Newspaper Page Text
The Represent a tive “SPEAK TO THE CHILDREN OF ISRAEL THAT THEY GO FORWARD SI.OO 1ve a ar} IN ADVANCE. ST. PAUL, MINN., WEDNESDAY, AUGUST 23, 1893. VOL. 1. NO. 17. A QUESTION. The Real Per Capita Circulation of Money in the U. S. is $4.97 ! f READ! READ! AND SWEAR. We have received the following letter which explains itself: Madison Lake, July 7, ’93. Hon. Ignatius Donnelly. Dear Sir: —ln arguing the course of the peoples party, I am often con fronted with the statement of the associated press that the amount of money per capita in the United States is almost $26. As I have only been reading the Representative for a month, I will transgress upon your kindness and valuable time by asking you for an explanation, and a statement of what the circulation really is. Yours Respectfully, William N. Smith The question asked by our corres pondent is an important one, about which there is a great deal of mis-in formatlon and much absolute decep iton. Here for instance is the last monthly statement of the Treasury Department issued by the democrat ic secretary of the treasury; we say “democratic” to emphasize the fact that it is, in form, but a repetition of all those made during president Harrison’s administration. In this matter politics makes no difference. Plutocracy has no partisanship. Washington, D. C., Aug. 2.—The circulation statement issued by the Treasury Department to-day shows that the amount of the gold and sil ver coin and certificates, United States notes and national bank notes in circulation Aug. 1, was $1,611,099,- 117, an increase during the month of July of $17,237,606. The increase during the last 12 months in round figures is $9,000,000. The per capita circulation, based on an estimated population of $67,000,000 August 1, was $24.02. Of the $2,123,968,649 of the general stock of money issued the amount as stated is in circulation, leaving $512,869,632 in the Treasury of the United States on August 1 as follows: Gold coin, $103,363,626; standard sil ver dollars, $363,308,461; Subsidiary silver, $12,556,749; gold certificates, $93,710; silver certificates, $2,843,114; treasury notes, act July 14, 1890, $4,512,210; United States notes, $22,- 286,612; currency certificates, act June 8, 1872, $485,000; national bank notes $8,620,150. Now this looks very plausible on its face and is calculated to deceive the ordinary citizen; who cannot be lieve that the officers of a great gov ernment would lie “by indirection.” The fraud consists in claiming that all the money that ever was coined or printed in this country is in exist ence, circulating among the people, except that which is held in the vaults of the treasury department. This is very far from being the case. A very interesting article appeared in the Arena, of November, 1892, page 712, from the pen of Mr. N. A. Dunning, entitled “The Volume of Currency,” in which he takes up this question in detail. He bases his comments on the treasury report of 1889, in which it is claimed there were $2,099,968,718.47 in existence in the country, made up as follows: Gold coin and bullion f 680,063,505.00 Silver dollars and bullion... 343,017,093.00 Fractional silver coin 76,601.836.00 Total coin and bullion $1,100,612,434.00 State bank notes 201,170,00 Old demand notes One and two years notes Compound interest notes... Fractional currency, esti mated National bank notes United States notes Certificates of deposit, act of June Bth, 1872. Gold certificates. Silver certificates Total paper currency $91*9,358,248.47 Aggregate $2,099,968,718.47 Of this amount the official report claimed that $712,416,883.36 were in the U. S. treasury; and $1,387,551,- 835.11 were in circulation among the people as money. It will be seen that the figures do not greatly differ from those of the report of Aug. 1, 1893. The U. S. treasurer, however, ad mits that the certificates of deposit are simply representatives of money in the treasury, which cannot be counted twice, and hence, with a sweep of his pen he reduces the ag gregate from $2,099,968,718.47 to sl,- 666,094,420.47! Why then were they in cluded, except to deceive the people, who will read the report and not the explanations. Mr. Dunning first shows, from the treasurer’s report, that the gold apd silver bullion held by the U. S. treas ury amounts to $76,439,588. This is not money, any more than pork or wheat would be. It is a commodity; stamped bars of metal, —and cannot be called circulation. This reduces the metallic money in the treasury from $278,543,585.36 to $202,103,997.36. In the next place the estimates of the gold in circulation is mere guess- work. No allowance is made for the amount used in the arts. The Com mercial and Financial Chronicle of Feb. 9, 1889, vouched for by the sec retary of the treasury as good au thority, says there are at least $275,- 000,000 of the total that cannot be accounted for. “This is a big cut in to $680,063,505. The same authority shows that on January Ist, 1888, the treasury claimed to hold $324,773,677 of gold; but deducting gold certifi cates issued against it “only about one hundred millions can be found!” The same writer continues,—“not one individual in every hundred receives in ordinary business transactions a gold certificate or a gold coin once in twelve months.” Mr. Dunning then proceeds to Show that the entire silver coinage Of a country wears out in thirty years. John Sherman confirms tbitf. The treasury claims that everv silver dollar coined since 1878 is still in cir culation and eight million dollars be sides; and that no part of the sub sidiary silver coin has disappeared; although the government has been claiming for years and now claims that there are $5,916,590.47 of frac tional currency,—paper “halfs” gnd “quarters” and ten cent pieces, float ing around while every body knows that not one has been seen, —except as a curiosity,—for twenty years. What has become of it? Lost, gunk in seas and rivers, burned up ho tels, worn out. And congress de clared June 21, 1879 that $8,3|75,934 more had been lost or destroyed. Fourteen millions in all out of $368,- 000,000 issued vanished. And is not the same thing true of the silver and gold coin? And yet this fraudulent government of ours, to hel£ the plutocrats, claims that the .people have got it all! But this isn’t the worst of is. The law requires the national banks to hold a large amount of money in re serve for the protection of their de positors. This is not circulating among the people. It cannot tie in two places at once. How much is it? It is $333,111,465. Then the state banks and savings banks also have to keep a reserve of from: ten to twenty-five per cent. Mr. punning estimates «this, (at ten per cent), as $233,427,242. Then there aire 3,647 banks that have not reported. Place the reserve says Mr. Dunning at $lO,- 000 each, and it gives or a grand total of bank reserves of $603,008,707, which must be flecucted from the $1,387,551, 835 of to;al, nom inal circulation, leaving put $784,- 543,128 for the use of the people!!! Why did not our lying servants at Washington tell us all this when they took the trouble to figure up the per capita circulation at $24.02? How particular they were about those two cents! Here are Mr. Dunning’s concluding figures as to the real currency circu lation, of the United States: Amount outstanding 1 as per treasurer’s statement $1,666,094,420.47 Amounts to be deducted: Loss in gold coin $200,000,000.00 Loss in silver coin 20,000,000.00 Loss in paper currency 50,000,000.00 Loss in fraction- al currency 6,916.690.00 Held as reserves, total 603,008.707.00 Held in U. S. Treasury 337,144,089.36 Coin sent abroad. 61,605,504.00 56,442.00 62 955.00 185,750.00 Bullion counted as currency 76,439,588.00 $1,355,204,578.36 In circulation 5.916,590.47 211,378.963.00 Divide this among 61,717,936 peo ple, and. it GIVES US THE GRAND TOTAL OF $4.97 PER CAPITA!!! And now the scoundrels want to demonetize silver; stop ttye further issue of silver certificates or coin; make gold the sole moiiey-metal, and smash the whole people of the United States. “Blood and Bridles /” It is enough to make the very wom en seize the old shot-guns and rise in insurrection. Talk about the Boston tea-party, and the stamp tax. Why we are a degenerate race of fools, — tramping after old-party banners in to the poor-houses. Shame on such a race. 17,195,000.00 154,048.552.00 262,629,746,00 And France has SSO per capita, and 800,000,000 of silver in circulation, and is the most prosperous—in fact the only prosperous country,to-day, in the world. “How long! Oh Lord! How long.” I. D. What a pity it is that the north pole may remain undiscovered owing to the death of a few donkeys.—St. Paul Globe. H. P. Hall called the editorial staff of the Globe around him, read that paragraph, and called for volunteers. He said it was an outrage that Peary’s expedition should fail for want of a few jackasses. Half the staff volunteered at once; but Hall was obliged to reject nearly all of them for not coming up to the re quired intellectual standard. Smal ley went through triumphantly, and his expressions of pride and delight could be heard for three blocks. I. D. ! A Word of Explanation. phe fight for the right is a terrible struggle. The - world never before saw anything like it. We are battling vpth an enemy infinitely rich and ipfinitely cunning. He is determined to destroy our free institutions. He attacks us at every point. We are, ¥or instance, too poor to print the whole of our paper—we must econ omize to live. Hence we are com pelled to procure a page of news from an association. The result is we find a lot of headlines and com ments adverse to the principles of the party we represent. What can we do? If we go to another com pany it may be worse. Our readers want the news and plutocracy gar bles them. Then we have a page of alliance extracts—most of them very able and interesting—but the cloven foot appears there also. We find article after article cunningly de vised to devide our people and drive them away from support of free sil ver and into the arms of the gold bugs. One of the cardinal points in the peoples party platform last year was the re-monetization of silver; and yet here we have a populist edi tor, (for a man is regularly employed to get up these pages), at work fight ing free silver, and insisting on the wiping out of gold and a completely non-metallic currency; which this congress is about as likely to give the people as it is to cut up the moon into medals and distribute them among the citizens. The very devil seems to be in these people. Their trickery is boundless. They buy up everything that is “buyable.” If the people would only stand by us we would give them a paper every page of which was printed in our own office. But it is hard to ask it in these terrible times. In the meanwhile, brethern, only hold us responsible for what is our own, and observe how satan sticks his horned head out of every loop-hole and cre vice. I. D. Bulldozing the Slaves. The Pioneer-Press of August 17 says editorially: “We want to say to every senator and representative, republican or democrat, that the day on which he gives a vote that caters in any degree to the free silver element or is open to the reproach of an in tended compromise will be the most disastrous in his whole career. Cer tain things are forgiven to a man 1 in politics, and there are some emer gencies in which people overlook a , mistake. But this is not such a time. Men have voted wrong on the silver question itself, and afterward risen to places of honor and trust. But the man who votes wrong on it at Washington this month should call on the mountains to cover him. He will have signed his political death warrant.” This is cracking the party whip with a vengeance. The Pioneer-Press has probably heard that some of the members or senators from Minneso ta were “shaky,” on the question of following Wall street and Thread needle street to the ruin of the peo ple; and so it seeks to terrify them. But who are the men who, in the midst of the calamities and horrors which now beset St. Paul, urge the Pioneer-Press to make such threats? We do not believe there are any. They have enough to do to keep their heads above water. They are simply existing by each other’s toler ation and forbearance. We heard of a prominent business man of St. Paul, who, the other day, was drawn on by a creditor for $7.50; and he had to hustle around among all his friends to raise the money. Not long since an ex-millionaire of Chi cago committed suicide because his check for $26 had gone to protest! Men under such conditions do not threaten congressmen with distruc tion unless they intensify the hor rors of making money scarcer. But they have got Kiefer, the St. Paul congressman, frightened, so that he is working as if he lived in New York. Where then do such articles come from? They are sent out from the east and paid fob. Even the car toons come from the same source. The plutocracy cracks the whip ever the editors and the editors crack the whip over the congressmen; and so we are ruled and ruined. 1310,889,842.11 If you don’t like it, brethern, get up petitions, and write letters to your congressman, and let him under stand that newspapers like the Pio neer-Press do not speak for the peo ple but for their editors. I. D. THE VOORHEES BILL General Weaver Punctures it With a Pungent Pen. THE MASK TORN OFF. Erie, Pa., August 19, ’93. The Voorhees bill now pending in the senate, to grant to national banks currency equal to the face value of the bonds, completely discloses the animus underlying Wall Street’s op position to the Bland Act, the Sher man Act and the Free Coinage of Sil ver. They contend in one breath that the free coinage of silver or the issue of legal tender coin notes to purchase silver bullion will ruin the country and bankrupt the people, but that the issue of national bank notes redeemable in any kind of law ful money will restore prosperity and avert calamity! Is it possible that an intelligent people shall longer fail to understand what is going on in the councils of the money kings? With either the Bland act or the Sherman act in force, the banks can only partially control the volume of the money. With free coinage they realize that their control over the volume is forever gone. The people will then have an independent source of supply and control the profits of their own toil. Hence the great question of civilization—who shall control the volume of our mon ey—the people or the banks—is now the uppermost question of the hour. In every calamity the money pow er steps in and demands new conces sions and new grants of power. They have purposely brought on present distresses that they may wrench from a suffering people another pound of flesh to be cut from near the heart of the nation. It is about time that the people should step in and demand recogni tion and compel our law-makers to obey the constitution which places the control of our circulating medium in the hands of congress. The constitution has expressly taken away from the states and from in dividuals the power to issue or create money. What right has congress to return that power to those from whom the fundamental law has tak en it? By their great haste to secure au thority to issue their notes at the par value of the bond, they have openly conceded the necessity for a material increase in the volume of our money; and the secretary of the treasury, in approving the Yoorhees bill, has certified to the overshadow ing necessity for the increase. But neither the banks nor the secretary are willing that the people shall be relieved unless they will consent that their government shall first issue the money and then bestow it upon the banks as a gift. People must then go to the banks—the dispensers of sovereign favor,—and borrow their own money at high rates of interest. The banks are willing that the mon ey shall be inflated, provided they alone shall profit by the inflation. Let the people rise as one man against this threatened iniquity. Whew! We must be doing considerable harm, for the enemy is becoming furious. Fools and children, it is said, let out what older, wiser people conceal. There is a half-dead-and alive paper, at Glencoe, Minnesota, called the “Register,” published by an ignoramus who does not even knoyr enough to spell his own name correctly or write a plain sentence grammatically. He converts a fine old Norman-French cognomen into “Tallboys”—he might just as well have made it “tail-ears;”—and he says, speaking of our admirable and conservative speech at the Chicago convention, “such vaporings is that of a lunatic or a desperate man.” Tallboys, having thus gored Bindley Murray in the abdomen, emphati cally declares that we are “a blood thirsty old anarchist and should not be allowed to run at large;”—and that it “would be better for the world if we were behind stone walls.” And why? Because we took a vote on John Sherman in that conven tion, and the convention voted, 801 to 0, that that republican saint and patriot was a grand old skalawag; and had done more harm to the peo ple of the United States than “war, pestilence and famine.” And this is anarchy and we should be locked up in jail for it! And we said that if the liberties of this country were threatened, and a despotism was about to be substi tuted in their place, that the people should wade knee-deep in blood to save that which is the soul and in spiration of the nation—the liberties of the citizens. And Tall-ass thinks this is treason! I would like to take a vote of the people of the United States on that question. There would be about 70,000,000 citizens on one side, and, on the other, a gro tesque collection of braying old-party editors, with Tallboys in the midst, standing up to their knees in the cow-yard of political corruption— adding to it. I. D. An astounding thing lias happened. Really we have not lived in vain. Our uproar in the anti-trust conven tion at Chicago, when we defied the lawyers to show where the courts had received the power to wipe out a leg islative act, has borne good fruit. Last winter our state legislature passed a law to compel railroad trains to stop at county seats —a very rea sonable proposition. The St. Paul & Duluth railroad company refused to stop at Pine City, the county-seat of Pine county. The city authorities had the engineers, etc., arrested. Then, said the railroad company, we will take the matter into the United States circuit court; that of course will knock the law endways; for the chief function of courts is to nullify legislation. And so they brought the matter before Judge John A. Williams. But to their utter and overwhelming astonishment, Judge Williams sustained the law. And more than that, he did it on the ground that the legislature has some rights and is entitled to some respect, and something must be pre supposed in its favor. He says: “I think it is also within the po lice power of the state. Much, if not all, must be left to the ivisdom and dis cretion of the legislature in passinq the law. The law-making powers are to judge of the necessities of the law for public welfare, and it is not for the courts to say that there was no necessity for it. If this law was necessary for the protection of the people, or for the welfare of the people, or for the safe ty of the people, then the legislature had the power to enact it. It is con tended that they have special ac commodations without stopping this train. That comes clearly within the purview of the legislature to say how much is necessary, and it is not for the court. Now, in this particu lar instance they may have special accommodations without compelling this train, which does not carry pas sengers and freight, or any other train belonging to the same company to stop at this station; but if it is within the power of the legislature to pass the law at all for the welfare of the people to say that they shall stop at any particular place, they must make it general, and when they say that all passenger trains must stop at all county seats, it is a gene ral law, and the legislature thought it was for the public welfare.” We undertake to say that not another decision can be found during the last twenty years in which the co-ordinate branch, the legislature, is so clearly and respectfully recog nized as in the foregoing. And we undertake to say farther, that if we had not made the fight we did against the arrogance and the usurpations of the courts, no such decision would ever have been rendered. It is a rev olution —it is the beginning of a new era. J. B. Weaver. We don’t blame the judges so much. It is natural for every caste to aggrandize itself. And, moreover, the judges have constantly before them a set of cringing lawyers, ready to crack their back bones and crawl on their bellies for bread and butter. The bold man is the exception in that profession. The whole spirit of the age tends to servility and mam mon-worship. As soon as the judges find there is a resolute people, ready to resist their aggressions, they will haul in their horns ; and if they don’t we must knock the horns off them. I.D. Ten years ago the American far mer would have scoffed at the idea of giving two bushels of wheat for 100 lbs, of bran; but if he wants the bran to-day he must do it.—Peoples Yoice. If present tendencies are not soon arrested this may be true here. A Revolution. Striking Corroboration of Populist Principles. A Minneapolis paper says: A curious condition of things has grown out of the panic in St. Paul. As the currency was withdrawn from the German-American and other banks in that city, there was a good deal of speculation as N to what the depositors, and especially the smaller ones, did with their money. It was found that far less than was expect ed went into the vaults of the safe deposit companies, and the wonder was what was done with it. It was a surprise to learn finally that in the course of a few days over forty thous and dollars were invested in postofflce money orders, most of them on the postoffice in Minneapolis. Of course these orders are not present ed, except when currency is desired, but_ held, like checks or drafts, the holder being able at any time to con vert them into currency.” This shows that the only thing the people have any confidence in, in these trying times, is the govern ment of the United States. This proves: 1. That the people would to-day hoard greenbacks, if they could get them, in preference to anything else. 2. That full legal tender paper currency is the true solution of the financial trouble. 3. That if we had government savings banks the government would to-day have three-fourths of all the money of the country; and by lend ing it out, on real-estate security, at three per cent, per annum, it would end usury, panic, contraction and hard times; and at the same time lift the producing classes, the, source of all wealth, into dignityJ respectability and prosperity. Why do we not have them. Everi our neighbor, Canada, has them} Because this country has been erned by the capitalistic class, whic i does not want the people to escap; from its clutches. How does it rul} the country? Through the daily pj - pers and the two old parties. Ho’ i are we to get relief? Sustain th 3 peoples party newspapers and smas ti the two old parties. Are not prospe *- ity and free institutions worth ato effort? If so—talk to your neigh bors. Circulate populist literature. Bring the fresh air of truth to the asphyxiated and almost perishijng people. Open the windows and let out the damnable coal gas of lies and bigotries. I. n. Two in One. The people of Jonah. Tex., hkve been hanging Mr. Cleveland in effigy. Jonah is a most appropriate name for a community that has time and inclination to indulge in such silly exhibitions of impotent malice.—The Minneapalis Tribune. How beautiful it is to see breth ren dwelling together in harmony. Here we have a radical republican paper defending Mr. Cleveland from the attacks of southern democrats. “Two souls with but a single thought,—two cabbage-heads in one.” The tariff! Ah! Methinks something was said a year ago about a tariff! But now it has “gone glim mering down the waste of things that were.” There isn’t even a wiggle left in its tail. And the two old par ties are substantially one; and it will be but a little time till the voters will be substantially one! There is a limit even to the folly of fools. As good old Abraham Lincoln said; —“you can fool part of the peo ple all the time; and all the people part of the time; but you cannot fool all the people all the time.” The “sham-fight” over the tariff is played out. I. D. A Sham. New York, Aug. 16.— London ca bles received in Wall street to-day re port that the Indian council has rece ded from the position it took when it closed the Indian mints to the free coinage of silver and were selling council bills below the arbitrary fixed rate of Is 3id. The advices were meager, and did not state whether the mints had been reopened. In the absence of definite news it was supposed that the council had been unable to maintain the rate of ex change on India at the price fixed. Few persons understood what fur ther changes might be expected or why the reduction had been ordered. It was the original action of the council in fixing the price of the ru pee and closing the mints that sent silver from 85c. to 62c. an ounce. It is just as the populists said. The demonetization of silver in India was brought about to effect the action of our congress. And now, it having become evident that congress will not demonetize silver, India is taking the back-track. Are we not right when we say that this whole fight against silver is a con spiracy of the moneypower? And does not the peoples party deserve the support of the people for singly and alone making the great battle for silver against both the old par ties? I. D.