The Hickman courier. [volume] (Hickman, Ky.) 1859-current, 1877-10-12

50 during the year.
In the meantime the government sold
its bonds for legal tender notes at their
face value, dollar for dollar, so that the
capitalists, say in 1864, could sell his
fifty thousand dollars in coin for green
backs, and with the proceeds buy hun
dred thousand dollars in fve-tweniy
bonds, bearing interest nt the rate of six
per cent. per annum, payable every six
! months in coin. The dream of the Al
chemist was realized at last, aud the cap
italist could transmute even the timsy
rags, he now affects 10 despise. into heaps
of solid, shining builiOn-'Perpetual Mo-
ton had been discovered. The money
monger could sci! his gold and silver at
an almost fabulous premium to the i'm
/ porter of merchandise, who was compelled
TO have it TO pay his duties to the govern
ment, aud with the proceeds in gree backs
! purchase government bonds par for par.
! In the meantime he importer paid h
/ coin TO the government in liquidation of
/ his duties, aud the government paid il
back TO the money -mouger again as inter
Fest. to be exchange for more deprecated
/ greenbacks TO be invested ~ par in other
gold bearing bonds and so on in an end
less round Of prohu-a perpetual stream
/ OF legal tenders teeming into the hopper
and constantly aUgmenting stream Of
{
/ from the spout. How the grist turned
out you may see from calculation made
/ three years ago, by one OF the most dis
/ tiugui,hed staie-men Of the country, for
/ they1bsOlute accuracy Of which he vouch-
: ed his reputation IN an elaborate and
/ carefully considered speech OF transcen
[ duut eloqueuce and poweI, to which
: nave never seen aud never expect to see
an answer.
} According to his estimate the govern
meut, nom the year 1862 TO lcOS inc!u-
/ sivc, sold its bonds for legal tender notes
AZ their face value To the amount of 81
o69 975 700 upon which the purchasers
/ r. allied clear profit OF Sl,Ol2 53i,OJn,
besides the sum of SG3S 345, so in gold
L which, up TO that time, they had received
ta- interest on The amount actually invest
/ ed Sy them. showing "a total clear gain,
I or transfer from the pockets of the
masses TO the Golfers Of the capitalist up
4 TO the time the calcula iou WAS made OF
the enormous sum Of 81 ,65o, SSl, S24. and
| the mill WAS sill grinding and has been
ever since.
Bur more than this: According to the
estimate Of the same Distinguished au-
thOriIy, the absolute exemptions Of THESE
bonds from taxation Of every kind and
iescrip tion--tederal. state, ami local
has t%sved to their owners annually the
aggregate sum of SJU,0nOucU or $500
900. 600 in The last twelve years, which
others have had 10 pay, whether they
work on the farm, dcive in the mine.
sweat al the forge, OF toll in .ho mill
Now, l am not here TO indulge in any
vain and empty vituperafion against the
bond holder. Ii was nothing more than
natural, perhaps for him To avail himself
OF the feast OF fat things whlch cor
rupt or fatuous legislation had spread
before him. shall not even say, that lie
Is "Jioutsd but surely lie ought TO have /.
been satisfied with the profits l have .
alreudy mentioned. The '-horse-leech .
upon half such surfcit would have per-
ished from safety long ago.
We have, however, not noticed half of .
the skillfully adjusted details of This /
sfupendous system of spoliayion ana .
plumber. On tho 5rd of June, leG4, an .
Act entitled An Act to provide a nation
al currency secured by pledge OF United .
S,ates bonds. aud to provide for It's circu-
Iation and redemption, received. the .
presidential sanction and went Iuto effect
"a law, authorizing private Pnriies,
under the style Of National Banks, 10
create and pat in circulation credit
currency for their own profit amounting
10 $500 200 $50. which was suos equeutiy
Increased to ) 81, 900. 0OJ, OJU by au act
approved July 10, 1870. 10 relieve this
horde OF i ultimate monsters from all
as tar as possible, the circu-
iatiOn Of greenbacks was limited TO - 10,
600 900. and that of the STATE banks
stamped out Of existence entirely by an
tax OF ten per cent. per
annum. Notwithstanding large majority
OF them had displayed their usual sagaci-
iy, aud given security for their loyalty
10 the government by investing the great
er poyiiou Of their capital in United
States bonds.
1t is not my purpose to tax your pa
iieuce with An argument to show the .
extreme impropriety OF permitting pri-
ya,e corporations TO manufacture a. cur
-eucy .1t their V0u rtHOItstnvut, win D
power &, emit or withhold 40, aud thus ,
Expand or contract values at pleasure. .
The monetary experience OF our country d,
ur nearly three quarters Of "a century, +
With its repeated aud disastrous Pauics, y
md their attendant trains OF suspensions, -
nd bankruptcies. had 80 clearly demon u
trated the dangers OF estaOish.ng IA !,
tituiious with such perIlUus pow ers chat T.,
Don 1rs arr surprised that an intelligent ri
nd polriotic Congress should nave nag d.
Tdei the fliuuus experiment 10 any A.
xtent or under any circumstances what ~
yer. even il 10 had possessed tbs an =,
uestiOuei constitutional power; bat the
istarical student OF the next generation. .,
erhaPs. when he SHALL come 70 CONSIDER "a.
ais extraoriinury aud mischieyOus leg n
Station, in the Isht OF is couIemporrne- -,
Us facts, viii be utterly overwhelmed ~
ith amusement aud wonder--uOt 50 a.,
Iuch on account OF the stuPendoIs m q 10
itude OF the scheme Itself, q tne il
sounding corruption or pit,abie iElJe- =.
Ity which a'one could have cOncci Ell a. al
When he finds that there was neither f..
lie slightest necessity, nor the shadow vi
a excuse for such remarkable policy .,
the time, but THAT every consideration IL
patriotism and prudence alike coudenu III
when he discovers that tue country
ready had "a circulation OF $3.50 O0J,UO ~
green BACKS with which tue people 70
ere satisfied, aud which might have hi
cen easily expended by the government, fo
lst far as the public interest required II
, and with a clear saving Of at least six u,
sr cent. on the amount, as compared ~
it'll theS plan OF creating. banks To issue ~
currency tor their own emOluinenti i'm
hen he nscertaius that the extraordinary r..
ner gencies OF The government At the .,
me imperatively demanded the most 81
cteusive employment OF It's own credit, D,
al that IL had the power TO crush out OF TO
tIsteHce, by Il single blow, ali possible in
,mpetItIOn with its own issues, as II did ~
le very next year with the circulation 81
Z these obvious circumstances aud then Al
nds ihe government deliberately spawn IA,
z u shOal of Money Sharks To prey e,
pom its own vitality, bringing into being al
horde Of private corporations with power ut
create and control $500 900 900 OF cred tI
currency, in direc, competition with es
he issues Of its own treasury, thereby III
% bling the price Of the vast variety OF VI
II was constantly compelled D.
purchase in enormous quantities, load bc
~ its own people with au enormous aud 81
burden of Indirect taxation, at
hiie dangerously If not fatally disturb IN
az the harmony of their industrial aud III
numerical interests, rulnously iucrcHs- be-
~ lis own current expenses, aud adding m
nmeusely to the ultimate Indebtedness of
t the country, he will be at a loss to de- C.
u mine whether it was administered uu- II,
er the auspices of Bedlan or Botany AT
ay, or whether il had fallen into the CO
Inds Of lunatIcs or rOgues. All that we ia
re permitted TO say, perhaps. Is that II -,
ar National Banking System was in Ii
,nded to promote the prosperity of the ia
reat mass OF the people in the slightest >,
osslble degree, or in any conceivable
articular, II has proven TO be most ig- ~
ominious aud disastrous failure, but II \,
was designed as a sublime master piece :,