The Weston Democrat. [volume] (Weston, W. Va.) 1875-current, 1878-05-04
Is There u Money Power.

the Cincinnati Enquirer what the
League has u say Of the Money
Power" tho idea Of tho existence Of
which, tho Post insists. is the result
with US Of a morbid Imagination. The
Post holds that there is no such thing
as a =" Money Power" and on an ex-
animation of what the League says, we
find that it comedies with tho Post.
But tho concurrence in opinion Of
those two financial lights does not set
tic the matter. BY any means. We
are no nearer settlement OF the dis
pute than at frsr. We invite the at
sention Of the Post and League to q
few facts
10 1862, when it became necessary
for tho Government to issue paper
money, the House of Congress passed
a bill to issue bonds and paper money.
The interests Of the bonds was made
payable in lawful money; aud the law.
ful money (grecnbacks) was made legal
tender for all debts, public, private,
receivable 10 all transactions between
individuals, and between individuals
and the Government. That was the
shape in which it went from the House
10 the Senate. The interest Of the
bonds was made payable in grcenbacks
and the greonbacks were made legal
tender for all debts,public and private,
without exception. There was not
meat enough in the bill as it passed the
House to satisfy the greed Of the bro
kers and bankers. They swarmed
about tho Senate, and procured tho
amendment they wanted. They had
the bill altered SO as to make the in.
teres,s Of bonds payable in gold in.
stead of grcenbacks. Without such
provision there would have been no de-
mand for single dollar Of gold to be
used in this uutry. It created dc.
mand for gold, to be taken advantage
Of by bullion.mongers. It was Gun.
ningly devised scheme of the brokers
and bankers. In the Congressional
GioCc Of February 20. 1862 We fnd
the following remarks on the subject
by Thaddeus Stevens, chairman Of the
Committee Of Conference on Senate
amendments. In submitting the re.
port he said:
"Mr. Speaker, have very few
words to say. | approach the subject
with more depression Of spirits than
ever before approached any question.
No personal motive or telling influences
me- | hope not. at least. have a
melancholy lorcbOdiug that we are about
to consummate cuuningly devised
scheme which will carry great injury
aud grsat loss TO all classes Of people
throughout the country excepting one,
with my colleague believe that no act
Of legislation Of this Government was
ever hailed with as much delight
throughout the whole length and
breadth Of this Union, by every class
Of people. without any exceptions, as
the bill which was passed and sent to
tho Senate. Congrstulation from all
classcs- merchants, traders, manufac.
turers, mechanics and laborers. poured
into us from all quarters. The Boards
Of trade from Boston, New York. Phil.
adelphia, Cincinnati, Louisville, Chi.
cago, St. Louis and milwaukee ap.
proved its provisions aud urged its pas
sage as it was. l have dispatch from
the Chamber Of Commerce Of Cincin.
natl, sent to the Secretary Of ofTrcasury,
aud by him to me urging the speedy
passage Of tho bill rs it passed the
House. 1t is true there was o 6uleful
sound came up from tho cavcrus of tho
bullion.brokers and from the saloons Of
associated banks. Thei1 Cashiers and
agents were soon on tho ground, and
persuaded the Senate, with but little
elaboration, to manglc and destroy
shat it had cost the House months to
digest, consider and pass" They fell
upon the bill in hot haste, aud 80 dis
figured aud deformed it that lis very
father would not know it Instead Of
being o beneGccut and iuyigorating
measure, it is now positively mischiov-
Gus. 1t has all tho bad qualities which
its enemies charged on tho original
bill, and none Of its benefits. 1t now
creates money, and by its very terms
declares it deprecated currency. 1t
makes two classes Of money-onc for
tue banks and brokers, and another