The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1879-03-14
The Latest Device OF the Mopav i

The Latest Device OF the Money Power.
The bloated and tyrannical Money Power
has again tightened its grip on the throat of
an impoverished and downtrodden people.
The fiendsh plan it has contrived for the
subjugation of the poor is minuteIy set forth
in the circular put out a few days ago by that
heartless aristocrat, Jack Sherman. the
fraudulent Secretary of the Treasury. The
circular announces the terms on which the
$40 certificates of deposit, authorized by
the last Congress, can be purchased. These
certificates draw interest at the rate of fou,
per cent. per annum, and they can be pro-
cured at par on the day of issue at the United
States Treasury, the various Sub-Treasuries.
and such national and private banks as COM
ply with the statutes on the subject, II pur-
chased after their issue on April 1, they will
costs par and accrued interest at the rate
named. They are convertible into United
States 4-per-cent bonds at any time in sums
of $50, or multiplies thereof, with accrued
interest. In appearance they are very
similar to ordinary Treasury notes.
The object OF this cunningly conceived
plan is apparent. 1t Is to build up priyi-
legged class of ten dollar capitalists, whose
interests will be with the Money Power and
against the people. 1t will create a strong
party in favor of an honest payment of debts.
party determined and clamorous for the
faithful keeping OF pledges, party that will
insist upon taxing the people and reducing
the national debt and sternly oppose all
the brilliant transformation tricks by which
one form OF indebtedness is assumed to be
discharged by change into another. It will
in fact, breed a race of Shylocks living al
ease ON the earnings of others and sucking
the lifA-blood of the people, a kind OF finan-
cial vampires tanning the country into deeper
slumber while they fatten on the sleeper.
The dangers of this privileged class, and the
extortions practiced by them, have been so
fully and energetically set forth by Greenback
journals that it would be superfuous to repeat
the exposition here. The great number tba,
are unable to accumulate ten dollars each.
are to be made to support their craftier fel-
lows in wanton luxury.
1t must be confessed that the plan is
shrewdly devised. On its face it appears to
be wise and kind. 1t seems to furnish a
safe and convenient savings bank for small
depositors in which they can put their scanty
earnings and draw interest thereon, 1t
would appear on careless examination to be
promotive of economy and thrift, to tend to
the encouragement OF habits of industry, to
be in the interest of good morals and sound
government. But on reflection it will be
perceived that the effect of the certificates is
to create faction of men having direct
pecuniary interest in the solvency of the
Government, the maintenance of its credit
and the preservation of its hcnor-there is
the danger--for any man who has a pecuni-
ary interest in anything or in the preserva-
tion of any form of credit, belongs, as the
Greenback papers and orators never tire of
telling US, to the dangerous classes of the
community whom it is the duty OF eyery
good citizen to put down.