows richer by mere lapse OF time
His gains will come without his en-
gsging in the uncertainties of enter
prise. He is thus lmpelled to with
draw his money from the hazard Of
business; this withdrawal leaves an
increased demand for money still IN
use, aud that again increases the in-
ducement TO withdraw additional
sums from business; and by this pro-
cess times grow harder and harder
Every body is interested in putting an
end to such a condton-one under
which the enterprise of the world is |
suffering. We would change this by
making enough money 10 meet the
demand, and thereby force into use
the sums boarded to secure the ad.
vantages of appreciation. We ad-
vocate the free coinage Of silver. be-
cause that appears the most prac
ticable; something that can be secur-
I'D in the near future.
We not only believe in dollar wheat
out we want to see good price for
corn, osts, cottoa, horses, land, and
labor; and we want, not a temporary
advance in the price of one commod- |
ty, hut good prices, and permanent, |
for all commodities,
The free silver clubs are not seek
ing 10 built up a new party or 10
usurp the place of an old one We
seek to give all friends of silver, and
aven its enemies, an organization ID
which to discuss the economic ques-
tlons OF the day, of which the money
question is not the least.
d. Q. 1ILLoTsoN,
pyou Kanooa Froa Silunr TTniOn