The home journal. (Winchester, Tenn.) 1858-188?, 1878-02-14
Tho Syndicate.

non. Jooh M. bright. IN "A very ahlt
and effective speech % the silver ques
ton. delivered In the House Of Repre-
,entatIvcs ai,w days ago, gave the fol
lowing graphic description Of the man
ner in which the people are plundcrel
by the Syndicate with the conuiyanc,
Of the Secretary Of The Treasury:
Our Government has found it impos
sible TO introduce foreign gold in-
10 our country through the powerful
lncIlun Of u national with theiI
large rate Of interest, lfanything car
attract the gold from Europe it is III,
american bond. II is not to he intro
duced through the skill and manage
mcnt Of ;hc syndicate. But what is
this syndicate 1t is part English AMI
part American-- might he styled a
compound Of the British lion aud the
A American eagle, Its prototype was a
fabulous monster Of The ancient Grccks,
called u griffin, which had the head
mud wings Of an eagle and the body OF
u lion, and was supposed to ''watch
over mines OF gold" It's image was
sometimes stamped on ancient coins,
At present it is not active, but it il
Watching The issue Of the silver bill, In
plain English it is an association form
ed for the purpose Of praclicins a feat
in financial hocuSs pocus, by which
they extract. Notwithstanding
bonds Of the United States, under the
acts Of 1870 aud 1873, IN exchange for
MISUNDERSTANDING Treasury notes,
without increasing the gold coin Of the
country II single dollar. But how can
that he doncY The Secretary Of the
Treasury gives notice that on a certain
day be will sell five millions Of bonds
for gold tor the purpose of redceming
legal tender notes under the act of
1875.
We will say that there are Fifty banks
and gold brokers, English and Amcri
cans, that have five millions of gold
on deposit in the vaults of the banks,
They have also boarded five millions
Of Treasury notes. Ga the day APP
pointed they appear before the Score
tary Of the Treasury and they propose
to buy five millions Of bonds if he will
take checks for that amount Of gold
on deposit in the vaults Of the banks.
The Secretary accepts The proposition,
knowing that .ne gold is never moved
in large transactions. The bonds are
exchanged tor the gold checks; but
just here the syndicate presents 3d..
900, 600 for redemption, and the Secre-
tary exchanges the gold checks for the
legal tenders. The result of the tran
~saction IL the syndicate has the interest
hearing bonds and the gold unmovcd
in the vaults Of the bank the Secreta
ry has the legal tenders, which are
to the destruction account and
burned up; the people have lost their
money from circulation aud have gain
ii a new burden in the intcrcst on the
ponds.
The syndicate only repeats the pro-
'ess at rs many calls as the Secretary
nay choose to make. The gold re-
mains in the banks, the syndicate holds
he interest bearing bonds. and the lie.
gal tenders are absorbed, and 50 the
PROCESS is continued until the whole
rgal tenders Of the United States are
wiped out" and S5,O0O,OOO have done
he whole work.
Well. Mr. Speaker, will the House
me to tell n little aneclOtc in
Illustration o! this matter, which is
,aiI to have occurred to Il western for
ester, q man OF celebrity in his day, the
we'll known Colonel Davy Crockett.
silence gives consent, and | will tell it.
lie went on one occasion. with Il NUN
Ter Of his jolly friends, to II grocery.
lie had a single coon skin. which was
nrrcncy IN that day, with which he
'ished 10 buy n quart Of whisky, He
id his coon skin on the counter and
OF his whisky. He asked what he I
lould do with it, and was told to .
il into the loft, which he did. \
lter they drank their ~whiskey, the !
)louel went around and twisted the +
)onskiG out of the loft with his rams -,
'd, and, bringing it back to the coun- ,,
r, bought another quart OF whisky. u
he coon-skin Was again throw n into "
loft and again the colonel twisted '
out and again he brought it back and =
another quart of whisky. SO u
2 repeated the process and they Z
'ank Shisky the whole day upon n $
ngle coon skin, just as the syndicate IL
e consuming the legal tenders of the
States with the sum Of $4,000,
ID of gold which remains in the II
'nlts Of the banks. Laughter 4