The Redwood gazette. [volume] (Redwood Falls, Minn.) 1873-1940, 1879-08-21
Money Power VS.. Greenbaeks In the
Hall Cf Legislation.

2.uilof INtpN coo uALEIiE. aug -lSt, 1898.
The principle object of introduc-
ing that part of the general subject
under discussion, in the three last
articles with the above heading, is,
that at the threshold of the war, the
house of Representatives had the
idea OF a.clean cut, full tiedged legal
tender money coined on paper to be
issued by the government, in and by
virtue Of the constitution of the
United States. The fifth paragraph
of the eighth section of the first ar
ticle Of the constitution declares
that congress shall have the power
to coin money. regulate the value
thereof, and of foreign coin, and fix
the standard of weights and meas
urcs. Let us now see what author
lty is given by the right to coin
money. (The legal claims was OPP
posed OH the ground that the legal
tender quality of money must be
limited, or restricted to coin, and
that the latter must nescessarily con-
sist Of metal. l have shown Oh a
former occasion by the best English
photographers, that the verb, to
coin, is defined: 1st. To stamp and
convert into money, as a piece Of
metal; to melt; in more general
sense, to form by stamping, as to
coin 4 medal. ID. To make or fab
ricate; to invent: to ori ginate; rs to
coin word" The money power
saw in this house bill, that it would
utterly destroy all necessity for
banks and the bankers profits: there
fore, it must not prevail.
No! No. The alarm was quickly
sounded; in dismay the Shylocks at
once commenced marshaling their
FORCES, TO make war Oh the full legal
house bill: for they clearly saw,
that while it would save the country,
it was ruin to them; therefore, act
ing from the impulse OF the first law
of nature, they determined at all
hazards, to save their own selfish
interests, though the beloved tiag of
our revolutionary fathers, should
trail in the dust beneath the unhal-
lowed feet Of rebel hosts; and that
the Goddess Of liberty should sweat
great drops Of Hood in her agony, in
the vale OF liberties Gethse,nane to
save shattered republic from the
grasp Of foreign deposits. There
was little or no serious opposition
made to this Bill in the lower house:
the members were largely from the
people recently, feeling a high sense
Of patriotism in the paramount ne
ccssities of their beloved country,
were not i'll a mood to be successful
~ swerved from direct line Of duty
in this regard, by bribes or threats
OF the money power, and the bill
was passed. These money sharks
may have reasoned as Thomas Scott
did, when told that he ought to use
large sums Of money in the rural
districts Of Pennsylvania, to influence
the congressional conventions, so as
to result il the election of men in
the interests of Pennsylvania Rail-
roads, when he replied; 'sl'he legis-
lature will be composed Of men, and
as they are comparatively few, it
will be a sight easier and cheaper
to buy them after election than the
people before. On the 10th day Of
February, 1862. Mr. Fessenden,
Chairman Of the committee on Fl
nance, reported the house bill in the
Senate very materially altered and
amendeded, as follows:
Ist. 'sThat the legal tender notes
should be receivable for all claims
and demands against the United
States, of every kind whatsoever, ex-
ccpt for interest on bonds and notes,
which shall be paid in coin.''
Cd. "That the secretary might
dispose of the notes at the market
value thereof for coin or Treasury
notes.
Sd. "iIarking a new section (4)
authorizing deposits in the Sub
Treasury at 5 per cent. interest for
not less than thirty days, to the
amount Of $25,ooO,oOo, for which
certificates of deposit, (in the form
OF money! might be issued. The
sole object of this was to enable the
money power, to deposit with the
secretary any amount Of legal ten
ders, or in other phrase, loan Uncle
Sam his own money at per cent.
interest, to an amount Of $50, ,0oo,-
600, and receive back certificates of
deposit, got up in every way and
form, like grecnback money, in 5,
10, 20 and so dollar bills, which
they could reloan in their business
tor the purpose of usury the same as
money.
G. p. G.