Hutchinson gazette. [volume] (Hutchinson, Kan.) 1895-1902, 1898-08-18
DEBTOR AND CREDITOR.
RELATION IN WHICH NATIONS
STAND TO EACH OTHER.
a Speech Before tho Cork, Ireland, Cham
Der of Commerce In which Silver
and the Fall OF Prices and Debtor and
Creditor Nations are Discussed.

The question Of currency reform, and
more particularly to that aspect Of re-
form which has to do with the none
tary future of silver was quite UNI
known n few years since, but hos now
become the leading economic issue the
world over. Stated In simple language
the case for reform Is this, The world
may. for the purpose Of the argument,
be divided into debtors and creditors
into those nations or those classes or
those individuals who have borrowed
or loaned capital for the purposes Of
industrial production or development,
just as England is creditor nation
and Ireland Is debtor nation, 80 also
the western and southern states Of
America are debtors to such states as
New York or Massachusetts, as also to
England. II is hardly necessary to re-
call the historic presidential fight Of
1906, when Mr.. Bryan made his cam
paign for free silver" and it was de-
featcd by majority of only three per
cent OF the voters in total vote OF
nearly fourteen millions This great
struggle 10 the United States was suf-
ticient to attract the attention Of the
world to the organized claim Of the
debtor communities --communitics such
MS Missouri, Georgia, or Texas, that
changes in monetary laws since the
demonstration Of silver in 1873 had
dealt unfairly with the property of
debtors, because they had brought
about great fall of all prices, and
this fall Of price0 required the sacri-
fee by the debtor Of nearly twice the
amount Of the produce of his farm, in
order TO pay the interest due to the
creditor
And not less ominous than the great
electoral struggle itself was the tone
and temper Of the organs Of public OPP
inion in the great mouey.lending cen
tiers. That there have been great
changes and even revolutionary
changes, in the monetary law, from
the demonetizing Of silver al Washing
ton and Berlin In 1873 to the closing of
the Indian mints by England in 1893
these vast changes have been noted by
every man Of business and by every
student Of economic issues. But when
it was declared by n great historic par
ty that these currency changes were
unfair to creditors, and that the laws
which sanctioned these changes should
be repealed, no language was vehement
and fantastic enough to stigmatizc the
reform par.y-the party of ANARCHY"
and 'repudation," the "assassins of
the public creditl"l tl
The currency question is admittedly
one Of much complexity, question
with which public opinion is ill-equip-
ped TO cope. IL has TO do with the
most complicated and least popular
chapters Of that least popular OF all
the sciences, Political Economy. But
it is for all that question Of incom-
parable Importance. As Archbishop
Walsh was amongst the first.to declare,
it goes to the very root Of the Irish
land question. If the price of land,
which has fallen moro than onc.half
during the past quarter of century,
declines no less rapidly in the coming
quarter Of u century, what will be the
position of tenants who are to-day
purchasing their farms on the INSTALL
ment plan under the condition Of the