The San Saba news. [volume] (San Saba, Tex.) 1873-1966, 1889-04-05

may re-read when the articles have al
appeared. They are nasterly arguments
from non-partisan, but purely indepen
dent view Of the subject. We hope oul
readers will enjoy these articles, as We
have.-ED. SAN SABA News.
NUMBER FIVE.
In the further investigation of q
system of legislation which, what
ever the motive and design may
have been, it tended to make rich
richer, and the poor poorer, and
bring about the unfortunate state
of things now existing; it will be
necessary to take at least a partial
view of what was called the "Credit
Strengthening and the Refunding
Acts" These contributed largely
to the work so successfully carried
on, as noticed in the preceding
numbers already published on the
subject In point of fact, these
Legislative proceedings were, each
and all, yiolative of the Federal
Constitution, which peremptorily
forbids all class legislation, and
few if any intelligent, disinterest-
ed men, will deny that in the true
pirit of sll these proceedings,
here was legislation that greatly
,eneited one class of people, to
he detriment of another class, and
he effects are now being sealized.
Now is the time to discuss these
matters, when no general election
pending and the public mind
comparatively calm, and better pre-
Jared to make an impartial conclu-
ion.
The Credit Strengthening Act
VS. one by which the bond holders
made vast gains. BY it the bonds
we're made payable in gold. The
lct was passed in 1869. At first
was contended that the act auth
rizlng issuance of the bonds made
hem payable in gold But this
,ould not be maintained. The in
crest was to be paid in gold, but
lot the principal, hence, the pas
age of the Strengthening Act, and
he measure was secretly or openly
advocated by anumber Of promi-
tent officials, and most or all the
.arge bond-holders, while those
who opposed the measure were de-
lounced as regulators and enc
MES of the country. 1t has been
charged that the election of Grant
md defeat of Seymour, was a bar
gain and sale, between the leaders
IF the two parties, in the interests
# the bond holders. About this
We express no opinion; but that
James Rothschild, who, with his
company held a large amount, some
say several millions,o of these bonds,
lid in the spring Of 1868 write to
August Belmont, Chairman Of the
Democratic National Committee,
saying, "Unless the Democratic
Party vent in for paying $40 bonds
with gold, it must be defeated"
We believe to be true. The Dem
ocratic convention was held in
New York, the center of the money
power, and Seymour was nomina-
ed. The New York World, the
then leading Democratic paper in
the city, supported the nomination
until short time before the cleo
hon, when all at once it suddenly
turned about and denounced Sey-
mour as unavailable, and advised
his withdrawal. This occurring
IN the eve of the election, had a
aemoralizing effect on the party,
and Grant, who, it was said, was
pledged to the money power, was
elected. In his inaugural address,
he warned his party that no repu-
iiator OF one farthing of the pub
tic debt would be trusted in public
place. Soon after his Inauguration
an extra session of congress was
called and the first bill introduced
passed and signed by Grant was
this same "Credit Strengthening
Act" thus showing that if he we're
not previously pledged, he was
ready and quite willing to endorse
the measure of the money power.
Now let us consider the change
that came DER the spirit of the
dream" of a number of those who
aided in the passage of this act.
During the preceding Congress
Hon. Oliver P. Morton made a
speech in which he said: Eve
should do foul injustice to the gov
eminent and to the people Of the
United States, after we have sold
these bonds, on an average of moi
more than sixty cents on the dollar
now to propose to make a new con-
tract for the benefit Of the bond
holder"
Then Hon. Thaddeus Steven,
speaking of the never ceasing de
mand for money on the part o
those WHO al-eady had most said