Little Falls herald. [volume] (Little Falls, Morrison County, Minn.) 1889-1950, 1898-04-29
HERE ARE THE FACTS.
They show Why the People of These
United States Are Financially il
,Embarrassed. - -

1cChudA4, III tue hcuO JOuIAdl, is pEOOl
that there are thinking men in Nevada:
The gold coin in the United States
is mortgaged ten times over to alien
creditors.
There is not enough legal tender in
the United States to pay 40 per cent
of what the banks owe to depositors>
The entire supply of gold coin in
pay one years interest on the real
estate mortgages and railroad bonds.
The Understanding debts of the peo-
pie and corporations in the United
States is larger than the assessed valu-
alton of the entire property.
The total supply of lawful money in
the Unite1states is notsuf6cient to pay
the pu;o1ic and private debts of the peo-
pie and corpora tons of Greater New
York
Interest on bonds and mortgages
takes the money out of circulation more
rapidly than the people can create more
collateral for new loans, and as a re-
suit, the great bulk of the circulating
medium lies congested in dark vaults.
The foregoing facts show plainly
that the gold standard is lead
ing the people of the United
States into financial chaos, and the
bondholders are the cause of the gold
standard being imposed on the people
of this country.
The following acts of congress prove
conclusively that the bondholders have
had almost absolute control of finan-
cial legislation for more than 30 years:
The contraction act of 1866, which
provided for the retirement of the cur
rency, to be replaced with interest
bearing bonds.
! The creditcstrengthe act of 1869
and the great refunding act of 1870,
which made the paper currency and
bonds coin obligations.
The demonstration of silver in 1873
The resumption act of 1875, which in
effect made gold the standard after the
LIST OF January, 1879.
To offset this legislation in the in
terest of the bondholders we have the
Bland-Allison act of 1873, which pro-
vides for limited coinage of silver,
but the bondholder again got in his
deadly work and had an exception clause
inserted in this act which legalized the
gold clause in bonds and allowed the
bondholders to practically demonetize
silver as far as their future dealings
were concerned. The same exception
clause was inserted in the silver legis-
lation of 1890. Both laws are now re-
pealed, but the exemption clause is
still in force, and applies to all the
money issued under these two acts.
The bondholders are not yet satisfied
and are now making stupendous efforts
to have our few remaining greenbacls
retired and replaced with more inter
est-bearing bonds. More bonds mean
more interest to pay; this increases the
demand for money and enables the
bondholders to absorb the supply more
rapidly and demand more bonds for
it's return to circulation.
AS we get deeper into debt, the bond
! holders tell us that capital is very timid
and that the continued demand by the
silverites and populists for a. "debased
currency is impairing' our creditI at
home and abroad, and may result in
a panic,
Mr.. Editor, there is a very simple rem
edy for the deplorable financial con-
dition of the people in the United
/ States. Supplement the free coinage
, of silver with a sufficient supply of
genuine fiat paper money to be put
into circulation through internal i'm
provements by the general govern
ment. Pay the bondholders in the
same kind Of money as is paid to the sol
der, farmer or laborer, and, if the
emergency requires it, let Uncle Sam
become the banker for the people of the
United States.