Kansas agitator. [volume] (Garnett, Kan.) 1890-1905, 1897-06-18
Is NOT REPUTATION.
VI IS, SELF-DEFENSE AGAINST
DESPOILERS.
Judge C. j. Hillyer Shows the Relation
Between a Money Standard and Debts
Our Right to Pay According to the
Contract.


been demonetized, for no one would
have had any interest in its demoneti-
cation. If there were now no debts
there would be no serious opposition to
| the restoration of silver The scheme
for substituting single standard of
! gold for double standard of gold and
silver was inauguarated by the own
| ers Of obligations for the payment Of
money. In its inception it was con-
spiracy for the robbing of debtors alb
solutely destitute of excuse or plaus-
Utility. By influences as powerful as
, their employment has been unscrupu-
lous the infamous project has been
pushed to partial consummation and
position secured where it's authors
and abettors, without defending the
original fraud, are emboldened to in
woke principle of equity in support Of
Its perpetuation. 1t is said that, with
out regard to the injustice of change
of standard as an original proposition,
present Indebtedness has been incurred
with reference to a standard of gold,
and therefore should be discharged up
ON that basis. If the premise is correct,
l grant the conclusion. If debt is
contracted upon a standard of gold 1t
ought to be paid in gold. This is sim
ply saying that people should do as
they have agreed, and equally whether
the agreement has been express or i'm
Piled But with this admission l wish
to make the most absolute and I'M
equivocal denial that there is single
dollar of indebtedness due from any
citizen of the United States contracted
under or with reference to gold stan
dard.
And first, l wish to consider that
vast body of public debt evidenced by
national interest bearing obligations.
In 1873 the aggregate national indebt-
edness following for some not very
important variations in statistical
statements), was in round numbers
1922, 900, 100000 and is now $29 ,000,0 00,-
900. There can be no pretense that any
portion of this indebtedness due in
1873 was incurred upon gold standard
or with reference to any other than
double standard of silver and gold at
the existing ratio. The increase of
$1,000, 900, 900 since 1873 does not rep
resent any contribution of new capital
by the owners of these obligations, con-
sidered as class, but only a reinvest-
ment of a certain portion of the inter-
est which they have received. This
interest on the twenty-five billions due
in 1873 at four per cent, which Is less
than the average rate has for twenty
three years amounted to 500 ,2400 00, 000
enabling the national creditors of 1873,
without drawing from other sources,
to absorb the seven billions OF increased
national debt and have left thirteen
billions for investment in other secur-
tiles. AS to the standard under which
payment should be made, the interest
on these obligations is affected by the
same equities as the principal. 1t is
immaterial how much refunding and
change of form of instruments or even
shifting of locality there may have
been, so long as the Indebtedness has
not been extinguished the equity as to
the mode of payment has not been
changed. 1t was contracted under a
double standard and 1t Is violation
of equity If it's discharge should be re-
uuired in accordance with any other
standard by which it's burden may be
more onerous to the obligors. If in
any process of refunding new obliga
lions have been substituted payable in
gold alone this substitution has been
brought about by the same influences
and instrumentalities through which
the money standard has been changed
The abuse of governmental power has
been the same in the one case as the
other and the injustice equally fla
grant. Neither has had the intelligent
consent of the tax-paying debtors,
without which no obligation binding in
equity could be created as to change
in the burthen of payment. My reason
for selecting this national indebted
ness of 1873 for special consideration
was that in respect to this the argu-
ment could be made conclusive. In re-
gard to other classes of Indebtedness it
is more difficult to fix accurately the
time and conditions of it's contraction.
But here is 1922, 0O0, 900, 900 (saying moth
ing about reinvested INTEREST,", con-
corning which there can be no question
or controversy. 1t was debt existing |
In 1873, and it is still. however its evil
dences may have been remodeled, a |
subsisting debt. Every dollar of this |
debt was contracted when the double
standard prevailed universally and
when everywhere fifteen and one-half |
ounces of silver were practically equiv
alent to one of gold for Its payment. |
No one familiar with financial history |
doubts that it is now owned not only |
by the same limited class as in 1873, |
but substantially and as to the great |
bulk of 1t, by the same individuals or |
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 adj
ministrative action which has increased |
A. h,,rtbon of ita DISCHARGE haa hoon