Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1879-06-11
January, 1879, and that their place would the
be supplied by National bank notes and colo

January, 1879, and that their place would theI
be supplied by National bank notes and gold
The National party did not oppose an eouali
cation of the values Of gold and paper money
But they Oppose the contraction of the cur
rency through the destruction of tho 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 were 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: "ShaW the
should live and the result is they exist
to-day and through their continued existence
a partial resumption is possible. Had they
been destroyed it is easy to see that gold
enough would not have been attainable to take
their place, and we should have fallen on the
most calamitous times the whole business OF
the country depending on the circulation OF
curtall their currency at the slightest thseat 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 all that belongs
to the Republican party. It was as unnecessary
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 so numerous in Minnesota as they
are to-day many of them have walked hum
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.
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 popular loan, at 3.65 per cent. interest, in
small bonds, always accessible to the peopleand
fundable on demand into larger 3.65 bonds, or
exchangeable, on demand of the holder, for
greenbacks. This would have given the people
a national saving fund of the most valuable
kind, at lower rate of interest than Secretary
Sherman has yet reached. But our demands
were denied and derided, until the other day,
when comparatively small amount of per
cent. certificates were offered to the people,
through the medium of the postoiiices and
we have all witnessed the great demand for
those securities and the efforts of the bankers
to- monopolize them.
There IS every reason to believe that
If bonds of $40 and upward, bearing
1865 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
Of our own people, instead of by the banking
class or foreign capitalists, and this too with
out the Intervention of syndicates, or extraor-
binary profits to corporations.
And here we come to another fundamental
principle of our party: That the place of the
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 bank notes cost as some teens million
dollars annually Of ta1es, taken from onr 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?
The paper money they furnish us is nc
whit better than the greenbacks. The gov
note is redeemable in greenback. Both are
promises to pay; but the nation makes one and
a banking company the other; both are rag
money" both are furnished by the government
and printed at the expense Of the people, with
this difference:-the greenbacks go directly te
the people, the national bank notes pass
through the medium Of the national banks, ano
they charge us 5000, 900 per annum for thus
standing between the people and the peoples
government, and receiving the notes with one
hand to pay them out with the other. Surely
a great compensation for an infinitely small
service! Is it surprising that they cling tt
this valuable privilege with tenacity, that they
com bine together to defend it, and that they
have reduced the great Republican party to
simple condition of vassalage? Is it surprising
that their agents are constantly at. work striy
ing to reopen the half-healed wounds of civi
war, SO as to distract public attention from tn
financial issues of the day to the bloody issue
of the past. So long solid North confront
a solid South, with flaming wrath and settle.
hate, SO long will the people be unable to asl
themselves this question "Why ar
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 restitution which afiict million
of the American people to-day.
For one, I look with the gravest appreher
sions upon any thing that facilitates the conso
! idation and cooperation of the capital in thi
great country. The rights of man have. in a.
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
Of Caesar. We formed republic in 1776 bt
cause our people were all yeomanry, farmers
fishermen and mechanics. It is hard to sc
Europe will not be transplanted to this cour
try as soon "a we arrive at the conditions q
society which prevail in Europe, and those cor
ditions seem to be coming on with marvellor
rapidity. Nothing but that eternal vigilanc
which is the price of liberty can save us. 1t
not question of attacking the rights of cap
tai, but simply how far we can limit til
aggressions of capital. We have reache
already in this country condition simils
concentrated IN their hands the power and tt
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 2 1000 years; and there is no reason why lii
causes shall not produce like results, unle
averted by the intelligence and wisdom of tt
people.
Let us then go before the people 'wi
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
: we represent the cause Of the people and d
fend their rights we may expect their aid, an
when we fail to do this we shall deserve to