The Democratic advocate. [volume] (Westminster, Md.) 1865-1972, 1883-06-30
For the Democratic Advocate.
Chicago Business Man on Finance.

1o7o = will he remembered that our ma
-: i debt was about two billions OF eighty
~. a;ohtv-fye per cent. paper, though our
Ids had been bought up at much less
6onre-say forty, fifty and sixty cents on the
deilar 6ur personal debt was surely Two
:Ii;o,,s more. incurred on a basis OF elghty
o,,d EIGHTY five per cent, though we were pay
mo interest on the same at eight and ten per
cont on a basis of one hundred cents on INC
dollar and the bondholders, through theif
accents and tools, got up scheme 10 Tlise az
one fell swoop this vast amount Oh lnueoleu
noes IN one hundred cents on the dollar, ana
4 neoo rob the business men of this country
ont of eight hundred millions OF dollars, ana
thew called it ''specie basis" :,
WeII at great expense to the bondholders,
tbronob their agents and tools, the Resump-
ton act was at last passed; but Europe soon
Sornno their nicely-baited specie basis trap
by demonetizing silver.
THE writer was in Washington at that time,
and thew then said that the ''d-n rasca!s
| Gmeaning the debtor class could pay OIL their
| Indebtedness in silver, worth less than green
hacks" and they then swore that they woulu
take nothing but gold; and, after ylsltlng
Wall street, they came back ana got Inat NO.
toJ Silver Hill passed demonetizing silver.
Bnt the worst is not yet told; for about that
time one HAYES, from Ohio, some how got
into the Presidential chair, through the infu-
ence of U. S. Grant, Conkling, and the bond,
holders, pledged to carry out their financial
noiicv of robbing the people. Well, about
This time. also. s'Cowles," the financial man
aoer of the old Chicago Tribune, came back
from a tour in Europe with side Wmskers, a
small cane, and real "Frenchy,' but he soon
found his real estate interests deprecated IN
value fifty cents on the dollar, Joe Medlll' S
o+ouo o1 starvation
staring them in the face under their financial
nolicy. and therefore, in a few days, the old
Horace White Grant Conkling bondholding-
specie basis humbug flag ecas hauled dozen,
and Grant, the bondholders and our repre-
sentatives in Congress given to understand
that if they did not Immediately remonetlze
silver their services would no longer be re-
quired by the people.
Now, it is true that the old Tribune is
Republican newspaper, and no one will deny
its powerful influence in the Great West, and
when it gets its dander up it means business;
therefore, in spite of U. S. Grant, Conklng,
and the bondholders, bill was soon passed
to remonetize silver and restore its value, and
HAYES, q tool of Grant, COnkling and the
bondholders, vetoed it. He hated to do it
like dog, but his word was pledged, and he
did it, and it was passed over his head by
two-thirds vote.
In 1878, it will be remembered, that our
circulating medium was national currency
greenbacks, gold and silver. What is it now?
The same Then what was gained by the
seven years war upon our finances except to
openly rob and bankrupt our business men,
the employers of labor, the creators of capital,
taxable property, and send them-the labor
ers-as tramps throughout the country to beg
or starve, while the bondholders were hauling
in their millions to corrupt and run the gov
eminent with, and now all appear to be as
tonished to know how they got so much?
Four hundred business men in Chicago
took the benefit of the bankrupt act in one
days time; and it was this and the influence
ofthe old Chicago Tribune that defeated Grant
at the Chicago convention, and not Blaine,
and the same influence will be felt down east
in 1884; for the business men out West are
not fools, and when they combine, they can
make old Wall street tremble from cellar to
garnet, with all of her money and ropers-in.
Respectfully, EPHRAIM FL. CUMMINGS.