The Weston Democrat. [volume] (Weston, W. Va.) 1875-current, 1878-05-18
no. Two.
Editor Democrat

policy Of contraction BY Secretary
Mccullough, Of the Treasury Depart
mcnt, under Andrew Johnsou's I'd.
miuisiraIiou, by which forced re-
sumption Of specie payments was finally
to DO reached. By this schcMc the
grccuback debt Of the pcOpl9-a non
interest bearing dbt-circuln.iug
among themselves as monry-was to
DO converted into coin interest bear.
ing bond, and the grccubaOEs which
were paid into tic Treasury for this
bond, were TO be destroyed, aud this
contraction waG to be the primary step
to resumption Of specie payments, b.
reducing the volume Of grcenGaeks to
an equality with the amount Of specie
in tho Treasury; or such other ratio Of
amounts Of paper aud gold as should
he judged prudent. What ''kuavcry"
or what imhccility the people, by this
internal scheme, were robbed Of both
srccnbacks nnjsgoll; the former being
burnt in the Treasury, while tue bOnd
into wh :ch it bad been converted was
locked up in ShyloeE's safe; aud the
latter being takeu FROM the people to
pay interest on that bond. This in.
tercst account has averaged u hundred
and ten millions Of dollars year since
1865, making total Gin thirteen years
to datc) Of tho startling sum Of more
than fourteen lundrci millions Of dol
lars in gold, taken out of tho people
far interest UlOmG-much moro tLuI
the original geld raIre Of the gFccn.
backs paid for the bonds and much
moro than the entire yield VI both the
gold aud silver mines o: the United
States since the year 1865 up to tho
present. time, and mOrc Than the entire
gold coinage CT the minIs Of the United
States since their FIRST establishment. in
1898, which amounts to less than q |
thousand millions Of dsllars. (Report
Of Directors Of the mint for 1919 N
Well, under this contraction iicpd,
during the nine years from 1866 to
1875, the grccnback circulation was
contracted to the extent Of thirteen
hundred and EOEIy.Six millions Of dol.
lars, after making deduction for the
issue Of Two hundred aud ninety mill.
ions Of dollars Of National Bank notes.
[Sce financial rcports,) Following the
contraction scheme, comes next in or.
der Of infamy, the act establishing
the National Banking system,
which, il my memory does not
fail me, was passed in 1864, aud by
which tho people bave been robbed Of
seventeen millions Of dollars year in
gold, to pay interest on the banks col.
latcrals, deposited in the United States
Treasury to secure the hunks cireula'
lion. Whoever heard Of pawn.
broker paying interest gu the pledge
left with him us security for the money
loaned? It is certaihl y ucw theory,
that party loauiug money on colIat'
cral security should not 'cceirc interest
on his loan but that he should pIy
interest Oh the collateral which he hUlds
as security. Yet this is exactly the
principle Of this banking act; The Gov
ernmcut pays the banks for coudc'
sccnding to allow uOtcs 10 b. printed,
stamped, ind given 10 them TO loan, as
money. The Nations Stamp is all
that makes these bauk notes valuable !;
they arc the banks "prOmises to pay"
in faet they arc the bnuks' de6t-Inr
debt Of Notwithstanding among
the people as money. AS the Na'ion
has now DEBT, md US somebody's
debts are to be used as paper money,
why not use the grecuGack, which Is
"madc q lien upon the cnliic National
wealth." and consequently better DC.
cured than auy debts Of iudIyltuuIs!
Shall not the pOoplO say whose debts
they will use MS money? Have the
people ceased 10 bs Ihe "legitimn'e
sJurco CT all political power" IL this
Government, with tue right to Iesu!at
their own affairs, to their own advan'
tuge? Or have the people beru de-
privcd of their freedom without ciIhe:
their knowledge or consent?
Tho act Of Congress Of February
1862, though it took from the people
coin as Interest on the bonded debt,
loft The principal Of that debt payable
in lawful inOncy-grccnbncks. But
1869 the Money Power again "tc.
sought" Congress, aud tue vile public
crodiL" net, by which both principal