The Labor enquirer., 1883-12-01

g0OQ 70 the people. ~ fncD M6 btuOpOfm
things Will the advocates Of the bank
monopoly meet these plain hcts?
This Wise system Of Venice can easily
be adapted to our condition. The small
ara Of the Venetian republic made it
convenient to effect I'll home exchange
by transfers on the books Of the bank.
With us that would be impossible. The
credits of individuals against the gov
eminent must be exchanged in the form
of notes convenient for circulation, e
are the greenbacks. This is the main
difference, made necessary by the inn
mense area of our country.
THIS PLAN rEsrED AND FOUND SUCCESSFUL
IN OUR OWN HISTORY.
As far Is We have used treasury notes,
receivable for taxes, as currency, in the
Confederation, States and Nation, they
have proved to be the best.
~ Mr.. Calhoun says: "Under the Confed-
eration North Carolina issued $500, 900
of state notes, which we're made legal
tender and were received for all debts
due the State, and they were always
equal to coin.n
till faB6 skKhRmR arHss Hsssd iss9sa is6% lE Esl
own legal tender paper money, not one
dollar Of which was ever at discount for
coin.n It was received for taxes 1t
was currency without cost,
Thomas Jefferson says: I'm 1755
Virginia issued treasury notes bearing
interest. They were received for all
debts due the State, and were never at q
discount for coin They afterward
issued non-interest-bea notes, which
were equally successful as currency.
In 1S4l, when the Bank Of the United
States of Pennsylvania failed, that state
issued large amount of what was called
relief money, not based upon or pay
able in coin, but upon the credit Of the
state and receivable for all debts due the
state. For years it was the entire money
on which the business of the state was
transacted, and it was ultimately re-
deemed in the payment of taxes.
When the civil war hurst upon
the nation it made the question OF
finance the most difficult problem for the
government. As it always does when
tested, specie failed as a basis Of currency
Borrowing money was resorted TO. The
banks of New York and Boston loaned
to the government $600000O0. They
did SO to make excuse for suspending
specie payments, and in the hope of COM
pelling the government to exchange its
bonds for their suspended notes at 80
cents on the dollar; but the government
refused to accept the loans on those con-
ditions, and issued $50 O00, 900 of demand
noted" These notes, the banks then
suspended, labored to discredit, and
would have done so, had not the secre-
tary of the treasury ordered the notes to
be received for duties on imports, and
afterward had them made legal tender
by law. Until made legal tender, the
bankers refused to receive them on de-
pesit, or in any payments due them.
After this, they had no power to depre-
ciate them, though for years there was no
specie back of them. At the time that
$2.85 in greenbacks we're needed to buy
ST in gold, a friend of mine sold $50, 600
of demand notes. for of l per cent
above gold.
I affirm that no full legal tender treas
ury notes issued bY a responsible govern
ment ever were deprecated.
In 1852 the issue of greenbacks was
commenced. Thaddeus Stephens, chair
man of the "Ways and Means" commit
tee had charge of the bill which pro.
posed to make them full legal tender
There were hurried councils of bankers
in New York. the result of which was
a body of 10O were sent to the capital to
prevent the passage of this measure.
They tried their arts of persuasion on
Mr.. Stephens, but were foiled by the
staunch patriot. They said if this bill
passed and the government continues to
issue legal tender notes for circulation,
every bank of issue will be closed. Mr..
Stephens reply was, "Take care of your
banks of issue, l am looking after the
interests Of the people, graphing with
rebellion" His bill went to the senate
uncrippled. There this body was
successful. The noted exceptions
to the legal tender power Of the
notes, was secured. In the dis
cussion over the amendment, Henry
Wilson said, "There is contest be-
tween Jew brokers and Wall street
Shylocks on one hand, and the people
in desperate encounter with rebellion,
on the other" He added, "If the lobby
secure this infamous measure; as soon as
these notes are issued you will find these
men on every curb-stone in the land
laboring to depreciate them" On its re-
turn to the house its author opposed the
amendment with all his great power,
but the money of the lobby was too
much to be overcome by integrity and
patriotism. The bill passed which made
the notes legal tender for the soldiers,
but not for the bankers or the govern
ment; and the men who secured this
nameless injustice entered at once upon
the work of depreciating them. They
had the control of specie. They had
made it necessary for every man who
had custom dues to pay to buy specie of
them at corner prices. 1t was wholly in
their hands. By depreciating the notes
they shadowed the credit of the nation
and added to the sacrifices of its re-
demption.. ...t -
dare not trust myself to extended
Characterization of this conduct. 1t ex-
hibited total depravity. 1t was a mani
festation of sordid greed, never paral-
leled in the annals of sin. When COM
pared with it the acts of ghouls. who
followed the army to. rob the wounded
while bleeding their life away on the
field of battle, we're sanity. These
robbed those who periled their lives to
save the government, of few dollars
the bankers robbed them and theil
families of hundreds of millions. The
time will come when this infamy will
be understood and its authors consigned
to the company Of Benedict Arnold, like
traitors to the liberties of mankind.
/ think we have demonstrated that
money Is q creation of law, and re,
ceives its value as money solely from
law, and not from the commercial worth
of the material which is stamped. We
have also shown that metallic money II
rttorly ;rnnro cficahle for the numerous