Manchester Democrat. [volume] (Manchester, Iowa) 1875-1930, 1906-11-07

lurlng the democratic party. HAD
the democrats been as disloyal to
the country last winter, as the re-
publicans of Mr.. Shaw's faction were
during Cleveland's last term. what
would have become of President
Rooseyelt's program for reform legls-
lation?
Theleepublican-C Cleveland alliance
which continued the hard times Of
'92, was repudiated and denounced
by the democratic national conven-
ton which met in Chicago in 1896.
John g. Carlisle, Cleveland's Sec
rotary of Treasury, who reversed
his entire political record, and per-
sisted in policy Of money contrac-
ton to the injury of his country,
was condemned by the democrats of
his own state, and re-christened
Judas g. Carlisle. Even to this
day it is hardly safe for him to re-
turn to Kentucky. Can it be truth
fully said that the democrats were
responsible for the conditions which
existed in ninety-two? Was not
Secretary Shaw pointing to an I'M
patriotic record made by his own
faction of the republican party every
time he referred to the hard times
in the nineties? Without the sup
port of the monopolistic faction of
the republican pasty, Cleveland and
Carlisle would have been harmless.
Carlisle has been political lshmael-
lite ever since, and yet he is no worse
than his republican accomplices.
Some of the young men to whom
the Secretary addressed his remarks
may not now recollect that the hard
time continued after Mckinley was
elected. The confidence talk proved
a veritable confidence game. Mon.
ey was still scarce, made SO by law,.
and like every other scarce article of
necessary use, it was dear. Ii there
should be a widespread failure of
grain crops next year, grain would.
be scarce, the supply would be short,
and the price would be dear, The
same law governs the the money of
the country. When it's volume is
How, prices are low; or, in other
words, it takes more work to earn or
procure dollar when there are only
| $4,000 in circulation for every per-
son in the country than it does when
the volume Of circulating medium is
increased to $50 or $35 per capita.
After McKinley's election, this fact
was recognized by the very men
who encouraged and supported
Cleveland in his scarce money pol
Iicy. By their votes, another bill for
the coinage Of the seigniorage was
passed and signed by President Nc
Kinley, and that store of silver was
coined and putssinto circulation.
l The law which gave national banks
the right to draw only 90 cents in
national currency for every dollar of
government bonds deposited by
them was changed SO as to allow the
banks to draw the full face value in
national currency of all bonds de-
posted. This increased the entire
national bank currency of the coun-
try 10 per cent. And many other
things were done to increase the cir
culating medium. The cumulative
theory of money which Mr.. Shaw
vigorously denied IN his speeches in
1896 has been literally recognized
by every republican administration
since 1896, and it has resulted in a
general increase in prices.
Ordinarily, when the per capita Of
circulating medium is $4,000, prices
Iof everything should be double
what they were when it was only
j. $4,000.
But Of what avail are high prices,
if the trusts (the big boys referred
to SO alfectionately by Mr.. Shaw are
permitted to destroy competition
and absorb the earnings of the
many? Are not the consumers of
this country as much entitled to
competitlon as the trusts are to pro-
lection?
1t is safe to say that ut no time
in the history Of the nation has SO
large part Of the earnings of labor
been taken and appropriated by a
few men as Shaw's big boys have
taken from the people of this coun
try. No feudal lord ever approach
ed the greed and rapacity Of the
steel trust, or the Standard Oil trust.
If Adam had worked every day
since the creation of the world, and
had saved every cent of his earnings,
his fortune would about equal that
of Andrew Carnegie's but he, would
still be far short of the Rockefeller
class. 1t would take about $500
per day for 5000 years to make a
| snm enna1 m the wealth of .Tnbn n