Natchitoches populist., 1898-07-08
REFORM IN FINANCE.
THE SAME FIGHT OUR FATHERS
FOUGHT.
Congressman Sutherland Of Nebraska
on the Political Issues of Today-The
People Against the Bondholders and
Financial Schemers.


Financial Schemers.
The great questions Of bimetallism
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 lesson in patriotism that will be
well 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 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 | 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. It 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 and 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 1t
first affects prices within such districts,
following the course Of trade, and in
obedience to its laws, soon finds it's
way to other countries and becomes a
part Of the common stock OF the ma
tions, which increasing In amount by
the regular product OF the mines, and
In activity by the growing demands
OF commerce, advances the price of Ia
Dor and commodities throughout the
commercial world" He persistently
argued, In this and the report OF 1867,
that the price Of products and labor
were high, and that the continued con-
traction of the paper currency as pol
Icy should be maintained. Said he:
How rapidly they may be retired must
depend upon the effect which contrac-
tion 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-
citation. The purchasing power of the
money in circulation was diminished
in the ratio that its volume was in
creased. The farmer, for example, re-
ceived three dollars a bushel for his
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 well 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
mitted. Teach the young men, and
freshen the memory OF the old ones,
as to the evil consequences Of this
great act. What 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
ernment.
From the contraction OF the paper
money to the adoption of the gold
standard by our country has been a
short, swift and painful step. The
London Economist, the great statisti-
clans Saeurbeck ard 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 year by year. 1t requires more and
more Of the toll Of the laborer and the
products Of the farm to buy 1t. The
Democrats who stand on the Chicago
platform, the Populists, of whom |
am one, and the Lincoln Republicans
say that those whose patriotism Is.
measured by the interest they receive.
on their bonds and the dividends they
gather from stocks shall not dictate
the policy OF the country, but the peo-
pie who are the source of all power
shall decree what is right and just for
all men: that the man who can count
his dollars by millions shall receive
the same nrnt acfin1l under fha La M hut