The Negro world., 1900-04-21
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The Cause of Free Silver.
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JAY COOKIES MAxIRI.
Mckinley Prosperity nunt ON the
Theory That National Debt Is
National nlessInH.

~ national debt, hatsonal bless
ing" This was Jay Cookies familiar
saying, aud its acceptatce as a trmsm
Is the parent of our financial degrade
tion, dishonesty and corruption to-day,
Moreover, its offspring is the PERM.
cious money power whleh is grasping
our entire circulating medium and dol
ing out TO deluded pesple, at cent
per cent. rate. as much as il thinks
the said people ought 70 be allowed to
have.
Now comes the perpetuntion of the
Jay Cooke maxim through the refund
ing scheme which the senate has just
passed. II the bill becomes a law IL will
compel the country to carry the entire
present national debt for at least an
other 80 years. 1t will saddle our in
iQuities upon our descendants.
but the increasing surplus In The
United States treasury gives every in
dieation of being sufficient TO pay off
the present bonded Indebtedness of
ss50,00o,oo0 inside of the nine years
they have yet to run. and there Will be
no interest to pay after 1000 These
bonds IL is proposed tc.refund In new
ones having 30 years To run. and turn
them over 10 the national banks as
basis for their circulation notes. and IN
this way future congresses will find II
impossible TO bring about the with
drawal of the latter aIll replace them
with the government'R own notes or
greenbaeks. II is destroying he power
OF the government 10 create money
and vesting that power In private indi-
vlduals.
AS the bonds which II is proposed to
refund into others To run for 80 years
are not yet due they will have to be
bought in the marked at the current
premium IL the sunnte bin goes
through. This win offer Wall street
splendid chance 10 send up the price
and make complnisant secretary of
the treasury pay 1t, This is another
reason why the scheme meets with So
much favor from the money trust. As
the bonds To be bought are quoted to.
day, their purchase viii cost the gov
ernment almost 500, Zoo goo above their
face value, and when the law under.
takes To provide for their retirement
the price win of course go stlll higher
The plausible republican argument
Is that by the refundlig there viii be
4 slxin9 sof inferg 4 Khat a1s.Near
bonds bearing two per cent. will be in
better demand for Investment purposes
than bonds having only eight years 10
run. bearing three per cent. But II the
money for the payment Of the s3ebt IN
in the treasury. earning no interest. II
Is the height of absurdity 10 pay two
per cent, or any interest.
1t Is a manifold robbery of the peo-
pie. II robs them Of 30 years inter
est at two per cent. or 60 per cent. ON
sss0,000.00o. or s5l0,000.Gun; IL robs
them Of over 500. 100000 for premiums
on the present bonds; IL robs them Of
the interest on the money which the
banks create on the bnsis of the re
funding bonds. and II puts a mortgage
upon every dollar that sweating labor
earns to It's fun equal amount.
II this thieying scheme Is accepted
by the house. then the republican party
will be confronted during the coming
campaign with a wave Of Indignation
that will almost end In revolution.
The people do not yet fully grasp the
true inwardness of the outrage, but
they will bc made to understand that
Jay Cookies maxim is the equivalent Of
the Mckinley prosperity rcpudia-
tion Of honesty and the providing Of
the teh with safe and profitable in
yestnents at the expense of all the
people and their reduction 10 a slayish
dependence upon mereiless money
power,--Illinois State Register.