Newspaper Page Text
10 THE DEAD LINE. ( Continued Jrom pagt 3.) and living a true, useful life must stay outside, or get outside, all these social circles and be self-ostracized. Chains, none the weaker for being silken or in visible, enslave all who enter these en chanted circles. The true man, the true woman, content with that great society which God organized and which embraces the human race, will refuse, in these days of hone, to know any "set" but human kind; but will cherish most the miserable for whom fashion able society knows only scorn, and for whom it builds prisons and scaffolds after driving them to desperation and crime. (To be continued.) PANICS AND HARD TIMES. The Legitimate Result of Our Ban System. NO VIw Editor Advocate: Who would be lieve that the,-American people would longer tolerate a banking system that "V Jffould "play such fantastic tricks in the sight of high heaven" as were charged by Senators Coke, Vest and Voorhees in our last on this subject, if we had not seen similar acts and crimes on their part condoned heretofore, and they allowed to go on again as if noth ing had occurred to mar the equa nimity of community and much less to spread ruin and devastation broad cast over a continent and throughout society. For the scenes depicted by senators have been enacted every ten years at farthest during the existence of our government, as history proves repeated again and again, and the country victimized in the same manner and to a similar extent on each occa sion. Peter Cooper bore testimony as we have heretofore shown, that he had passed through ten great panics that paralyzed business and prostrasted in dustry for years, in each case. Ilather would one suppose, that as the Savior scourged the same elements from the sacred temple, so outraged society would visit them with the besom of wrath and annihilation. It is an ex "nmnitt nt t.hft creature makincr war with its creator waving a flaming sword over the congress of the United States and threatening death and destruction unless its selfish purposes wore com plied with. It ought to be summarily dealt with, and a punishment awarded these "bodies without souls" as they are denominated, such as inflicted upon bodies with souls. The fact is, the whole system is cor rupt and rotten, and its product can only be of the same nature and char acter. Colonel Benton well described them in a great speech in the senate in 1837, as follows: "Banks of circulation are banks of failure. It is an incident of their nature. Those without circu lation rarely fail. The Bank of Venice stood 1,700 years, and those of Ham burg, Amsterdam, and others, have stood for centuries. The Bank of Eng land, the great mother of banks of cir culation, besides an actual stoppage of a quarter of a century, has had her crises and convulsions in average periods of seven or eight years for the past half century, and has only been saved from repeated failure by the British government flying to its rescue and furnishing its powerful support. Her numerous progeny of private and joint banks of circulation have run the 6ame career, and not being supported by the government, have sunk by hun dreds at a time. The most of our banks are banks of circulation, and as such are subject to the same inherent dan gers and to new dangers peculiar to themselves. In a word, our paper sys tem has become an appendage of that of England," etc. And it has been de nounced by every one of our prominent statesmen who was not suborned into its support by personal interest, and among them by James G. Blaine, as follows: "Could there be a scheme de vised that would enable a certain class of men to lay up treasure legally and without work, or to grow rich by rob bery of the people and to swallow up the earnings of the masses more effect ually than the system of banking in vogue in this country up to the time of the introduction of t& greenback cur rency?" If I was called upon to an swer his question I would say, "Yes, I the vejysystem since inaugurated and I antVMnXnA in fViia niMintpv linflpr tilA in operation nere. This specie basis system (as it is called) is a system of alternate expan sion and contraction, and as a conse quence our country has never enjoyed the advantages of a sound, reliable and unshaken currency outside of the green back. Pecuniary distress, deranged currency, panics and convulsions have characterized our whole financial his tory. Our banks, though professing to pay coin, have been in almost a chronic state of suspension. Mr. Pitt, an Englishman, but a friend of our newly established nation, sounded the alarm in 1791 when Hamilton was weaving his web of bonds and banking around the American people, as fol lows: "Let them adopt their bonding schemes and establish their banking institutions, and their boasted inde pendence will be a mere phantom. For they will be laying up an inheritance of poverty and serfdom for themselves and their children. Our predecessors, therefore, were not without warning of the evils of the bogus specie basis system, but they allowed the money power to gain control of the linancial affairs of the country and they have held it ever since. January, 18U, pre vious to the crisis of that year, Jell'er son wrote: "Everything predicted by us as op ponents of banks in the beginning is now coming to pass. We are to be ruined by a deluge of bank paper. It is cruel that revolutions in private for tunes should bo at the mercy of avar icious adventurers, who, instead of employing their capital in manufac tures, commerce, and other useful pur suits, make it an instrument to disturb and disrupt all the interchanges of property with their swindling profits, which are the price of no useful indus try of theirs. I am an enemy to all banks discounting bills or notes for anything but coin or treasury notes." And again two years later he wrote: "We are still under the bank bubble as England was under the South Sea bubble, and as every nation is liable to be under the British banking system. That teaches that legerdemain tricks with bank paper will produce as solid wealth as honest labor. It is vain for common sense to urge that nothing can only produce nothing, or to at tempt to reason bedlam to rights.' The end came, of course. In April, 1818, less than fifteen months after the Bank of the United States went into operation, it was tottering to its fall; and a committee was appointed by congress to investigate its affairs and condition. But it resorted to vigorous measures to save itself from bank ruptcy, and after a little recovered and was able to go on. But it had ruined the country. The amount of bnk note circulation in 1817-18 was $100,- 000,000; in 1819 about $45,000,000. And contraction had done its work. The devastation it produced was deep and widespread. Twenty thousand persons (equal to 100,000 in our day) were seek ing work in Philadelphia, and a similar condition of affairs prevailed in New York, Baltimore, and other cities of the Atlantic sea board; and in the west the suffering was intense. Wheat was 20 cents a bushel in Kentucky. At Pittsburg flour was $1 a barrel and pine lumber 2 a thousand. It took a barrel of flour to get a pound of tea, and a bushel and a half of wheat would buy a pound of coffee, etc. And this continued with slight modifications for years. A terrible penalty to pay for the indulgence in such a system, and one that common sense would dictate as sufficient to cure mankind from a further indulgence in it. But no; shys ters and speculators those who prey upon labor and production can't forego the opportunity that such a sys tem furnishes them to feather their nests without work and from the sweat of the. faces of other and better men, and, therefore, it is patched up, de clared now to be perfect, and set agoing anew, only to repeat the same operation on a new generation as in 1837 and 1857, which the writer well re members, with their terrible and heart rending results. Just so in England every few years. In the latter part of 1824 and beginning of 1825, the Bank of England found it necessary to cur tail its discounts to check the overflow of bullion. This occasioned a most serious crisis in that country. Seventy banks failed and two-thirds of her merchants and manufacturers were prostrated, causing great distress among the working class. Gold began to flow from the United States and our banks were obliged to suspend specie payments. A hundred failures oc curred in New York and Boston, and banks went under all over the country. The crisis, however, was not so severe here as in England, because our banks had not had time since 1819-20 to in flate their credits and circulation to any very great extent. You ask my remedy for all this? I answer a currency issued by the gov ernmentits volume and amount con trolled by government. I would have such an amount that interest would never rise above the percentage of the net product of all the industries of the country 3 or 3 per cent, as hereto fore. Because interest is the great cormorant that swallows up the pro ceeds of. labor and bankrupts the coun try, as we have seen every few years. Listen to Wendall Phillips on these points: "The power of inflation must rest somewhere. Where would I trust it? I answer, with the government; whereas to-day it is in the hands of the money kings of State and Wall streets. In 1873 the banks New York added 5,000,000 to the currency, and three weeks later contracted it $3,500,000. Bank advocates would trust the power of inflation to a hundred money kings in New York and Boston the very men to be regulated and controlled and thus place the whole country at their disposal. I wouldn't." A Linn County Farmer. United Stites Btlance Sheet. Editor Advocate: Below is given a "balance sheet" of Uncle Sam's cash account. The amounts of the ready cash and debts is taken from Gold-bug Carlisle's February 28 report. The as sets, as given, are taken from the Con gressional Record, save one, now over due the government. In John Carlisle's statement he "don't say turkey nary time to Indian:" CASH ON HAND. Gold, coin and bullion,-. ..$177,462,797 Sliver, coin and bars 508,570,076 National bank notes K4.722.132 Bonds and currency 16,320,828 Total $787,073,903 DEBTS. Loan, 1891 $ 25,364.500 Loan, 1907- 559,615,250 Refunded certificates Feb ruary 26, 1879 61,100 Carlisle illegal bonds 40,831,150 Total $025,922,000 Balance $161453.903 ASSETS. Cash deposited national banks $ 25.000,000 Tax due on whisky, 117,000,000 Pacific railroad bonds and interest 115,200,000 Total $257,200,000 Add to cash bal ance in treas ury $418,453,903 So if the United States treasury was not run in the personal interest of the railroads, banks, whisky ring, com bines and Jews, there would be now, after liquidating all our national debts, $418,453,903 balance in the treasury, and it would not amount to the skin of a gnat's heel whether that balance was silver, paper or gold, if this govern ment was run in the interest of the whole people. The people have got to blot out this demo-republicrat force, or it will relegate them to slavery. Jim M. Kane. Osawatomie, Kas. 'Advocate" List ot Premiums, Books and Periodicals. Value Yearly subscribers, White Sewing Machine No. 10. $24.00 60 Kansas Fanner Sewing Ma chine 20.00 60 Singer Sewing Machine 15.00 40 Premier Gold Watch 10.00 25 Encyclopedia Britannic 10.00 30 Sunflower Incubator 25.00 60 Black Hawk Corn Sheller..... 3.50 7 Clauss Bread and Cake Knives 1.50 4 We are offering the following liberal terms on books and periodicals: Regular With the price. Advocate. The Legislative Conspiracy..! .25 $1.00 Watson's Campaign Book .50 L35 Watson's Sketches Roman History 25 L10 Bondholders and Breadwin ners 25 110 A Crisis for the Husbandman, by Percy Daniels, (Lieutenant-Governor 35 1.25 Great Quadrangular Debate.. .25 LOO Songs o!lndu8try( with music) .25 LOO The Dogs and the Fleas .50 1.25 PERIODICALS. The Arena, Boston, (magazine) 6.00 5.00 American Nonconformist, In dianapolis LOO 1.75 National Reformer, Hardy.Ar- kansas, monthly. .25 1X0 National Watchman, Washing ton, weekly LOO 1.75 Rocky Mountain News, Den ver, weekly LOO L75 Chicago Express, weekly LOO 1.40 Farmers' Tribune (Weaver's paper.) LOO 1.75 Farmers' Voice, Chicago 75 1.50 Kansas Farmer, Topeka LOO L50 People'8 Party Paper (Tom Watson) LOO L75 Missouri World (ChiUIcothe). .60 L40 Chicago Free Trader 25 1.00 Home Magazine (Mrs. Jjhn A. Logan), and Fancy Work chart -60 L10 DBS. THOKNTOX &, MINER. Bunker building, Kansas City, Mo., the well known specialists in the treatment of all reotal troubles, have established a principle in connection with their ever-inoreasing oliental that is well calculated to inspire confidence in their integrity and ability to perform to the last degree that which they promise when assuming to oure their pa tients, and that is, they decline to accept a fee until they have olearly demonstrated that a oure has been accomplished, Thou sands testify to the effioienoy of their treat ment. Another speoialty of theirs is dis eases of women, and of the skin. Beware of quaoks. Ask for their oiroluars, giving testimonials of leading business men and high offioials they oontain special informa tion for the affiioted. Address, Drs. Thobhtos & Minor. Bunker Building, Kansas City, Mo. The Wkstkr Trail is published quarterly by the Chicago, Rock Island & Paciflo railway. It tails how to get a farm in the west, and it will be sent to you gratis for one year. Send name and address to "Edi tor Western Trail, Chicago," and receive it one year tree. Johh Sibastiaw, G.P.A.