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THE FARMERS' HON,
MEMPHIS, MISSOURI, THURSDAY, JANUARY 11, 1895. Number 0. Volume III. Q O 3 n 3 g 8 in 00 3 91 IS o o o P- w D H (ft IS 3 P (ft A FINANCIAL HISTORY. Coure and Effect of Legislation Since 1861. No 8. You cannot oorrow of capitalists any money on twenty years seven per cent bonds, nor on your 7 3-10 Treas ury notes at tbe rate fixed by tbe act of July last. If you offer to the people and put on the market $300, 000000 more, to the highest bidder in the present aspect of affairs, they would not be taken except in runious rates of discount. That policy would depreciate the bonds already taken by the banks and the people who are most loyal to the government, and who came forward as your best friends, and furnished the means so much needed during the last few mths to organize your armv and navy; and besides depreciation will greaily increase the debt' by requir ing a much larger amount of bonds to lie issued than would be needed if your loans were taken at par. A loan put upon the market in the present depressed state of United Stales stocks, to be followed by other larger loan, is not regarded as a favo able mode of providing the means for maintaining the government at the present time. If it had been adopted at first it might possibly have been the best mode; but it is now too late to essay that plan, and 1 believe it would be ruinous to adopt it. I fear the twenty year six per cent bonds would under the pressure fall to 75. 70. 60. and even 50 cents. This would be a ruinous mode of raising the means to carry on the govern ment. What, then, is to be done? The Secretary of the Tieasury in his an nual report does not recommend the issue of demand Treasury notes, al though be points out many advan tages that would result to govern ment from the issue. He suggests two plans: first the issue of demand Treasury notes, and second, a national currency, secured by a pledge of United States stocks, to be issued banks and associations, with proper regulations for their redemr- tion by the banks themselves. , On the propriety of the issue of Treasury notes by the government, to lie but in circulation as money, the Secre tary says: The first of these plans were par tically adopted at the last session of Congress, in the provisions authoriz ing the Secretary to issue United States notes, payable in coin, to an amount not exceeding fifty million dollar- That provision may be so extended as to reach the average circulation of the country, while a moderate tax gradually argumented on bank notes, will relieve tbe nation from the competition of local circu lation. It has been already suggested that the substitution of a national for a state currency, upon this plan, would be equivalent to a loan to the government without interest, except on the fund to be kept in coin, and without expense, exeept the cost of preparation, issue, and redemption; while tbe people will gain the ad- jditionnl advantage of uniform eur ! rency, and relief frcm a considerable i burden in the form of interest on debt. The remarks of the Secretary werp hefore the suspension of specie pay ments. Tbe situation of the country the only pay in which it can be done I is by issueing Treasury notes payable on demand, and making them a legal tender in payment of all debts public and private, and by adequate tax ation to be imposed by new bills. This will bring into full exercise all higher power of government under the Constitution. The Constitution confers on Congress the power (art. 1 sec. 8: "To lay and collect taxes, duties, imports, and excises, to pay the debts and provide for the common defense and general welfare of the United States. To borrow money on the credit of the United States. To regulate commerce with foreign nations, among the several States, and with the Indian tribes. To coin, money regulate the value thereof, and of foreign coins. To raise and support armies. To provide and maintain a navy. To mvke all laws which shall be necessary and proper for carrying in to execution tbe foregoing powers, and all others vested by the Consti tution in tbe government of tbe United States, or in any department or office thereof. These are among the high power of government which must now be brought into full, ample play. The table which I have before me, pro cured from tbe Census bureau, shows that tbe true value of tbe property, real and personal, within the United States, is sixteen billions, one hun dred and fi t -nine millions, six hun dred and sixteen thousand and sixty eight dollars, ($16, 159,61 6,08) and tbe assesed to be $12,006,756,585. This is the capital, $16,000,000,000 in amount, on which your Treasury notes and bonds rest. This claim of government, in the bands of Congress is direct and specific on tbe banks through tbe United States, including the gold and silver in their vaults, on commerce, on all kinds of production and business, on railroads, steamboats and their passergers, on gass com panies, on manufacturing companies of all kinds, in short, nil real and personal estate of every kind is held subject to the payment of the treasury notes and bonds issued by the gov ernment. Congress is clothed with this mighty power to sustain the nation at this time. Will you lies' tate to do your duty? This is what the people, the capitalists, tbe merch ant and all who confide in your de mand notes, want to know. If they take these cotes, they want to know positively whether jou will enfore tbe claim of the government upon the property of the country, to the ful extent necessary to redeem the treas ury notes, and pay punctually tbe in terest on tbe bonds which they take of you to sustain tbe government Unless you are prepared to satisfy tbe country on this point, it is in vain to issue bonds or note;, and expect them to pass currently among the people. Unless this is done they will depreciate, and the- ought to depreciate, but with ample taxation cheerfully voted by Congress, the will be the very best secueity in tbe country, because the whole propertx of the country is held for tbeir re demption. Congress has a plain duty to perform. It has ample power. This power should now be enforced. Will C njrc s perform this duty? Tbe Government of the Uriited States is not prohibited by the Con- stitution from issueing treasury notes trinsic value is not as great as that fixed upon it by governments. All governments fix the value of gold and silver, and without the govern ment stamp, gold and silver would be simply commodity, like other things having intriusic. value Some gov emmentsfix the value of coin higher and some lower, just as each for itself chooses to determine. Any other metal or thing that should be stamped, and its value regulated by all tbe governments of tbe world, pass equally well in all commercial transactions as gold and silver, al though intrinsically us valuable. Exchequer bills or treasury notes whose value is fixed by government, and stamped as money, would pass as money in the payments of debts within the jurisdiction of the govern ment fixing such value. In regulating the value of "coin," either foreign or domestic. Congress ma provide that gold and silver shall be of no greater value in the payment of debts within lbs United States than the treasury notes issued on the credit of this government. which stamps such coin and fixes its value. These high (towers of gov ernment have been frequently exer cised by Great Britiau during her contit.ental wars, in making the bank of England notes receivable for pub lic dues, and virtually a legal tender in pawnent of debts, by suspending the staturary -clause requiring specie payments within the United King dom; and other governments of Eu rope have exercised the same high prerogative whenever necessary to preserve tbeir existancc. But we are not left to this argument alone for constitutional power to issue these demand notes and make them a legal tender in payments of debts, as I will endeavor hereafter to show. McOmber, U. T. Judson, J. M. Lon-. that for the purposes of a fund topty don and L. Leonard, was appointed. legitimate campaign expenses. i m i -- - that tbe dues of each member shall A period of speechmaking then . . . . . 77. . I 1 9m mm I'PIIIH J 111 It 111111 III III ensued, the confere nce being ad- trea9urer of the club, three fourths of dressed by Messrs. Long, Leonard, which shall be forwarded to the treas- T. W. Gilruth and others. A recess urer of the county central committee was taken until 1:30 o'clock. Pn .the lst of cU month, together f. ... ,, I with a report ot membership ami all loon reassembling the conference .i . 6 . such other information as may be of was addressed by fc. fc. King ot ivan- benefit to the county committee. The sas City, Kansas; Austin Demrait.. I treasurer of the county central com- L H. Moore, M. B. Rice, T, W. mittee shall forward to the treasurer Llrnth muor Mr Hi ifartr. tQe 8late central committee on the tilth of t!ifh month iuw.1 hint nf 1 1 m f I V . as -v - m m mm v mm wsa x. a i . ' a t .k t t.. l - ot I T AO fi a mm km lltnn llAil I ...u, w.. v.w uie dues received by him from the hopper farmer, who farmed his own eiaijS of bis county. No persou shall farms. At the close of Mr. Gilruth's be eligible to serve as a delegate in talk the flow of eloquence was inter- any People s party convention unless rupted long enough to permit the he te a member ita good standing of ... ...... ..I f . . a I. ... . I o o t VUUIUIHICC UU IC9U1UMVU9 tU 3UUIVII its report which is as follows: To the Chairman and Members of the Peoples party State Central Committee. We, your committee on resolu tions respectfully report the follow ing: Whereas, it is customary for pub lic bodies to set fourth tbeir senti- sentiments in resolutions; and Whereas, THE POPULIST CONFERENCE. G. P. Garland. J. B. Johnson, H. W. P0t.UA, A. Ho.ku.k. Geokuk A. Campbell, Gkoroe C. Warp. The Blessing of Memory. The following poem was committed to memory more than forty years ago the adverse conditions by the writer, who, at the request of foretuld by tbe national conference the friends of temperance, has siiven oi ai. louis ana reueraieu w uinaua : i1i;..urt. .... I v t puvriivitioii .u.v.r 't i-Am. "Ye friends of moderation, who think a ...... ..v.. v. wu.u..w,, Vm. "".no reformation, or mnru r.m.vti..i. a t i t mes oi our nuance; sou would benefit our nation, Wliprf.'H the KiiurtfAMt umi offered I i t mml l4-vl tl rkut Ik ntr hAlta if Nkl uF . and offer no practical plan for the I l 1 -f m present or future prosperity of our u'wnn yr onuervauon ; gives aauy people and nation; and, hereas, we, the people, having alreadv seen and foietold these evils. Th open violation of moral obligation. ' I tl 1 1 lu.tl. tl.o in.lnatr ml Vmfn.iii. ine wiricoeu nsniwuun wimoui ao- I Otn milutikN AM I r. .mm ..fr.-t,...! nn.l thM lml. i.ti.ml 1 1 1 111 " " W mm.m. ..v. 9 " " ' common sust iDatton : conference; t her fore Resolved, That We reaffirm our A cene of deprivation, unequal in cre- faith in the Omaha platform and re A Good Start Made for the Campaign of i8o4. According to previous announce ment a conference of Populists of Missouri met at 10 o'clock, Monday, Jan. lst, 1894, in the parlors of the Centropolis hotel in Kansas City. There were some 200 persous in at tendance. In calling the conference to order, M. V. Carroll, chairman of the stale central committee, said that the pur pose of the conference was to formu late some definite plan of work, so as to enable tbe party in different couu ties of ibe state to act in harmony. He also said the conference was a promiscuous meeting of the members of the state central committee and friends invited for the purpose ofjeon sulting together and profiting by a free interchange of opinions L. Leonard, the Populist candidate for governor during tbe last cam pa:gn, was elected temporary chair man. and J. Weller Long, state secre tary of tbe Farmers' Alliance, as tem porary secretary. The call of the state central committee was then read for tbe information of those present After short addresses by Messrs Leonard and Long, the convention proceeded to business by making uj a list of those present. In the mean time, to faciliate matters, two com mittets were appointed, one of which was an order of business and the other for the purpose of formulating a plan of campaign work. The first commit tec consisted of Messrs. J. M. McCali. assert our firm conviction that the remedies therein set fourth otter tbe only efficient measure for the popu lar relief and future prosperity. Resolved that we are unutterably opposed to the further issue of inter est-bearing bonds for any purpose whatever, and demand that any da licit in the public revenues be met by tue issue ot lull legal tender paper money in small denominations, con venient for the general business of the people. Resolved, that we are in hearty sympathy with the general aims of organized labor, and in proof thereof re fere them to the state and national platforms of the People's party, and we invite and urge their co operation of securing through the ballot-box a realization of reforms demanded. T. H. Hunt, M. McOmber, W. T. J UPSON, d. M. Lonpon, L. Leonard, Committee This report was received and adop ted, and after some more talk tbe committe on plan of campaign sub mitted its report, which is as follows The scarcity of money in circula tion, stagnation in business, enforced idleness, debts, high taxes, fall in prices, all financial failures that every ation: the frequent desecration f Sabbath ordination; the crime aid depredation defying legislation; tho awful profanation of common conver- sation: the dire infatuation with mim ic sant itication. Ye, who with consternation, behold this devahtation and utter condemnation on ell inebriation, why sanction it duration, or show disapprobation of of any combination for its utter extei -mination? We deem a declaration that offers no temptation, by any palliation of this abomination, and under this persua sion, hold no communication with nox ious ammunition or brewer's fermen tation, or any vain libation producing stimulation. To this determination, we call consid eration and without hesitation invito co-operation not doubting imitation will raise your estimation, aud by con tinuation, afford you consolation. For in participation witn this associa tion, you may, by meditation, insure the preservation of a future genera tion from all contamination. And may each indication of such regen eration be the theme of exultation lil its final consummation. S. B. Xkedham. Immediate Duly of Compress. The present duty of congress is quite plain. To comply with the re quirements of the law in force at the time every contrast has been entered where harass and distress the people, into since 1892, it should decree the are the direct results of mistaken and freH coin.wo of mild and il monpv . o r . " I XliSa ttlmiiLl ho ciintili.niiMi1i.il In- nation, and the only remedy of relief , ,, ... . . is to repeal the bad laws and suhsti- carefully regulated volume of legal tute just laws instead; and to this we tender treasury iotes. Prohibit bank recommend that the people come to- issue altogether. gether, irrespective of previous potit- To do other than this is t. pcr- ical party affiliations, in every Pe-I -. .... . , . . I - V J M. I m IT T 111 iw till t ti lloitMii t t T 1 Lit at'alulu t - T cuict and ward in the state and form L. a People s paly organization, and the roonery, waich i one of the only condition of membership shall chief cause now tapidly reducini the be an avowed .villingness to support people of the United State m two the Omaha pi tform. classes masters and duen lenta. Therefore, we, our committee re $verv dollar cf indebtedness in th spectfully recommend aud urge upon the chairman of each county central committee of the People's party that he call his county committee together on the last Saturday in January. 1894, and see that each aud every township and ward is provided with a coiiuuit- is now very different from what it was two months ago. The circum- j o0 demand, and making tnem a legal stances have changed; and the Secre j tender in payment of all debts witl- ! tary and Congress will find it neces- j jn iU jurisdition. The Constitution ; sary, in the present, to conform their (rt 1, eo. 10) prohibits the states ! actiou to what can be done, and not j fQ, making anything but gold and i what they would be able to do, j 8iiver coin a Ktgal tender in payment were it otherwise practable. jet all debts, but this does not at all ! If you cannot borrow the money on j restrict the soverign power of :be ! the credit of the United States, ex-; the United States. Congress has the j Atkeson, of Butler, as chairman, and cept at runious rates of discount, and j power to coin money 'regulate the Mr. Loug as secretary. of Kirksville; J. H. Hulls, pf Met all, j teetnan. It shall be the duty of each and W. T. Aldrcge, of California. ; township and ward committeeman to Tbe committee on plan of campaign I immediately organize clubs through c nsisted of Messrs. G. P. Garland, oi p!eted, a permanent organization was effected by the elec'ion of Mr. W. O. I cannot make the new banking system 1 value thereof, and of foreign coin.'! The permauent organization being effected, the report of the committee on order of business was received and adopted. A committee on resolutions, con sisting of Messrs. T. A. Hunt. M. ui tueir respective towusnips or wards. The nume of piii-Ii ilnh to lu Butler; H. W. Pulliam, Kansas City; j tue People s Club of J. B. Johnson, Lyndon; George A. C. lownship or ward; each club to lie of Campbell, of Odessa. I tiecred .by a president, vice-president The list of delegates being com j 5411(1 secretory -treas urer, and their hi . I . L. . m Lei in oi wince to oe tuiee muuiiis. ' available in time, and cannot realize ; Gold and silver by long practice a the amount required from your tariff i practice that has continued for cen aud tax bills, in what mode can the j turies among all nations has Itecome means be obtained, and tbe govern-' the legal money of tbe world in all meat carry on? It is beliered that i commercial transition. Its real in- Any person shall be eligible to memiiership in clubs by subscribing to the O.naha platform. Whereas, The People's party is fighting for tbe liberties of the peo ple, and in the conflict is opposed by tbe united forces of corporate, monop olies from whom the old parties re ceive tbeir campaign funds, we ap peal to the patriotic impulses of the masses of tbe people 9ml recommend county, except where a special con tract provided otherwise, could have been pa:d last spring iu gold or silver dollars. By the repeal of tbe purchasing clause of the Sherman act, we an; now absolutely on the small liassis of gold alone. Kvervth'ng is measured by the yellow metal, which is eon cdntrolled by the ll dhchilds and thfir allien Prices are falliii;, the indus trial masses are out of emplo inent starving and growing desperate, but Shy lock is gathering in an alu n lent harvest' through the appreciation ot his money. We are at tbe mercy of the few who con troll the gold of the w rid. he few who enjoy without working. Congress can give relief by making in honest dollar, a dollar which, as well as :umau ingenuity can devise will maintain the same relation to the commodities which it measures in ex change this year, next year, and for all timr To lahoe's Magnzeue.