The States and Union. [volume] (Ashland, Ohio) 1868-1872, 1869-04-28
Congress and tire More
Greenbacks Wanted.

AAAOh Az SAAAS VI
omission and commission of the infa-
nous Congress which have Just closed
their sessions-the ''honors are easy"
between them, being nearly identical
in composition, and wholly indcntifi-
ed in policy, the Fortieth and Forty
first are about equally culpable-prob-
able the worst in effect upon the ma
terial interest of the country, and es-
pecially of the West, are those which
concern currency. 1t has long been
known that the National Legislature
has become in fact a mere convention
of bank directors. Never, in the his
tory of civilized nations, were the
great interests of a people so complete
ly subordinated to the selfish demands
of a class, as is the American Con
gress. Nick Biddle's ''monster"-for
tho destruction of which the whole
country w~asaroused to desperate effort
in jackson S day-was no more beside
its sixteen hundred headed successor
of our times than a ~guinea-pig beside
an elephant. This prodigious bank
ing monopoly, with its six hundred
millions of capitalize law, in effect
doubles the nominal capital of each
bank-decreed and enforced the pass
age of the infamous Schenck bill; and
the same corrupt influence forbade the
passage of any measure for the relief
of trade of the country. Since the
close of the wal the gradual re-estab
lishment of industrial prosperity Of
the South has called for a heavy sup
Ply of currency; hence the circulating
medium, which was of sufficient vol
ume for all demands of business IN the
West in 1865, is found to be wholly
inadequate now. Every business man,
every one engaged in manufacturing
OF other industrial enterprises, is, and
has long been aware of the urgent
need of more currencd. The issue OF
two or three hundred millions would
not be more than enough to supply
the demands of business at the West
and South. Yet the banks and bond
holders forbade their tools in Congress
to grant the desired relief, and it was
not granted. Instead, there have
been repeated attempts to force the
existing currency up to the gold stand
ard. The people have asked fol-
bread, and the bankers have given a
stone. Look for a moment at the ire
mendous interests affected by this
bondholders' and bankers policy. The
outstanding private indebtness of the
Countrywide amount owed by bust
ness mel in the line o" their trade and
by other classes to note shaving mon
ey-lenders, is estimated at ten thOus-
and millions OF dollars. To restore
specie payment now is to shrink the
the price of labor, and of all descrip-
tons of property, to the specie stand
ard. 1t would not change the nom
inal face amount of notes or mortea-
ges, but it would diminish the paying
capacity of the debtor class by one
third, and thus practically increase
the amount of their debts in that pro-
portion. The a who owes a thous-
and dollars, and holds a thousand dol
lars worth of goods, can pay his debt
with his assets now. Let the curren-
'cy be raised to the specie standard,
and the debtors property loses a third
of its value, but there is no shrinkage
on the face of the note. His thousand
dollars worth of property will be gone
and he will still 1--WE a third of his
debt. Here is precisely, plainly and
undisputably stated the policy of the
Radical bond-holders, and the result
they aim at. The. country demands,
and the Democratic party would pro-
vide, a large increase of the greenback
currency, the issue of which would at
once relieve the taxpayers of many
millions of their burdens and increase
the paying power of the labor and
property of the debtor class The
bondholders and money-lenders de-
mand, and the subservient Radicals
in Congress do all in their power to
grant the restoration of specie pay
ments, with a corresponding reduction
in the paying power of the poor mans
labor and property, but without a dol
lars reduct Oh in the amount of the
tax-gatherer's and money-lender's
claims. These are the rival policies
which are before the country-the pol
icy which befriends the poor, and that
which protects only the interests of
the rich; the policy dictated by COM
mon sense and justice, and that de-
manded by the sixteen hundred ma
tional banks. The Radical Congress
men, who have been the tools of the
money-lenders, are % coming home