The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1877-06-07

I2n0 CndU luC CC1AS CAOy
were most extortionate and humlna-
ting to the Government. The only
means left for meeting the demands
on the Government was the issue OF
TREASURY notes, against which these
self-styled patriots protested and TO
! this day have continued to protest,
aid have resorted to every device
i their ingenuity could invent to induce
the people to discredit them, but
without avail. No soldier, miner,
mechanic, or farmer has ever refused
to accept them or petitioned Congress
to withdraw them from circulation.
The opposition to the use OF THESE
notes as circulating medium comes
solely from the bankers, usurers, ana
boards Of trade, and others OF their
retainers.
When. in February, 1862, it became
necessary to rely wholly upon the
4 confidence of those who produced the
supplies the Government needed, the
House passed bill authorizing
large additional issue of Treasury
notes. making them a legal tender for
all debts, public and private. The
bankers and usurers at once beSelged
Senators and by intimidation or other
potential influence prevailed upon that
BODY to insist upon excepting payment
of customs duties and interest on the
pnblic debt. Although this single
act has cost the taxpayers hundreds OF
millions of dollars it failed to destroy
the confidence of the people in this
currency. But for this act legal-ten-
ders would long ere this have been at
) par with coin and furnished the peo-
Die with the most safe, uniform, ana
convenient circulating medium we
have ever had or ever can have under
the operation Of bankers specie basis
fallancy. The next movement on the
part of the bankers and their allies
was the bill creating the national
banking system, which became law
t in July. 1863; but little currency was
8 issued under it before July, lob4,when
il was revised and re-enacted suDstan-
TALLY in it's present form.
BY this time it was quite manifest
that the war would be of short dura-
ton and there was a demand from all
sections of the country for permission
: to engage in banking under the law and
the $500. 900. 900 of circulation then
authorized was soon taken up. The
New England and other Eastern
States having acquired more thar
their portion of the circulation anC
refusing to surrender it, an increase
in the volume of the currency to the
extent of Ss54 100000, was authorized
and finally by the law l4th, of January
1875, all acts limiting the aggregate
amount of the circulation of the banks
were repealed, and the Secretary OF
the Treasury was required to retire
; legal tenders to the extent OF 81 pei
cent. of the sum of national banE
: notes issued thereafter, until the
< amount of legal tenders outstanding
should be reduced to $500 ,OOO.0OO,
CRUCIFYING THE GREENBACKs.
l But another provision of that law
D authorizes the retirement OF all the
4 legal tenders after the lst OF January
: 1879, by converting them into lnteres
bearing bonds. Thus they have sue
ceeded in crucifying the legal tenders
;, or peoples money, that proved TIT
!, salvation of the government wlthou
: imposing or entailing any burdens OF
:. the taxpayers. and in releasing thu
blackbacks with full power to rob thu
!, people without check or restraint
e This was the object the bankers ant
|. their allies had in view from the lncep
ton of their scheme. But they ar
preached it stealthily, step by step
II because they feared the people. III
q cunning ones among them said IN
!. on the feast day. lest there be III
thA nnnnla NOW |
is lust possible that the SoVerelg
' people may yet take 1t INTO thel
II heads to resurrect these desplsed an
,. prosecuted legal tenders and to cruclf
y the bankers blackbacks. even II the
should have to do it through uproar.
The whole amount of taxes PAID INT
the national treasury by the bank
since their organization was as follow:
On circulation. S3S. Q2S. l03: on depo
its. $50. 600 .S92: and on capitalS4, IA,
SAT: total. So. o53 .072: all of which wa
paid in currency. If this be deducte
from S242. $50. 900. the amount paid
the banks by the Government as lnte1
est on the bonds deposited. 1t WI
leave as the net profit of the banks IL
the eleven years over and above a
taxes Sl7O. 626.03 equal to Sl5.5ll
e. $50, per annum.
OTHER EVILS OF THE SYSTEM
But if this subsidy was the only ev
Of the system. even in an economic
point of view. it might and doubtle
would he borne without serious cor
plant. 1t is. however. but me-
N moietv of the burdens imposed on I'll
business interests of the nation by I'll
bankers scheme. The banking syste
with the untaNed Government secul
ties. constitute the main factors in Il
existing financial system under whlC
the bankers and usurers can and {
regulate the rates of interest on loa
able capital so as to make every 9th,
81 interest tributary to them. The
parties have common interest al
llv act together in all matters pertainiI
of to the currency and the national fina
he ces; they have in the past. and will
mt the future. so long as the system I
.rs mains in force. continue to dictate Il
rk financial legislation of the nation.
he By the provisions OF the law author
mr. zinc the issue of that portion of Il