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The advocate. [volume] (Topeka, Kan.) 1894-1897, February 07, 1894, Image 12

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Some Examples of Each That Indicate the
Causes of the Former and the Policy
Hecessary to Restore the Latter to the
Editor Advocate: There are two
cchoola of financial thought, or rather
action, in this country as in Europe,
representing two distinct theories ot
money and finance. One ot them holda
that the normal condition of the mams
is that ot toilers, working for just enough
to keep body and soul together and
being content therewith. The other in
fiiats that it ia the right of labor to thrive
and lay up something tor a rainy day
and tor old age, and to educate its chil
dren. In a word, to elevate itself to a
higher plane in society, to a familiarity
with books and pictures; and ultimately
to become exempted from continuous
toil and enjoy the benefits of its early
Industry in uninterrupted leisure and
repose. The former may be called the
hard pan school since they are ever
exerting themselves to thrust the la
borer and producer down to the lowest
depths of existence, and eo engineering
things as to keep them there. Every
now and then you hear one of them da
clare with the wisdom and authority of
a Solomon, MOh, there's no sense in in
creasing the currency. That would only
afford a fictitious prosperity. We would
have to get down to bard pan sometime."
This is the doctrine ot the gold mongers
and of capital against labor and produc
tion. It assumes that the normal and
natural condition of labor is that of
hardship, privation and suffering, and
that this condition is not only proper
but absolutely neceasiry and unavoid
able, viz.: the bedrock and hard pan of
low wagss, scant work and consequent
continuous poverty and privation. As
though the hard times from 1873 to 1893
in this country were more natural and
reasonable than the flash times from
the close of the war down to 1872 inclu
sive. And one ot the devices they have
worked, for the accomplishment of their
purpose, both in this country and in
Europe, has been the reduction of the
money volume from a fair per capita
supply to a minimum, thus of course,
enhancing the value of what remained
in the hands of the shylocks, who pos
sessed it, and forcing the value of labor
and its productions to a point inadequate
for its support and the education ot its
children. And thus combinations and
trusts aie better enabled to monopolize
and control the neceosarif a ot life, still
farther completing the subjugation and
serfdom of the masses of God's poor
As opposed to this hard pan doctrine
is that which advocates a generous
supply of money for the business world,
and holds it as indispensibls as a gener
ous supply of blood for the human body.
And of this school are, and have been,
all true sympathizers with "the plain
people," as Mr. Lincoln denominated
them; "with man as man, without regard
to his condition in life or his surround
ings," as Mr. Jefferson referred to them.
And Mr. Jefferson and Dr. Franklin
were advocates of a large circulating
medium; as they had witnessed its effects
in reviving the drooping energies of the
colonies long before the American revo
lution and as they have left ample testi
mony to that effect. Having cited Mr.
Jefferson to this effect in a previous
article in the Advocate, I need not do
' so again. lie insisted upon a volume of
$200,000,000 when our population was
less than 9,000,000, and when we had no
nnrmfitid cnvmmnt rftflArvoa and rn
4,000 banks hoarding their millions, as '
at this day. Senator Plumb was a dia-1
ciple ot this school, who labored assidu
ously day ia and day out in the senate
to secure a larger circulating medium,
and demonstrated to that body and to
the country that the results must be
woeful indeed if it was not accomplished.
Nearly his last words in the senate were
that "the bondholders and moneylenders
qave decreed that nothing shall be done
which can operate to make the burden
of the people lighter by increasing the
volume of the currency or even by pre
venting further contraction." A presi
dent of the United States in a recent
message to congress, decants upon "the
vices of a redundant or plentiful cur
rency as tending to keep up prices to the
detriment of trade," eta, and this at a
time when there ia no money afloat in
the land and prices are literally crushed
out When did the country ever enjoy
better times or have a larger trade than
from 1865 to 1873, and in corresponding
periods in English financial history. Let
us refer to those periods as well as the
darker ones resulting from an opposite
financial policy, and let them speak for
themselves. All history records the fact
cited by a lady correspondent of the Ad
vocate some time since, that "In the
fifteenth century, previous to the dis
covery of the New World, there was only
$186,000,000 of money ia the world one
third gold, and one-third silver, but both
eo scarce as to be unseen by the common
people; civilization was at a standstill,
business paralyzed and famine and dis
tress ruled the land. The colonists,
seeking liberty, found only its empty
shell, for they learned as man has ever
learned, that there is no slavery so hope
less as that of poverty. The world has
never known a serfdom or system of
slavery which wealth could not emanci
pate. Bat there was little choice be
tween the poverty of the colonies and
that of the old country, so with the new
semblance of liberty they were content;
making, in the absence of authorized
money, a legal tender of dried fish, coon-
skins, tobacco, and other articles of pro
duction. On account of its universal de
mand and the greater convenience,
tobacco, after a time, became the chief
medium of exchange, and was accepted
as legal tender, not only in the oolonies,
but by imperial Eogland who sought it
eagerly, but now demands gold, and gold
Now, a pioture of the other side, and
the result ot an opposite policy; from
the same correspondent:
"In the early part of the sixteenth
century, when gold ana silver were
poured into the Old World from the
new continent, free coinage of both gold
and silver made money so plenty that
land, labor and the produots ot labor
rose almost instantaneously on an aver
age of about 200 per cent, and the world
laughed with suoh prosperity and plenty
as it had never known before, nor has it
known since."
Sir Archibald Allison, the historian of
Europe, piotures the transition from
death to life (so to speak) that followed
the introduction of an increased circula
tion of money into Europe as a result of
the discovery ot the mines of the New
World as follows. He has been often
auoted in this connection, but I must
quote him again, as his words embody
the whole philosophy of the question.
He says:
"The two great events in the history
of mankind have been brought about by
a successive contraction and expansion
ot the circulating medium of society.
The fall of the Roman empire, so long
ascribed in ignorance te slavery, to
heathenism, and to moral corruption,
was, in reality, brought about by a de
cline in the silver and gold mines of
Spain and Greece. And as if Providence
intended to reveal in the clearest manner
possible the influence of this mighty
agent in human affairs, the restoration
ot mankind from the ruin this cause
had produced was owing to the directly
opposite set of agencies being put in
operation. Columbus led the way in
the career of renovation; when he spread
his sails to cross the Atlantic he bore
mankind and its fortunes in his bark.
The annual supply of the precious met
alsof money for the use of the globe
was trebled; before a century had passed
the price ot every species of produce was
quadrupled. The weight of debt and
taxation insensibly wore off under the
influence of that prodigious increase; in
the renovation of industry Bociety was
changed, the weight of feudalism cast
off, and the rights of man established."
The next great drama in European
financial history followed the suspension
of specie payments in England during
the great Napoleonic wars, and resulted
from the contraction preparatory to the
resumption of such payments in 1824 It
is thus described by an old chronicler
who was a personal witness of the con
dition of things previous to and after
the contraction had taken place. Who
can describe London before and after
that scourge had fell upon her? Then,
so great was the demand tor room that
even the splendid gardens that had done
duty for centuries in supplying her with
flowers, eta, were sold for building pur
poses, and covered with workers laying
out streets and squares, leveling hills,
filling up hollows, erecting houses and
digging fountains. Employers, carpen
ters, bricklayers, hodmen, masons and
laborers of every kind and degree were
as busy as bees; and every other depart
ment of industry was equally alive and
active. Rjally the city was such a type
of wealth and prosperity that an ordinary
observer would imagine that she would
doule her census in ten years, and that
no power on earth could arrest her in
her onward career.
But now, what a fall. General stag
nation has taken the place of energy and
activity; the operatives are all ruined,
the workers idle, huge heaps of lime,
sand and mortar lay here and there un
used, foundations abondonsd, thousands
of houses left unfinished and given up
by their insolvent owners to the tax
gatherers and the poor masters.
In short London represents, since
that calamity, rather a city sacked by
Goths and vandals than a place occu
pied by a civilized people. Even in the
Strand and Fleet street, the busiest
marts of trade, are scores of shops closed
and labeled to let and for sale; and
dwellings by thousands are deserted and
falling into decay, mechanics and la
borers having fled for employment to
happier countries.
The above is but a feeble pioture of
the calamities brought upon us by our
rulers; and all in the name of specie pay
ments, altogether unnecessary and un
called for by the masses of the people,
but as a superstitious sacrifice to the
god of gold, purely for the benefit and
advantage of the bondholding and aris
tocratic class who run the empire. For
the upshot ot it all was, as I have stated
before, that the number of land holders
of the kingdom was thereby reduced
from 100,000 owning over a hundred
acres each down to 30,000, and every other
industrial interest was stricken down and
suffered in proportion. And this, a
stinted currency, is one of the means
England has employed to crush out
Door humanitv and keen it in uhiaMinn
I to a lordly class. For she has not in
" creased the volume of her circulating
medium ttt forty years, although her
trade and business has doubled and
quadrupled over and over again in that
time. Bat how different with France
and how different the results, we will
see hereafter.
A Linn County Farmer.
Kansas City is just now having an A.
P. A. excitement on which to feed its
army of unemployed. The Express has
taken no part in the wrangles over the
merits or demerits ot this much adver
tised society, but of one thing all
maybe assured, there is big game in it
all for the party of Wannamakers, Har
risons, and that part of the American
protectorate. It is not our province to
dispute the rights of those honestly in
clined to organize to resist the encroach
ments of any foreign foe, be it religious
or capitalistia Bat when you see move
ments engineered by such delectable
types of religious virtue as Matt Quay
you may set it down there is a scheme
behind it all that means more fetters to
American freemen. The A. P. A. has
gained its great number of recruits
through the indiscriminate circulation
ot an alleged encyclical letter of the
pope's that ha-, times without number
been proven indisputably to be a for
gery, and lacking of any foundation in
fact The leading apoitles of the order,
"ex-priests" and the like, have given
ample reason to satisfy the most exact
ing that their own moral natures were
too baa to hold positions under any ec
clesiastical fraternity. Chicago Express.
Any of the useful and valuable articles
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