Dakota farmers' leader. (Canton, S.D.) 1890-19??, 1897-03-19

ZION 10 nlOe MS purposes, or SIrlVe 10
attain his ends by covert paths. He
walks not in those paths of studied de-
ceptlon, which those who see that the
policy of currency contraction can only
be successfully carried out by binding
our producing classes to the effects of
such contraction are prone to follow. In
Short he approaches the whole financial
question with the courage and out
spokenness Of the theorist, not the stealth
and reserve OF the practical politician.
He sees what pursuit Of the gold stand
ard demands; he does not see that that
cannot be attained if presented fairly to
the people for their decision, for our
producing classes will not knowingly
vote their own impoverishment. It is
because of this that the practical politi-
clan who has lent himself to the schemes
of the contractiopists strive to hide the
true purpose of the currency monopolists,
denies that they aim at contraction, and
seeks to find some way of accomplishing
such contraction without exciting the
opposition of those who will be injured
by and are opposed to such contraction.
But as we have SAID, Gage has shown
none of the cautious reserve of the prac-
tcal politician. He may later learn to
tread the paths of deception. But up to
this time he has been outspoken. He
sees that adherence to the gold standard
demands contraction of cur paper cur
rency and forcing down of prices to a
level so low that our foreign creditors will
take our products in preference to our
gold. Gage sees that there is no other
possible way of keeping our share of
gold. So he urges the destruction of our
green back currency, of our Treasury
the substitution of bank currency, the
| volume Of which, he tells us, could be so
controlled and prices kept at such level
as to prevent any extensive drain on our
stock of gold. Every time gold export
threatened, the remedy would be contrac-
ton and depression Of prices.
And depression of prices Gage, looking
through the colored glasses of the credit
or classes, would welcome. The further
prices fall, he reasons. the letter will it
be for the creditor classes. He does not
stop to think that this fall in prices which
he calculates will enrich those with fixed
money incomes must impoverlsh all those
engaged in trade and industry, nor does
he stop to think that this poverishmeDt
Of the producing classes undermines the
ability of the debtor classes to pay their
Indebtedness and presages cutting off
of the incomes of the creditor classes.
So in the long run an appreciat!ng
dollar must injure creditors, but men are
not in the habit of looking beyond their
noses; they live in the present and give
no heed to the future, and they are prone
to Jump at anything that will add to
present enjoyment and power, quite con-
tent to lei the future take care of itself.
And 80 VIC find Gage, as the represent
ative of the moneyed interests, standing
for currency contraction and low prices,
believing that the interests of those
classes lie in the direction Of dear
dollar.
So in the selection of Mr.. Gage as Sec
retary of the Treasury, we have prom
lse, as we have in the appointment of Mr..
Sherman, that the policy of the new
administration will be directed so as to
serve the ends of the moneyed interests,
duclng classes. 1t is not a cheerful
promise, but it cannot be mistaken. The
policy of the country is to be directed
toward the building up of an oligarchy
Continued on Fifth Page.