The Iowa plain dealer. [volume] (New Oregon, Howard County, Iowa) 1867-1895, 1889-05-09

hundred and sixteen thousand, two
hundred and eighteen dollars.)
Now let us look little further into
the merits OF this extraordinary case.
Study it. Whose interests were upper
most in Congress when these several
acts were considered and passed? Was
it the sole and exclusive welfare Of the
people generally-the nation? On the
contrary, is it not plain as midday that
some cunning. selfish, unprincipled
hand was directing every step taken in
| Congresso Is not the record one of
unparalleled, stupendons yillainy. to
which the peoples chosen representa-
tiyes tamely submitted?
Mind now. u) that part of the Treas
urv notes drew interest, and part were
| free Of interest, and ALL were a
legal tender at their face; (2) that the
common people and the soldiers receiv-
ell the non-intercst notes just as readily
as they did those bearing interest; (3)
that "bonds'' were provided to draw
semi-annual interest in COIN, into
which ALL classes of Treasury notes
! were convertible at their FACE value.
Remember also that the same power
~ which caused this extraor-
binary legislation did all possible to
depreciate the government credit and
the current value OF notes and bonds.
and that English money-lenders did all
THEY could to second this infamous
action throughout the Unions struggle
for its life
But the moment all danger was
passed, the scene was changed. and
the second act commenced. Wherein
provision was lacking, Secretary
McCulloch induced q still stupid or
seryille Congress to provide for the
prompt withdrawal Of all non-interest
and Understanding notes from cir
culation, and their conversion into 5,
8, and I $40 per cent bonds.
\ At this period the national banks
had bought only $85, 100000 worth Of
u. S. bonds. Jay Cooke & Co. was
chosen by McCulloch, at large per
cent commission. to draw the people 5
money out of their hands and convert
it into these ..bonds." Jay Cooke &
Co. got the help Of all leading bankers
to aid in the rascally work by dividing
commissions. Thus armed, the fray Of
destruction began and went on a-pace.
The machinery was 50 well prepared
and worked SO rapidly that within a
year the annual interest charge had
risen to *l5l, 100000 in round num-
bers, continuing near that enormous
sum two years, when it was gradually
lcssencd to $lO4, 100000 in 1879.
Then for six years more it was nearly
S1OO, 100000 each year. And the to-
tai interest paid to date is hardly less
than $500. 900, ,OOO-two and a half
billions. And mind, this was paid in
GOLD, at a premium Of 80 to 20 per
cent much Of the time, and thus really.
in effect, doubling this terrible interest
burden. The terrible work of con-
traction and burning up continued un-
til the distress throughout the country
was 50 great that the people cried out
in very agony. This caused Congress
to call halt in tim however to save
| only portion of the greenbacks. This
disguised Shylock and his active agent
McCulloch, who intended to destroy
every vestige of the legal tender, the
..people's money
Not only was the peoples ..tool oi
trade taken from them, but almost
everything upon which tax could be
levied was taxed heavily to meet the
enormous burden of interest. The
people ce.lld not possibly have with.
stood this burden so long without q
crash. except for the wonderful i'm
petus given to industry by the vast
sums put in circulation during the war.
For short time, the people held q
considerable portion Of the bonds, but
that they should continue to hold them
was not in the robbers scheme. The
two first acts in the williams play
had proved grand success for the
robbers. The third act was to recover
the bonds to Shylock's hands, and that
was promptly and successfully played
by peculiar squeezing process" that
shylock is complete master in.
Now why all these details-only to
brief? 1t is to give some clear idea oi
the whole plan--the cunningly laid and
complete system under which the hon,
est producers Of wealth are to be robbed
Not for ten, twenty. or thirty years
but for all times. The deliberate in
tent and expectation was to create I
perpetual debt" like that of England
The very meanest Of all this worl
was the calling in and burning up .
the fractional currency, and more re
Gently the 81 and 81 greenbacks, 81
peculiarly the peoples money.
Again we say, and say it most EN-
phatically. that every single obligation
Of every form and nature incurred ol
account of the war, was paid in Treas
ury notes of one kind or another
whether bearing interest, or not bear
ing interest. That there was no occa
sion for issuing any notes drawing in
terest, nor any bonds to draw interest
that experience proved conclusiycl
that the people received the green
backs without hesitation, that currenc,
circulating far more freely than tn
interest notes. rs q peoples money
always should, hence that full lega
tender notes without interest shoul,
alone have been provided for by Con
gress. That it goes almost withou
saying, IF such legal tender had beel
issued. there would have been no cal
for gold during the war. or later, be
cause of no use for it.
Who will dare deny these facts? Q
that every soldier, every contractor
every officer, every farmer, all VIII
served the government in any forr
whatever, were paid in full as jus
above stated? If thus paid, then wha
occasion for the creation of grea
bonded debt after all payments wer
made, and all danger was passed? Di
not the government receive full fac
value in services or materials, for ever
dollar it paid ont? If not, then it sti
owes every soldier, and for all war ma
terial bought and used. Some idiot, Q