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

uS on the lIcdouAJ AoA AAAs1
and that the terms they proposed
were most extortionate and numllla-
| ting to the Government. me oniy
means left for meeting the demanoS
on the Government was the issue OF
Treasury notes, against which these
self-styled patriots protested ana 20
this day have continued to protest.
AID have resorted to every device
their ingenuity could invent to lnduce
| 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 tnese
notes as a 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
confidence of those who produced the
snnplies the Government needed, the
House passed bill authorizing a
large additional issue OF treasury
notes. making them legal tender Tor
all debts, public and private. Inc
bankers and usurers at once beselged
Senators and by intimidation or other
notential influence prevailed upon that
body to insist upon excepting payment
of customs duties and interest on the
nnblic debt. Although this single
act has cost the taxpayers hundreds OF
millions of dollars it failed to destroy
the confidence of the people III this
currency. But for this act legal-ten-
ders would long ere this have been at
nar with coin and furnished the peo-
, nle with the most safe, uniform, ana
convenient circulating medium we
have ever had or ever can have under
the operation of bankers specie OASIS
, fallancy. The next movement on Tue
r part of the bankers and their allleS
/ was the bill creating the natlonal
, banking system, which became law
t in July, 1853; but little currency was
g issued under it before July, 1854, when
= 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.
tion and there was 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 norton Of the circulation ant
refusing to surrender it, an increase
in the volume of the currency to thu
extent of $54,OOO,OOO, was authorized
and finally by the law, l4th, Of January
1875, all acts limiting the aggregat'
Il amount of the circulation OF the banks
|. were repealed, and the Secretary O
the Treasury was required TO retlre
y legal tenders to the extent OF SO pc
r cent. of the sum Of national banl
j. notes issued thereafter, until tn
k amount of legal tenders outstanding
;. should be reduced to $500, OOO.OOO,
CRUCIFYING THE GREENBACKS.
q But another provision OF that Law
10 authorizes the retirement OF all tn
n legal tenders after the lst OF January
O. 1879. by converting them into interes
bearing bonds. Thus they have sue
.o ceeded in crucifying the legal tender
t, or peoples money, that proved I'll
G, salvation of the government wlthou
r. imposing or entailing any burdens o
the taxpayers. and in releasing tn
- blackbacks with full power to rob tn
I, people without check or restraint
te This was the object the bankers an
Il. their allies had in view from the lncel
&c ton of their scheme. But they al
90 preached it stealthily, step by stel
IN because they feared the people. IN
ed cunning ones among them said 'Nt
5. on the feast day. lest there be a
~ uproar among the people,. Now,
= is lust possible that the soverele
Ids people may yet take it into the
on heads to resurrect these despised al
>. persecuted legal tenders and to crucl1
or the bankers blackbackS, even II the
should have to do it through uproar
The whole amount of taxes paid in
the national treasury by the ban
since their organi cation was as follow
On circulation. $3S, 92S, 103; on dept
its. 1893 sos. 1872; and on capitalS4, Ia
SAT: total. ST., 253 ,O72; all of which W
paid in currency. If this be deduct
from $242. $3.50, 900, the amount paid
the banks by the Government as int
est on the bonds deposited. it W
leave as the net profit OF the banks I
the eleven years over ana ABOVE
taxes $40. .03S. equal to Slo.ol
ee. $50, per annum.
OTHER EVILS OF THE SYSTEM
But if this subsidy was the only e
of the system, even in an economic
point of view. it might and doubtl'
would be borne without serious co
plant. 1t is, however. but me
on moietv of the burdens imposed on
business interests of the nation by I
bankers scheme. The banking syst
with the untaNed Government secu
ties. constitute the main factors IN
existing financial system under VIII
the bankers and usurers can and
regulate the rates of interest on lo
able capital so as to make every OIL
YES interest tributary to them. Th'
Iparties have common interest q
MY act together in all matters pertain
Y of to the currency and the national fin
the ces; they have in the past. and will
tent the future. so long as the system
Sers mains in force. continue to dictate
ork financial legislation of the nation.