The Somerset press. [volume] (Somerset, Ohio) 1873-1977, 1881-02-17
What Has Already Been Done i.

learned professions, were grossly igno-
rant of the science of money, the prin-
ciples of finance, the legislation which
had been enacted ON the subject, and
the effects of such legislation upon the
industrial interests of the country.
Finance was regarded as a subject too
profound for general comprehension.
Like law, medicine and theology, it
was monopolized by the learned few,
whose opinions on the subject were re-
garded as sound and unquestionable.
None but bankers were supposed to be
competent to discuss the money ques-
ton, to decide the quantity and quality
Of legal tender, to determine upon
policy, or frame an act of financial leg
islation.
Panics came and went like fatal ep-
idemics, while their victims, regarding
them as interpositions of Providence,
dreamed only of palliative measures
through the stonement of bankruptcy,
or the skill of finance doctors. The
contraction act of 1866 received an al
most unanimous vote of Congress, be-
cause the profound fnancier, banker
and finance Minister of the Govern
ment, Hugh McCulloch, urgently rec
ommended the measure, and notwith-
standing men and firms by the thousand
were annually crushed by the pressure,
hardly a man in the Nation realized
whence the pressure came, or doubted
its Providential origin.
In 1869 the Credit-Strengthening act,
by which the public debt-burden was
perpetuated. and the bondholders' in
vestment doubled in value, became a
law without causing a ripple upon the
sea Of public opinion.
In 1873, after the public debt had be-
come crystalized into coin. one-haf of
the coin material was sdemonetized, thus
doubly densifying the crystal, and this
was accomplished by statesmen who
voted for the measure, and President
who approved the act, all ignorant of
what they were doing:
II was not until 1875, when the cli-
max of the internal financial legislation
was reached in the Greenback Redemp-
ton act, that the people began to real
ize from whence the destructive storm
of '73 came.
In 1876 the Independent Greenback
party sprang into the political arena,
full-dedged, clothed with armor and
shield, and 80, 1000 freemen commanded
the money power, the Shylocks and
usurers, to halt in their march of death
and destruction. They commenced to
shed light upon the hitherto dark deeds
and designs of the peoples enemies.
They tore from the face of financial
popery its mask of deceit and hypocrisy.
They lifted PROSTATE forms to theil
feet, and pointed out the hand which
had smitten them. They took the wreck
. OF '73 and traced its footprints back II
its cause and origin. Their discoveries
and exposures caused howl of discon
tent and dissatisfaction to 90 up from
every hamlet in the land.
The people demanded the restoration
of the silver dollar and obtained it owe
, the Executive veto.
They demanded the repeal of so mucl
of the act of 1875 as provided for tn
further retirement OF the Greenbacks
. When a year ago the President, Sec
retary of the Treasury and prominen
Senators, backed by the money powe
and influence of Wall street, demands
, the further degradation of the Green
{ back, public opinion, created by tn
y National -Greenback movement, toll
them, in terms not to be misunder
= stood, that such an act would cost tn
: life of the political parties that perpe
n trated it.
. One year ago Secretary Sherma
!. urged Congress to demonetize tn
Greenback, but being ambitious fo
!, political preferment, after witnessin
u the growth of the Greenback army froI
d &c, 600 to $50, 900. he now abandons HI
n war upon this popular currency and d.
clares it d" The best circulating 'rsediul
k,1oscn."
n And Notwithstanding the whole e,
= ecutive force of the Government an
. the influence of the banks are brougl
to bear upon Congress for demonetizin
y both silver and the Greenbacks, II
'e Chicago Tribune is forced to say:
"The preponderating sentiment in bo
p houses of Congress seems to be in favor
letting alone both the standard silver doll
pre- present @ Character and quality are rec concerne
" The number of people in the country WI
would like TO reduce the debt-paying mon
be aim st infnitesimai as compared with I
~. whole population, and It is in the highest
" gree improbable. no,9 that ue question has be
that any efforts will be made to cater to I
selfish interests Of the few"
And to whom but the Greenback az
e. tators Is due the credit of "widely d
"a cussing' and causing to be general
ir understood" this subject of such vii
III Importance to all except the g infinite
ri imal fewP''
Who but the Greenback party b
eu forced this issue to the front, and
a' spite of political tactics to ward it G
go and of gag-rules in Congress
.e- strangle ii, has compelled discussio
=, and drawn fire from spiked gur
Does any man believe that. with t
I'D present light and knowledge of t
people, any of the financial legislati
.,- prior to 1873 could now be enact
under the then circumstances \
'V one. The National party has defeat
ties the elimination of the scheme of
Ill money sharks, it has forced Congr'
IN. to take two important steps towards I
la doing the wrongs of its predecesso
" and 1t now stands a wall of defer
for the people, against the over-rea'
,ce ing greed and avarice of centralk
ely capital
o a Its movements so far have be
;6- more defensive than aggressive.
has held its ground while growing
ac' numbers and strength, but the day
md not distant when it will strike
re- tents, beat the long roll, march to
Ex front, and lay siege to the enem
works. 1t has well nigh revoluti
~" lied public opinion, and the light it
70 shed on the intricate question and hi
lef- erto sealed book of finance and pol
per cal economy is greater than soci
,;6 ever before experienced. 1t has alre.
accomplished a glorious work, and wi
its mission is fulfilled, it will have
vanced civilization to millennial pla
Chicago Express.