The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1877-11-11
FINANCIAL QUESTIONS.
THE CONTEST BETWEEN THE GOLD
MEN AND THE GREENBACK MEN.
How silver Was DemOnesfzed-The RfeeG
the Passage Of the silver Bsn VIII
Have ON the Resumption Act.

| tHE FSASSafSe Oh tWE SILVER eSsn WIN
Have ON the Resumption Act.
Especial Correspondence of the Democratl
WASHINGTON, Nov. 6. 1877.
Let us hope that
THE FINANCIAL. AGONY
is over: or rather that we approach the end
There is little doubt that
| THE SILVER BILL
passed by the House yesterday under suspen
sion of the rules will find its way through tho
SENATE, and that no amendments will be-
tackled on to it in that body which tha
House cannot readily accept. The last fve
years has been o curious period in the
financial history of the country; period
which will possess greater inlercs: to the
generation after the next than to tho pres-
ent one. Three distinct, though not always dis
eliminated inf have been at work First,
the resumption influence p-opoL, which has
sought to resume specie payments rs they ex-
listed prior TO the suspension OF 5S1-63. Secon d.
| the Anglo German influence 8 small but DOW
| erful close corporation scesi ing not simply to
resume but to establish a w specie system
| altogether. Third, the paper mon y influence.
seeking to perp 5tuate in some form or another
the monetary reign Of terror thai naturally
| grew out OF the war. Between these three in
h1ences working at legislation and distracting
| the public mind with discussion, the country
has certainly been in a bad way.
| The Gold men have been in control of the
| financial machinery Of the government.
| THE GREENBACK MEN
| have been formidable among the maeses and in
Congress. Between these two q desperate fight
has been going on ever since 1878, the one striv-
ing to force this country into the condition Of a
| financial colony of Great Britain and Germa-
ny, and the other with might and main strug-
Cling to establish the printing press as the
| basis OF currency, and turn out money" by the
cord.
Meanwhile the natural influences Of com
merce and the regular operation of trade laws
have steadily ''legislated" in favor Of real re-
sumption, defiant alike Of the sinister strategy
OF the G I'D fae ion and the roaring folly Of the
Paper money mob The Gold thieves operated
by stealth, while the Paper lunatics went out
into the highways and howled their vagaries at
the top of their lungs. In 1873 one Seyd came
over here from London in the interest of the
syndicate to secure legislation making our
bonds payable in gold alone. He got his work
in quietly Amasa Walker assisted him, and
John Sherman. Carl Sshurz. Fenton and Grant
were brought into curious fello gship. Between
two days
THE LAWS OF COINAGE WERE REVISED
so as to ignore silver as onetary substance,
and this revision was smuggled through with
such adroitness that the people did not find It
out till two years afterward. This Is pleas
ing commentary on our legislative methods
and upon the care which Congress takes of the
interests Of the people While three or four
hundred members and Senators were busy set
ting things up in their "deestricks" and legis-
latures to re-eieet themselves. small gang of
conspirators, hired by an agent of European
money kings were stealthily
RBvoLUTIoNIzING OUR MONETARY SYSTEM
and nobody found it out. Meanwhile the paper
lunatics kept up their bowling the distracted
country pursued the even tenor Of its way to-
ward bankruptcy. and the bondholders began
to talk about third term. a stronger govern
ment, and, eventually, an empire! Thus the
finances Of the country were left at the mercy
of small band of hired scoundreIs on the one
hand, and huge mob Of raying idiots on the
other.
The idiots got the upper hand in 1874, 80 far
as Congress was concerned, and passed g paper
money bill-in other words, made stationery
legal tender and Grant sat down on Them with
a veto. Then the idiots subsided in Congress
and went out to Ohio and Indiana where they
made the welkin ring all the way from Plan
Buchanan to PIgiron Hey. And the gold con-
sDiratorS got the leadin Congress where in 1875
they passed what is known as
THE SHERMAN RESUMPTION ACT.
This scheme; like the abolition of silver coin
su yas smugglssd ge1s through Western Republican,
him and his cohfreres to vote for this bill by as
sarng him that it was intended for political
mandatory law by the Secretary Of the Treasu-
ry. But Bristow was put at the head of the
ne and he about enfore
paper iqnatics Of the wild West, who had been ea
o. Ipt0 unfI mo for
Finally. during the winter Of 1876 and nearly
three years after the thing had been done, Bill
Morrison, OF Illinois, at the head of the Ways
and Means Committee, discovered what had be-
come of
THE SILVER DOLLAR.
ne mentioned his discovery e some newspaper
ed az the no naper Der 70 him With The
switch off from silk fbte to standard silver.
Here, at last, was CLEAN of light. Hitherto ali
of the dark lanterns which the gold conspira.
tors carried had thrown a glare upon the nos
sessions of the bondholders. Aud now. at last
after fiya years of devilment and viiiainy on
one side and lunacy on the other, we have
escaped both and are on the natural highway to
We ma set it down that the vagaries Of Plan
Buchanan and Pigiron Kell-y are done away
" Xlth II Likewise are I the SLY and snuous devices
The schemes to food the country with iIlirnit-
able millions of irredeem b e paper, and the
pIos ~ hiaho ouI people Lne slaves OF England
and Germany, who own tie old of the world
nave nave shared the same fate. The old silver dol
lar rises from its tomb-not murdered. but only
buried alive and now exhumed How much
Ernest Seyd and his hackers in London and
Fran kfott paid Scharz, Sherman Fenton IT ais.
Tor their attempt to steal the silver dollar
and spirit it away out OF our
monetary system, the, public may
best have least doubt that they wece well paid.
l have been at some pains to figure up how
much the permanent demonetiza ion of srIv=r
In this country would have been worth H. the
holders OF our bonts in England and Gle roany,
where gold /! the sole standard Al ealing
res it would have n-tantly monut Il fo4>. to
5 per cent on about nine hundred millions of
dollars; with a proDortioAate enhsLatnent Of
the value OF their securl ies as god m3l<lt
grow more and more precious, Hca il .ga5
bound TO do under the operation # suea