Daily globe., 1879-06-11

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January, 1879, and that their place would then
be supplied by National bank notes and gold.
The National party did not oppose an eduali-
zation of the values of gold and paper money.
But they Oppose Che contraction of the cur
rency through the destruction of the green-
backs, and Congress was forced to arrest, by
law, further contraction and destruction of
greenbacks before they could enter upon the
so-called scheme of resumption. We declared
as party that gold could not be substituted
for greenbacks, and we We're right, greenbacks
instead have been substituted for gold.
Who sees those foods of gold coin
which were to take the place of paper in the
pockets of the people? On the contrary,
through the force of our principles. the despis-
ed rag money!" the 'lamp-black lies" which
were doomed to speedy destruction, are, to-day,
more firmly established than ever in the hearts
and confidence of the people.
In other words the issue was: "Shalt the
green5acks liue or die?'' We insisted they
should live and the result is they exist
to-day and through their continued existence
partial resumption is possible. Had they
been destroyed it is easy to see that gold
enough would not have been attainable to take
most calamitous times the whole business of
the country depending on the circulation of
the national banks, which would be ready to
curtail their currency at the slightest th,eat of
storm. But while we claim that whatever of
resumption has been effected is due to green
back principles, we do not hold ourselves re-
sponsible for the contraction Of the currency
which preceded, or the terrible suffering
caused thereby. The glory of oil that belongs
to the Republican party. It was asunnecessary
as it has been horrible in its consequences.
Neither are we responsible for the non-arrival
of those good times which the Republicans told
US were to follow at once on the heels of re-
sumption. They are like the ague in Indiana,
never to be found right here, but in abundance
in the next county or across the river. Never
were tramps numerous in Minnesota ss they
are to-day many of them have walked hun
dreds of miles to seek work on our railroads.,
only to be disappointed. Never was the West.
more deeply in debt than it is to-day. The
people were told last fall that resumption
meant prosperity. They voted for resumption,
and the prosperity comes not; and now they
are swarming by thousands into the National
party. a@@4.
We have also had within the past few weeks
proof Of the truth of another greenback doc
trine. We have urged for years the necessity
for a popular loan, at 3.65 per cent interest, in
small bonds always accessible to the peopleand
fundable on demand into larger 8 .65 bonds, or
exchangeable, on demand of the holder. for
greenbacks. This would have given the people
national saving fund Of the most valuable
kind at a lower rate of interest than Secretary
Sherman has yet reached. But our demands
were denied and derided, until the other day,
when a comparatively small amount Of per
cent. certificates were offered to the people,
through the medium of the postofices and
we have all witnessed the great demand for
those securities and the efforts of the bankers
to monopelize them.
There is every reason to believe that
if bonds of $40 and upward, bearing
3.65 per cent. interest, exchangeable, within a
given limit, at any time, for greenbacks, could
be Offered, through the medium of the post
offices, the whole debt of the nation could be
refunded in that way and held by the masses
of our own people, instead of by the banking
class or foreign capitalists, and this too with
out the intervention of syndicates or extraor-
dinary profits to corporations.
And here we come to another fundamental
principle of our party: That the place of the
national bank notes should be supplied by
greenbacks. We hold that if any profit arises
from the furnishing of the currency used by
the people, that profit should go to the people
themselves, and not to corporations having no
claims upon the people. We can recognize no
practical difference between greenbacks and
national bank notes, save the one great fact
that the 6ank notes cost ,ss some tee,e million
dollars annually Of td;reS, taken from our pock-
cts. not to support an army or navy, or the
postal service, or the courts of justice or any
other serviceable end, but to be paid into the
pockets of few wealthy men. And for what? ?
whit better than the greenbacks. The gov
ernment stands behind both. and the
note is redeemable in greenback. Both are
promises to pay; but the nation makes one and
banking company the other; both are rag
money" both are, furnished by the government
AaI |, ~E
| this difference:-the greenbacks go directly to
| the people, the national bank notes pass
through the medium of the national banks and
| they charge as S15, ,O0O 600 per annunn for thus
standing between the people and The peoples
government, and receiving the notes with one
a great compensation for an infinitely small
service! Is it surprising that they cling te
this valuable privilege with tenacity, that they
! com bine together to defend it, and that they
have reduced the great Republican party to s
simple condition of vassalage? Is it surprising
that their agents are constantly at work striv
| ing to reopen the half-healed wounds Of civi
war, SO as to distract public attention from th,
/ financial issues of the day to the bloody ISSUES
of the past. So long as solid North confront
a solid South, with flaming wrath and SETTLED
hate, SO long will the people be unable to asl
themselves this question Why ar
4 we compelled to pay fifteen million dollars o
taxes annually to an association OF banker
| who render US no equivalent whatever?" s.
long as men can be led to talk about the gal
liant patriots who were starved fifteen years az
in Andersonville, they will take no heed of tn
suffering and destitution which afflict million
of the American people to-day.
i For one, look with the gravesu apprehen
sions upon anything that facilitates the conso
idation and cooperation of the capital in thi
great country. The rights of man have! in al
ages, stood abashed before the rights of cap
tai, even as the spirit of Mark Anthony wa
!. said to be rebuked in the presence of the spiri
cause our people were all yeomanry, farmers
, fishermen and mechanics. It is hard to Sc
why the forms of government dominant i
Europe viii not be transplanted to this coun
2 try as soon as We arrive at the conditions 9
society which prevail in Europe, and those con
ditions seem to be coming on with marvellou
rapidity. Nothing but that eternal vigilanc
which is the price Of liberty can save US. It
n not a question of attacking the rights Of cap
tai, but simply how far we can limit th
aggressions of capital. We have reache
already in this country condition simils
to that described by Froude, when 500 me
concentrated IN their hands the power and th
wealth of the Roman republic and with the
,, recklessness, corruption, unsuitable greed an
intolerable arrogance they brought on the en-
!, pire. Human nature has not changed an lot
in 1000 years; and there is no reason why lik
Z CduScS sudll uOt pIOuuCo A1fAS IcSu1ts, uuAcs
averted by the Intelligence and wisdom of th
people. .s. "
! Let us then go before the people .'wit
malice toward none, with charity for all. !" u
: us in calm and courteous spirit present OF
: arguments and our facts, and ask the suppo,
: of all men who think we are right. SO long
3 we represent the cause Of the people and d
Il fend their rights We may expect their aid, an
when we fail to do this we shall deserve to (
: cast aside and buried out of sight.
: Above all let us teach the people that Il
true greatness Of this nation is not in its CROP
: its mines or its commerce, but in the spirit {