Iron County register. [volume] (Ironton, Iron County, Mo.) 1867-1965, 1897-07-15
THE ONLY REMEDY.
True Democracy the Cure for Our
National Ills.
Glowing Fourth of July Address Of
John r. AltgeId at Brooklyn, y.
Y.-Terse Truths for
Americans.

Ex-Gov. John P Altgeld, of Illinois,
was the guest of honor at the Fourth
of July celebration of the Democratic
league of Kings county, n. Y, on Mon
day, July S, and in lengthy and strong
address reviewed the progress of our
great nation from the first Independ-
ence day up to the present time. Ne
paid particular attention to the imam
cial part of our history, showing the
| effects of party legislation upon our
monetary status and declared that the
| democratic party was the only means
by which the country can obtain relief
/ from its present burdens OF trusts, high
| taxes and maladministration. The fol-
| lowing portions of MIR. AItgeld's speech
/ contain his remarks on the money ques-
| ton. In opening he said:
Members Of the Democratic League of
/ Kings County, and Ladies and Gentlemen:
For more than 100 years the American
| people have celebrated the anniversary of
/ the Declaration of Independence For
years II was a day of universal rejoicing.
/ Gradually, as the country passed through
different crises, il became also a day OF
| retrospection; men studied the experience
| of yesterday in order to meet the prob
lens of tomorrow. To-day a continent
is crowning the heroes Of 1776- Let US,
| with uncovered heads, join in that corona
/ ton.
To-day the most wonderful nation on
/ earth is in distress. Its children are suf-
/ fering, and its foundation stones are slip
| ping away May We not ask the reason
| why? In the affairs of man, as In ma
| ture, there is no fixed status. Everywhere
| there is motion: there is either growth
| or there IS disintegration-
| TN the economic and governmental ar
| rangements there has been a steady ad-
| vancement. The forms and appliances or
| one age being inadequate to meet the Ce-
| mands Of the next, man has from time
| to time had to deal with new conditions
| Progress and prosperity rewarded him
| when he succeeded: decay and death
| claimed him when he failed All progress
| and growth has come from below; evolu-
| ton works from the bottom and never
| from the top. In society and in govern
| ment there is constantly forming at the
| top q crust which tends to repress all there
| is beneath, and tends to check progress.
Established wrongs and legalized injustice
4 are always imbedded in this crust Re-
form is simply an effort to improve a con-
| dttion or right wrong, and every reform
| carried out had to force its way through
| this crust
81 am not here to Recommending is so
| idle or 50 foolish mere denunciation- 1t
! accompHshes nothing. On the other hand
| to shut our eyes to danger means death
| We must deal with conditions we find
| them, and, to act wisely, We must know
| the facts
The Money Power.
During the war gold left the country,
| as ii always does in times OF need The
| government carried on the war with paper
money and then sold bonds Paper money,
| being all there was In circulation. became
the standard OF values among the people
Property and labor were sold on this
| standard; debts were based on it; business
| adtusted itself to it a bushel Of wheat
sold for two dollars, and all other prop
erty in proportion. When the government
sold bonds, It received not specie but pa
per money, and at times it took over two
dollars of this money to buy one of specie.
| A thousand-dollar bonds cost on the aver
age $500 in specie. Thus the bondholder got
IL per cent interest on all specie invested.
when the war was over an effort was
made to reduce the volumes of paper 10
specie basis. and thus greatly increase the
value of bonds. On this subject Senator
Sherman in 1869 used this language in the
United States senate: The contraction OF
the currency is far more distressing OPP
Grafton than the senators suppose Our
own and other nations have gone through
that operation before; It is not possible to
take that voyage without the sorest dis
tress. To every person, except capitalist
out of debt, or a salaried ofhcer, or an an
nuitant, It IS a period of loss. danger, las
situde of trade, fall of wages, suspension
of enterprise, bankruptcy and disaster; It
means the fall of all agricultural produc-
tions without any reduction Of taxes.
What prudent man would dare to build a
house, q railroad. a factory. or a barn,
with this certain fact before him?'
Having pictured the ruin that would
follow. he turned around and carried out
this policy of contraction by which the
bondholders were to get two dollars OF
specie for every one dollar invested Ac-
| cording to the treasury report the volume
| of money in circulation was reduced more
than one-half and prices of property fell
in proportion. A bushel Of wheat sold for
one dollar and all other property in pro-
portion But debts, interest, taxes and all
fixed charges remained the same
THE farming and producing classes
| could not stand It. They could no longer
buy, and when they ceased buying the
| mills of America ceased running and bust-
ness was paralyzed- The picture which the
senator had drawn became an awful reaIi-
~. The panic OF 1873 was born, and caused
| more ruin and misery than the civil var.
The war devastated the south: the panic
/ DaraIvzed the republic. But we wer9 Eo|
on a specie basis Not content with this,
the same forces, led by the bondholdlng
classes of Europe, In 1873, without the
knowledge of the American people, got
| o1,r Government to arbitrarily strike down
one of the money metals OF the world
Most of the European nations gradually
followed. until nearly one-hat OF the
! worlds money was destroyed by the aroi-
/ trarv acts of government Having 10 do
twice the work that it formerly had to
! do gold became twice as important. twice
as many people needed H. ana eoLlse9 NJ,
| doubled gold dollar would buy twice
&c much of the property and of the prod
! ,,c,s of the earth formerly, whlle the
/ SS+s interest taxes and all fixed charges
/ ,ao;rad the So ne This time the pur-
| aSasipg mower of the farming and produc-
| inc classes of the civilized world was DE-
IN Europe the effect of this legislation
| bo.on To he felt very soon after the panic
! of "a Here there were local causes tha'
/ stimulated and saved US Tor rev yraIs'
| -. .-a71alIy the paralysis caused by fall
I a.. 6rices spread over the world. and re-
/ -,I.a6 in the complete breakdown OF iSSS-
/ Ti<a the panic of 7S, it has been more
| r,,inous and has produced more misery
| +Tan war and pestilence, and famine COM
| h5ned To-day il takes four times as much
| ~ American products to pay q dollar OF
| interest or principal OF the national 1eot
We received, or was necessary When the
! 6ebt was created. and II taxes twice as
much to pay any other DEBT or 10 pay
| taxes as it did after We mao resumed
! s1eCJs navrnents At the close OF the war
| our national debt was over sZ51o.o0e.OVo-
| since then the people have paid the inter
| est and about half of the principal Yet
| to-day 20 years after the close of the war,
| after half has been paid. 1t VIII require
| twice as much of the products or our peo-
| Ne m nav what is left of that debt as would
| have been necessary to pay 1t Il al the De-
ginning. ,-...
| h.s Maid at that debt, and has reduced Il
/ r. ora-baIf Yet such has been the gov
| e-,n,aDtal policy that to-day it VIII require
| twice as much of our products to pay the
| remainder as would have been necessary