The Mason County journal. [volume] (Shelton, W.T.) 1886-1927, 1898-06-24
The Original POpulism.

There was strong Populist party in
England two hundred wears ago. A
very interesting account of its rise and
fall may be found in Macaulay's his
tory, chapter XIX. Those who will
read this chapter will find that Popu-
lism meant then just what it means
now. 1t came into notice for the
same reason as it did in this country
because times were hard; it urged all
the remedies for hard times that Popu-
lism urges now, including cheap silver,
sub-treasury loans and fiat money; it
came to the same end that Populism
is now rapidly reaching-honest meth
ods and good times killed it.
The trouble that brought the Popu-
lism of that day into existence was
clipped coin. Coins were made with
the hammer in that day, and were ne
cessarily imperfect. The edges were
not milled and great many people
made business of siearing or scrap
ing off a little of the edge of every
coin they got hold Of. This was kept
up so industriously that all the coin
in circulation in some places was re-
duced to half size and weight. This
led to endless trouble, for people paid
by tale where they could, but mer-
chants, bankers and others would re-
ceive only by weight. These were the
plutocrats and monopolists of that age.
All the new coins that the mlnts
could turn out went into hiding or
or were sent out of the country, for
foreign merchants would not take the
mutilated pieces except as bullion.
New gold coins advanced in value
until sovereign was worth twenty
five, then thirty and even forty shil-
lings. A populistic remedy for this
advance of gold was suggested and
tried. The highest price Of sover-
eign vas fixed by law at thirty shilling.
but the law had no effect. The clip
pers were hanged as fast as caught
but that did not lessen the number
who engaged in the profitable busi-
ness.
Finally the Populists proposed a
plan like that of the last Chicago plat
form-the shilling should be reduced
from twelve pence to nine and a hall
pence. This plan was seriously con-
sidered by parliament but it only in
creased the trouble. Not only the new
coins but all but the smallest and
most mutilated went out ot clrcula-
ton. Nobody paid his debts because
he hoped by waiting to pay all he
owed by paying nine and a hall
twelfths of it. Business came to a
standstlll. The mills and factories
discharged their workmen because they
either could not get money to pay
them, or could only such poor money
that workmen could buy nothing with
it except at two prices.
This raised a great outcry against
corporations and monopolies, just az
in the present time. Sir Isaac New
ton was made manager of the mini
and increased its output of new coins
by twenty fold, but it did no good
The new CONS still went into hiding
as fast as they appeared.
Then the plan OF the Omaha plat
form was suggested, and, strange to
saw, was tried. A land bank was start
ed-that is to say, was authorized by
parliament. and it was cOnfidentl.
promised it would "bust" the pluto
cratic Bank of England, then just be
ginning its career. This land bank
was to be run by government favor
It was to have a capital larger thar
the Bank of England and was to lent
money on land up to its value, which
was to be fixed at the total of its rent
al for one hundred years, or about tiv'
times its real value. This was to en-
able all land owners not only to ca
their cake and keep it, too, but keeI
it five times over. AS might be ex
pected this plan was very popular will
land owners, and there were many o
them in parliament at that time.
The bank never got started in bus
mess. The reason was that nobod,,
who had money would put enough in
to the scheme to start it. The kin
subscribed $4,000 to the first 92,OOO
900 of its capital, just to give it send
off, but even with this bait all the 9th
er people in the world would not sub
scribe another $4,000. The happ,
idea of issuing government paper with
out limit to start it was not tried
probably for the reason that the pape
the government was already issuing t
meet existing requirements was wortl