Montgomery County sentinel. [volume] (Rockville, Md.) 1855-1974, 1875-06-25
OUR FINANCIAL SYSTEM

the skillful and entcrprising manufacture
err, and sturdy, thinking agriculturaist,
should patiently and passively accept the
financial system of our government,
when it is patent, that it is the actual
cause of our business prostration, is
truly an alarming fact
will place before you the three class
SEES of credits and money. and their cur
rent value, MS acknowledged by our
government, and trace .he cause of the
difference In value of said money; its
! effects upon the value of property; as
also the channel, through which curren-
cy is forced to pass before it reaches the
people. In doing so, | apprehend that
| shall be able to disclose to you, md
satisfy your sober judgement, that our
national financial system is stupendous
legislative trick,
The u. s. Bond worth to-day 10
cents in currency.
Gold worth to-day 115 cts. in currency
Currency, at the mercy of the Bulls
and Bears" of "Wall street p
To make the trick, in this money
dealing clear to your comprehension.
must get you first, to distinctly under
stand, that all the currency which is
now in circulation, is based upon the u.
S. Bond, which bond the government is
pledged to pay in gold. Now if this
be the fact, and every reader knows it
is,-that the bond is the pledge for the
currency, and that bond is to be paid in
gold, why then should currency be of
less value than gold 1t can only be so,
for purpose, and to serve party.
The general government makes and issues
all monies, and fixes the value thereof,
and is its sole sponsor; yet it tolcrates
and recognizes disparity in said money !
This is an anomaly in this-as it is term
ed-vexed financial question.
The trick is in the legislation done by
shrcwd and unprncipled men, who have
gotten into Congress, and designedly re-
strictcd currency in the payment of pub
lie dues; thereby dcpreciating it. The
legal tender act, says it shall be received
in payment of all debts, both public and
private, Except import dues, and the
payment of the interest on the public
debt, u. S. Bond. Now why is this
parent the bond so much greater, than
its offsprsng, currency? for it must be
remembered, that.currcncy is based upon
the bond There can be but one answer
or solution, and that is, evident to bcne-
fit particular class of persons, the bond
holdersl who now receive off of the
people through the government annual
ly, in specie, over thirty seven millions
of dollars, as interest, tho interest on
the entire public debt, is over one hun
bred millions of dollars annually sum
greatly in excess of the whole expenses
Of the government prior to commence
mcnt of the war.
You cannot fail to perceive that The
government is irst made responsible for
the redemption Of this currency through
the bonds, which are to paid in gold,
then it is made by this restrictive legal
tender act, to reject it, in refusing to re-
ceive it in payment Of import dues, and
the interest upon the government bonds
The interest being paid in gold, the
bondbolder sells it at an average pre-
| Il
pays his import dues, and add this one
eighth to the cost of his goods. before
they are sold to the consumer: thus the
consumer is made to bear this one eight
burthen or loss, suppose that amount
was levied upon all as a direct tax,
would there not be loud murmurings and
vigorous resistance. The remedy il sim
pie and practical, let Congress at once
repeal this restrictive law-which was
designed. and is working wealth to the
few, and dcpeltOn and ruin to the many
and receive this currency in payment
of all its dues, and it will at once elevate
currency to equality with its sponsor,
the bond and gold.
A breif coQoquy between the Govern
ment and People, may make this qucs-
ton plain to you.
Governmental have sold my Bond
to A. which is payable, both principal
and interest in gold, | have also decreed
to exempt it from taxation, and further
| agree to give him 80 cents additional,
to the dollar, in currency, which he is at
liberty to loan to you dear people, at a
greet per ccntagc than you can poss :
bly, make out Of it, or withhold it until
you are obliged to sell your products or
land at his price.
People. Who is responsible for this
currency.
Government My Bond and that
bind you, to pay in specie.
People.-Can you pay our debts, with
this currency.
Government. Yes, all. except i'm
port dues, the Bond and the interest
thereon.
People. Why will not the currency
pay the Bond and the interest thereonl
for you say, the Bond is bound for the
currency, and that we have to pay the
Bond in specie.
Government.--Yo You do not understand
this subject, and | did not desire that
you should. Mr. A. is great favorite
Of mine, and | desire you should reward
him handsomely, for the confidence he
has in my ability to pay him according
TO contract. Now to be honest, and can
did with you patient and forbearing
people, who have all this debt aud inter
est TO pay. will tell you the truth, |
sold Mr. A. these bonds, took deprecia-
ted paper from him, for them, and felt
under great obligation to him, for taxing
them, / agreed you should pay them in
gold, and as there was not sufficient gold
TO carry on the machinery or business OF