The anti-monopolist., 1876-09-28


Government as pledge that their is-
sues shall be redeemed They receive
a gold interest semi-annually on these
bonds, and Tinety per cent. on their
par value il notes which pretend to be
money, and are issued III the exclusive
interest of the bank monopoly.
The enormous profits which have ae-
crued to the National bankers have
been fully exhibited, and prove the Wis
dom and cunning Of the originators Of
the scheme, and III corresponding de-
gree the ryunoas consequences to the
business interests Of the country. There
is not in the whole system one feature
to save it from the execrations Of the
producing classes.
The political power Of this gigantic
monopoly is demonstrated by the fact
that both Republican and Democratic
National Conventions purpose not only
TO perpetuate this system. but to eN-
tend and enlarge it. The Independent
Greenback Party is the only party
which declares that the making Of mon
ey, or currency whether metallic Or pa
per, is the exclusive function Of Gov
ernment, and which demands that the
Federal Government shall provide the
entire circulating medium!
To provide for the enormous expen
ses Of che war the Government resorted
to various financial expedients. These
consisted Of Treasury notes bearing in
rerest, and made legal tender. com
pound interest notes, coupon notes,
fractional currency, national bank notes,
temporary bond certificates, certificates
Of indebtedness, &c. Thesewere print
ed In form, designed, and actually en-
tered into and formed part of our Cir
culating medium, performing the func-
ton OF money So that in 1868, at the
close Of the war, the circulating medi-
um amounted to twenty-one hundred
millions OF dollars. In 1875, ten years
thereafter, we learn from official sourc-
es, that the entire circulating medium
was seven hundred and sixty millions
Of dollars, or an actual contraction IL
ten years Of thirteen hundi ed millions,
or nearly two-thirds OF the whole
amount.
Stating il III another form In 1865,
estimating our population at thirty-six
millions, We had circulation Of about
500 per head, III 1875, with q popula-
tion of forty-fye millions, We had a cir
culatlon Of about sl5 per head
What have been the results Of this
enormous contraction: Let the rich
capitalists and holders of Government
securities, whose fortunes have been
more than doubled, and the active bus
mess men and producers Of wealth who
have been plunged into the vortex OF
bankruptcy, or brought to its verge.
furnish the answer.
While this process of contraction oi
the circulating medium was iii pro
gress, and when al productive indus
tries were being smitten with paralysis,
the large bondholders conceived an
other plan Of appreciating the purehas-
ing power # their bonds Under the
pretence Of Strengthening the public
credit when il needed no such tonc)
in 1865 they besleeed Congress to pass
law that all the bonds of Government
should be paid in coin. The larger part
Of the bonded indcbtness vas payable,
according TO the letter and spirit Of the
laws creating i, il legal tenders or
greenhacks.
Thaddeus Stevens, the author of the
low under which the 5-10s were issued,
denounced the scheme III the strongest
language he could employ. He charac-
terized i as . swIndle upon the tax
payers o. the country, who we're al.
gea0y staggering under the burden Of
taxation, and charged upon the authors
Of the measure the dishonest purpose
Of practically increasing the debt for
the exclusive benefit Of "bloat.,d spec
ulatorS Stevens, the brave and true
frisna of tie oppressed, died shortlv
after he recorded his protest against
this gigantic swindle. On the 18Th d,v
of March. 1858, Just fifteen dars after
the Inauguration Of President Grant.
the bill hal passed both brancnss Of
Gongress, and the President promptly
signed III This crime against the peo-
pie. of stapenao1ls magnitude. and far
reaching u it results, vas parpetrated
jy tae Inon-y power
Then followed. soon after. fhe pas
sage of tie fnnling hiil, tAe Object of
which was tve-fo.a. Flrst, = avoid
she consequence of IS possible repeal of
the ..goi8 bill. rernit-ine thu holders
Of the ''fise-tp-e1atses - tho er4entracl-
payment of thar bonds Second. To
place Stae b5ndhola5r herond tie reach
ot fesicra' taxa.ion.
Ail tae securities of tie United
stAtes wers sxsmpt fr5n State and
iali'-lc1ras t-s sasioa, bat nor from Fe8-
eEai- laa sentiment waz beginning 10
90 prevail that the holIer of bonds
rss-4.es