The Redwood gazette. [volume] (Redwood Falls, Minn.) 1873-1940, 1879-07-31
Money Power vs.. Greenbacks In the
Hall {! Legislation.

/ mace III" prlhclpa: sPeecn against
legal tender, and on behalf of him,
self and the bank committees from
New ork, Boston and Philadelphia.
and members from boards of trade
associated with them, submitted the
following plan for raising money to
carry on the war, viz: now quote
from Z. G. Spaulding, in his Finan-
clal History. page 20.
l. "A tax bill to raise, in the diff
ferent modes of taxation, Sl25, ,OOO,-
900, over and above duties on i'm
ports.
?. Not to issue any demand treas
ury notes except those authorized at
the extra session in July last.
3. Issue slOO,OOO,OOO treasury
notes at two years in sums of $500
and upwards to be receivable for
public dues to the government, ex-
cept duties on imports.
4. A suspension of the Sub-Treas-
ury Act, SO as to allow the banks to
to become repositories of all loans
and to ckeck on the banks from time
to time, as the Government NAV
want money.
5. Issue 6 per cent. twenty-year
bonds to be negotiated by the Secre-
tary of the Treasury and without
any limitation as to the price he may
obtain for them in the market.
6. That the Secretary of the
Treasury be empowered to make
temporary loans to the extent of any
portion of the funded stock author!-
zed by Congress, with power to hy-
pothicate such stock, and it such
loans are not paid at maturity, to
sell the stock thus hypothecated for
the best price that can be obtained.
Now, as soon rs the above plan OF
the bankers become fully known to
to the country it was very generally
disapproved. The press spoke out
plainly against the Secretary being
authorized to put United States
bonds on the market without any
limitation as to the price he might
obtain for them IN the market, as
proposed by Mr. Gailatin. Members
Of Congress generally opposed it
and numerous letters were received
by Mr. Spaulding from prominent
citizens i'll opposition to any such
scheme, but at the same time ex-
pressing themselves in favor of the
icgal-tender bill, and earnestly urg-
ing its immediate passage
The following is fair sample of
the letters received about this time
by Mr.. Spaulding; Hon. Moses H.
Grinell 20 Mr. Spaulding.
New York, Jan. 3Oth 1862.
Ny Dear s;ir:-I thank You for
yo'r able speech and can only saT
that nine out of twelve persons in
tA;s c:..t' agree with you. AS for
G--(m"aning Ga.latin) and few
cgotl>t;cal gentlemen acting with
him, they should be driven out of
ashingson, rs they only embarass
the Government, and it seems to me
that their policy, if adopted, would
soon ruin the Government credit and
break down the country.
Yours Truly,
NJ. Ii. Grinell.
Now, light here let us briefly in
qulre what business this class of us
urers, who live and fatten on the
misfortunes of individuals and ma
tons, had to dictate to congress the
terms upon which it might save the
country. The money about to be
created was to pay the soldier, the
farmer, the mechanic, the merchants,
the manufacturer and not for the
banker. 1t being demonstrated that
they had no more of the sinues of
war. They would oppose any
scheme which deprived them of the
opportunity of reaping from the
various fields of the nations indus
tries, including that of war, even at
the expense of the nations existance;
for what is nation to them that de-
prives them of the opportunity of
sucking the life-blood of industry.
They had succeeded in bringing to
their aid the Secretary of the Treas
ury, whom they had seduced by
promises of executive succession
through whose influence the original
bill was modified by adding the 500
bond clause which finally went to
the committee of the whole on the
9th day of February 1862 in the fol-
lowing form.
G. p. Greene.