The Black Hills union. [volume] (Rapid City, Pennington County, Dakota [S.D.]) 1889-1904, 1898-06-10
REFORM IN FINANCE.
THE SAME FIGHT OUR FATHERS
FOUGHT.

Congressman sutherland OF Nebraska
on the Political Issues of Today-The
People Against the B~ondholdcrs and
Financial Schemers.
The great questions of bimctallism
and financial reform are occupying the
close attention of millions OF Amer
leans today. While we are divided
On numerous minor issues, yet we are
united on the vital question of the
day, and in my Judgment nothing can
break the union OF the silver forces
until we have won a victory that will
be a milestone in the nations march
toward higher and better things. Our
fathers fought the same fight we are
engaged in now. They have furnished
us a lesson in patriotism that will be
we'll for us to learn anew. They de-
cided, and from that Judgment there
was no appeal, that the nation Of
their day could legislate on matters of
moment and concern to the people
without asking the aid or consent of
any other country of a degree high or
low. We have had the benefit of their
experience and aught to profit by their
example.
Due regard must be had for capital
as we'll as for labor, but l think all
agree that labor should receive careful
concern at all times, as it is very rarely
the case that capital is unable to sus-
tain itself in any struggle. For the
past thirty years especially has the
money power been Industrious. 1t has
awakened to possibilities never before
dreamed Of, and its growing power
should be lawfully checked or it will
soon be too late.
Hugh Mccullough, secretary Of the
Treasury, in his report for 1866, said:
Very different from this is that grad
ual, healthy II general advance of
prices which is the effect of the in
crease of the precious metals. The coin
which is obtained in the gold and sill
yer producing districts, although it
first affects prices within such districts,
following the course of trade, and in
obedience to it's laws, soon finds it's
way to other countries and becomes a
part of the common stock of the ma
tons, which increasing in amount by
tho regular product of the mines, and
in activity by the growing demands
OF commerce, advances the price of la
Dor and commodities throughout the
commercial world" He persistently
argued, in this and the report of 1867,
that the price of products m labor
were high. and that the continued con-
traction of the paper currency as a pol
icy should be maintained. Said he:
How rapidly they may be retired must
depend upon the effect which contrac-
ton may have upon business and in
dustry, and can be better determined
as the work progresses" Again he
said: THE prices of most kinds of
property in the United States advanced
near three-fold during the war, but
this advance was mainly the result of
the increase of the circulating medium
and in reality only indicated it's depre-
cation. The purchasing power of the
money in circulation was diminished
in the ratio that it's volume was in
creased. The farmer, for example, re-
ANiNSu i NolldlS IL DuSlleI LOT MS
wheat, but except for the payment of
debts these three dollars were of no
more value to him than one dollar was
before the suspension of specie pay
ments.' He succeeded too we'll in his
policy of contraction. The wicked work
went on. The capitalist was determin-
ed that his dollar should buy more and
more in the labor markets of the world.
Not satisfied with the contraction of
the volume of paper money, the same
money power struck at coin and the
crime of 1873, that should never be
forgotten until the wrongs committed
under it have been rectified, was COM
mltted. Teach the young men, and
freshen the memory Of the old ones.
as to the evil consequences of this
great act. What a patriotic opportuni-
ty we have in the twilight of the nine
teenth century to aid in the work of
restoring the money system that was
established by the founders Of the gov
eminent.
From the contraction of the paper
money to the adoption of the gold
standard by our country has beer a
short, swift and painful step. The
London Economist. the great statisti-
clans Saeurbeck and Soetbeer say, and
the people verify it, that for twenty
years the prices of products have been
falling. The debts of the people have
increased and they are hearing burdens
grievous to be borne. The gold dollar
has risen in value and day by day.
and veal by year, it requires more and
more of the toll Of the laborer and the
products of the farm to buy it. The
Democrats who stand on the Chicago
platform, the Populists, of whom I
am one. and the Lincoln Republicans