The Southern Mercury. (Dallas, Tex.), Vol. 11, No. 32, Ed. 1 Thursday, August 11, 1892 Page: 5 of 16
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Aug. 11 1892.
SOUTHERN HEBCUBY.
>
tcr demonetization of silver in 1873
that the exportation of gold has
been in an almost unbroken flow
—and that, notwithstanding the
fact that the exportation of all
other products exceeds the impor-
tation as nine to seven—which
would indicate that the world's
gold was coming to us.
The facts are, that we already
have three times our per capita of
the world's gold and silver, and
the annual products of our mines
is nine times our legitimate pro-
portionment of the world's supply.
The free coinage of silver will
only afford a partial relief, which
is all that its most ardent advocates
have ever claimed. The speakers
method of extricating himself from
the charge of complicity in the de-
monetization conspiracy and crime
is the most unique of all the tricks
to which he resorts. With abso-
lute complacency he announces that
he "only entered congress at the
42nd session," as though this were
a sine qua non disposition of the
whole matter. Certainly this is
an imposition on the credulity of
an intelligent audience, because—
unfortunate for the "hero of tariff'
reform" this was the very con-
gress, which on the 12th of Febuary
1873, passed, without allowing
to be read, the bill which John
Sherman and his co-conspirators
conjured up in the interest of the
English gold bugs. Whether Mr.
Mills voted for the bill or not,
there is no positive method of as-
certaining, since those who did re-
ceive Mr. Earnest Seyd's gold and
supported the measure have seen to
it that no record was kept in either
House of the final vote. Nor are
there a dozen men out of the mem-
bership of both Houses who will
confess to any knowledge of the pro-
visions contained in the bill. What
could have been this strange mes-
meric influence that so stupified the
minds and consciences of senators
and representatives that neither can
tell what was done, nor how it
was accomplished? We answer:
The same that has dominated
the financial legislation of the
countrv for the last half century,
English boodle!
"The republican party is standing
behind the third party and pat-
ting it on the back," says Col.
Mills, while in the northwest the
republicans say "Democratic trick,"
but the time has {passed when the
people can be hoodooed by the cry
of ''dimocrat and publicin". For
once in thirty years the voters of
this nation are offered a ballot the
success of which predicates some-
thing and asked to affiliate with
a party characterized by a true
spirit of progress.
Refering to the proposed gov-
ernment ownership of railroads.
Mr. Mills said: "Their puichase
would cost $10,000,000,000 and
the circulation of the world only
amounts to $8,000,000,000, while
the government only has available
what money it can raise by taxa-
tion."
Mr. Henry C. Adams, statistitian
to the Interstate commerce com-
mission, reports the total mileage
of railroads in the United States at
160,000 and the total capital inves-
ted $'9,600,000,000 or $60,000 per
mile. An' explanatory note in the y*4®' an(J 'u.a suft>c'®n' volume to
. ...... 1 ^ nt a i. no r.hfi hnsinoss ni ihf < .minfrv
statistitians report says:—"It has
been claimed that bonds and all
forms of debt incident to the oper-
ation of the roads should be in-
cluded along with stock in the
capitalization of railway property.
Hence it is an easy matter for a
shrewd attorney, like Mr. Mills, to
figure out just such a condition as
he describes. Why did he not
tell the people that over 50 per
ccnt of this so-called capital was
watered stock, on which they have
been made to pay dividends in the
form of exorbitant rates? Why
did he not explain to them that
the public has already contributed
in money, lands, county and munci-
pal bonds etc., an amount
equal to half the original cost of
all the roads in the country.
Why should he not allow his
constituents to know that since he
entered Congress in 1872 that body
has voted to railroad syndicates an
area of land equal to the states of
Ohio, Indiana, Illinois and Kan-
sas. Enough to have paid for the
construction of one-fourth of all
the roads running to day in
America.
Nor will the actual cost of con-
struction of the 160,000 miles of
railways in the country ex-
ceed $4,500,000,000, and lor an
equal amount the government can
parallel every mile of road be-
tween the Atlantic and Pacific and
equip it according to decidedly
more improved methods.
The right of government to levy
a tax sufficient for its necessities,
is conceded by Mr. Mills, as well
as by all leading political economist
therefore, when the government
creates money, as Mr. Mills would
say, "printed on a machine," and
guarantees its purchasing power—
which is in every way equivalent
to pledging its redemption,—it
simply acts on the theory above
stated, and every dollars worth of
property in the nation, real and
personal, together with the rail-
roads themselves, is pledged to the
support of the money thus issued.
When the government did issue
money, called greenbacks, on this
theory they actually sold in foreign
markets at, as high as, 3 per cent,
premium. Nor could the 800,000
employees of the roads, under gov-
ernment control possibly exert the
influence over legislation, for par-
tisan ends, that the millionaire
magnates do under existing condi-
tions.
• « —^
National Banks.
Tne People's Party are in favor
of having the government isssue
all the money and make it full legal
tender for all debts public aud pri
PRICE'S
Millions of Homes—40 Years the Standard
do the business of the country.
They are opposed to National
Banks because they look upon them
as a class privilege. While bank-
ing may be free—that freedom is
only furnished to persons who can
raise fifty thousand dollars. The
objections offered to the National
Banking system are:
1st. It gives the banker a priv-
ilege which should be exercised by
the government.
2d. With that privilege they
can play fast and loose with the
currency and bring periodical pan-
ics at pleasure. For instance a
Bankers' Congres, a secret organi-
zation, is held twich a year, they
know how much the people owe
the banks by comparison. If too
much in their judgment the edict
goes fourth to cease extension up-
on bank note paper. Then ccmes
the absorption of property values
aud the sheriff'is exceedingly busy.
Another Bankers' Congress con
eludes to let loose the money bags,
under that condition the selling of
property occurs. The bankers un-
derstand full well that when they
absorb property values they must
contract the currency. They also uu
derstand that when they sell they
must expand the currency. It must
be conceded that, that is a danger-
ous power to place in the hands of
3 200 bankers whose only occupa-
tion is that of speculating upon
money. The power exercised by
the banks has been given to them
by the people, or rather by those
who claim to represent the people.
The only reason why National
bank currency is good is because
the people are the endorsers for
the banks. They practically sa
if the banker dies and the ban
bursts the currency will be made
good by Uncle Sam. A large class
of people and especially those af-
filiated with the People's party
have concluded that if Uncle Sam's
endorsement is good, his note
ought to be, and that he should
cease issuing money by, and
through, banking corporations.
We have paid the bankers $540,-
000,000 or more to do business for
us that we could as easily have
done ourselves. The banker has
been permitted to buy greenbacks
at an enormous disoount and con-
vert them into 5.20 bonds drawing
interest at six per cent.
They procured the passage of a
law exempting them from every
specie of taxation, National, State
and Municipal. Then they induced
congress to pass an act whereby
their interest could be paid quar-
terly.
March
1
1864, allowed them to draw coin
interest not to exceed one year in
advance, with or without rebate,
at the discetion of the Secretary
of the treasury, and from 1864 to
1869, when gold was at its highest
premiun,, the banker was permitt-
ed by tkat law to draw his gold
interest in advance without rebate,
while the 5.20 bonds were payable
in greenbacks. The credit strength-
ening act of 1869 and the refund-
ing act of 1870 made them payable
in gold which added a mere gift of
six huudred million dollars to the
value of the bond holders invest-
ment. A clause in the funding
bill of 1870, exempted the interest
from every form of taxation. All
this was followed by the demone-
tization of silver in 1873 and the
persistent effort of the bank power
to destroy the greenback which
has only been allowed to remain
by the force of public sentiment.
All this and much more could be
said com erning the iniquitous nat-
ional banking system. The poor
bankers are constantly prating
about the small profits in their
business. The following report
made by Wm. H. English is a suf-
ficient answer to that—Mr. English
was a candidate for Yice President
on the Tilden ticket in 1876, and
President of the First National
Bank of Indiapolis from 1864 to
1878. Upon retiring from that
trust he made a report to the
stockholders from which the fol-
lowing is an extract: "I congrat-
ulate the officers and stockholders
of our enterprise. The bank has
been in operation fourteen years
under my control with a capital
stock of $500,000. During , this
time it has voluntarily returned
$500,000 of capital back to its
stockholders, besides paying them
dividends $1,496,250 part of which
was in gold, and now I turn it
over to you with the capital unim-
paired and $327,000 undivided
earnings on hand. To this may
be added the premiums of the
United States bonds at present
Erices amounting to $36,000,
esides quite a largb amount lor
lost or destroyed bills."—Buffalo
Advocate.
— 4 ♦
Lee Riddle met "Lily" Jackson
in joint debate the other day. His
name should now read Lee Rid-
dled. Jackson shot him so full of
holes his skin won't hold his Dem-
ocratic principles, and they are not
much to hold either. — Waco
Globe.
The St.Louis Platform.
We can furnish it neatly printed
in large type. Price, post paid 15
cents per hundred, or $1.40 per
thousand.
Southern Mercury, Dallas.
Hon. Lee Riddle, of Hood coun-
ty, went to the third party camp
ground and held a joint discussion
with J. H. Jackson. This shows
how much sense Riddle has. "Lily"
Jackson is not much on consistency
but when it comes to debate he
can guess a field full of Riddles and
still hanger and thirst,—Waco
Globe,
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Park, Milton. The Southern Mercury. (Dallas, Tex.), Vol. 11, No. 32, Ed. 1 Thursday, August 11, 1892, newspaper, August 11, 1892; Dallas, Texas. (https://texashistory.unt.edu/ark:/67531/metapth185477/m1/5/?q=%22~1%22~1: accessed July 16, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu.; .