The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1899-12-24

fall. II the amount OF money which can
be used to transact the business of this
country Is large. much larger than there
Is demand for, then money Will be cheap.
II. on the other hand. the supply Of money
Is not large enough to meet the demand.
II two dollars are needed whore only one
dollar can be found, then money will do
Just what everything else would do unde(
the same circumstanccs--it will rise In
value and purchasing power.
Tho law Of demand and supply 70 nat
ural law. and there are no exceptions to
the laws OF nature. They are general: :
they are universal. In all countries, In all
ages past, men have attempted at times
to get control of the stock or supply OF
one article or another in order to be able
TO put UP the prices and thus enrich them
selves OF the necessities OF their fellow
men. They are all about us today. and
we call them trusts. They so hand In hand
with the power that Is Attempting to force
this bill as a law upon the American peo
pie. and they are both moved by the same
purpose, hoping and expecting the same
result,
Mr. Chairman, this bin Is bad because It
Is retroactive In Its effect. and makes all
the obligations OF tho government and
the private obligations OF the citizen pay
able In the lawful money OF the United
States. and that money was gold silver
and paper. by the destruction OF the
greenbacks. as proposed In this BILL and
by making all the silver and paper cur
rency charge upon gold, leaving gold the
only legal tender money. the money OF
the country will not only be contracted,
thereby adding TO the value OF the re-
naming money, but tho gold will be ad-
l1x- In sd L., al, hAn
will be authorized by law to perform a
function that no other circulating mefseyl
or money can perform. This purposed
legislation will change the contracts to
the injury OF tho debtor class OF this
country,
All laws affect all persons some and
many persons seriously, The effect OF
this law would be to materially and se-
riously affect the weaker class of our
people. the debtor class Should It follow
that under this law we would have a re-
dundant currency or an Increased volume
OF money, then it would injuriously az
feet the creditor class of our people. u
iayors TO one OF these classes must be
given by law, where In Justice and equity
ought IL to fallY Most men become debt
ors from necessity, Food and raiment
must be obtained for themselves and those
dependent upon them, and in order to OBJ
;ain Il they must pledge Their future labor
to obtain credit. Most men become credit
ors from choice and for profit. 1t Ia the
expected Interest and profit that buy the
use of the money OF the creditor. Then,
II one must suffer by law it Is but equita-
BILE aud humane that he who is weakest
and enforced by the necessities OF himself
or family TO incur Obligations should re-
ceive the favor of the law.
Mr. Chairman, l predict that II this bill
becomes law It will result in an apprc-
ciating currency. Were the operation of
an appreclatng currency equal upon all
men, little damage might be done, but no
perlshes first who Is weakest, and by HIS
ruin drags down the stronger. The farmer
Is the weakest of capitalists, and therefore
has the least power Of resistance. because
he can not suspend production In like
manner farm labor Is weaker than Indus
trial labor. because it can not combine.
The farmers OF the country per capita may
be the smallest debtors, but In the aggre.
gate owe the largest sum OF money OF any
class OF it's citizens,
This bill purposes to !mpound and fur
nishes the means and opportunity to de-
4 stroy S346 100000 OF the lawful money
( Cgreenhaoks) OF the United States, ant
/ yet We have the anomalous statements
made by the friends of tho bill that its et-
u
I money.
| MIR. Chairman, the last and possibly tn,
most dangerous provision OF the bill Il
that section which purposes to delegate
further sovereignty and greater power Ia
the National banks. | am not opposed "a
banks when they operate within their
proper sphere and do not exercise the
functions OF government. In fact would
aid them IL all manner of ways that they
r,.. - ~.
Of the country. Blu their history has hesn
one OF constant danger 30 the republic.
Almost since the beginning OF our history
between the people and tho banks there
has been an irreprosslble cosilict, and this
conflict VIII never be over so long as gov
ernmen,s are so constructed and legisla'
don so enacted as 10 give scope and OPP
portunty for the free operation OF the
principles OF greed, ambition, seIhshness
and love Of power.
Scarcely had our government been in
stalled when some men from the Eastern
States came 70 congress aud asked this
body 10 delegate TO them the power 10 Is,
sue paper money and thus control the
-noney supply OF the country. This ra'
quest, SO hostile To the spirit OF denqc'
racy, was the lrst test OF the new system
II was the first deviation from the idea o
equality to all and special privileges t,
none. Had our forefathers wlthstood this
attack boldly much OF subsequent Amerl
can history might never have been writ
ten: but they yielded and charter wa
granted for twenty years to an institution
10 be known as the United States bank
The next great trial of strength between
the people and the classes occurred wbel
| the first charter OF the United States banl
expired by limitation and second charte
was asked for. The friends OF the people
fought the measure with all the energ.
they possessed and clearly pointed out IT.
nconstItutlonality and It's hostility TO tb
fundamental idea OF popular government
In vain did Mr.. Jefferson say: Bank pa
per must be suppressed and the circulation
restored to the Nation, to whom It be
| longs" In vain did he say. II have eve
been tho enemy OF banks--not OF thos
discounting for cash, but OF those foistlnl
their own paper into circulation and thu
banishIng our cash"
The bank triumphed by using In III
struggle against popular rights the yer.
| power which the people had granted to 1t
| When the second charter expired its advo
\ Gates again came before congress and de
manded renewal OF the charter. For
| tunately for democracy, Andrew Jackson
a man who knew no fear OF the harm
which corporate influence could do him
fought the measure with all the energ,
| Of his intense nature; but 1t was again II
| vain.
In vain did Secretary OF the Treasurl
Gallatin say: 1.-THE right OF issuing pape
money as currency like that OF gold AM