The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1890-05-20

The next scheme 10 rob the people
was the Refunding Act, passed July
l4th, 1870, which provided for the
refunding of the national debt. In
other words it was "a scheme to per-
petuate the debt and plot against the
people to keep them forever under
the yoke of bondage. This act pro.
vided "that the Secretary of the
Treasury is hereby authorized to issue
in sun or sums not exceeding in the
aggregate $500, 600, 900 coupon or
registered bonds of the United States
in such forms as may be prescribed
and of denominations of fifty dollars
or some multiple of that sum, redeem
able in coin of the present standard
value al the pleasure of the United
States after ten years from the date
of their issue, and bearing interest
payable semi-annually in such coin at
the rate of five per cent. per annum;
$500, 900, 900 of like bonds, bearing
II per cent. interest, redeemable
after fifteen years; also a sum of
bonds, bearing 4 per cent. interest,
redeemable after thirty years-in all
not to exceed 81, OOO, 600, OOO."
The Secretary of the Treasury was
authorized to sell these bonds at par
for coin and with the proceeds to re-
deem any of the bonds of the United
States outstanding OR exchange the
same par for par. Act of January
goth, 1871, was amended so as to in
crease the amount of 5 per cent. gold
bonds, authorized to be issued to
$500, 900, 900, interest on the bonds
payable at the discretion of the Sec
rotary four times per year. The re-
funding of this bonded, untaxed, in
terest, bearing debt is a calamity upon
the people, for it has placed the
burden beyond the control of the
generation that created it. We have
already paid interest enough to have
twice paid the debt, and yet today it
is a greater burden upon the people
than it was at the close of the war.
With money enough in the Treasury
to pay half the public debt, the peo-
pie are debarred this privilege be-
cause the act of %refunding has post
poned the time of payment from ten
to thirty years, so that $3.50, 900, 900
of this debt cannot be paid until
1907.
With an enormous sum of money
lying idle in the Treasury Tor what is
still more intolerable deposited with
the national banks which have had
it's use for years. the people are not
only deprived of it's use in their bust.
ness but are still compelled to pay in.
terest upon the entire amount.
Its object is to compel our children
and children's children, through all
generations to serve the children of
these bondholders.
The next scheme to rob the people
was an act passed in 1873, demonet-
lzing silver, which destroyed the
money quality of silver and thus pro
duced a further contraction of the
currency. The object of this act was
first to prevent the payment of the
bonds, and second to increase their
value. The American capitalists were
not alone in this scheme for demonet.
izing silver. In the Bankers Monthly
of August, 1878, we find the follow
ing on this subject:
elm 1872 silver being demonetized
in France, England and Holland, a
capital Of $500, 900 was raised and
Earnest Seyd, of London, was sent
to this country with this fund as
agent of the foreign bondholders and
capitalists, to effect the same object
characterization of silver which was
accomplished.
There you have it, a paid agent of
English capitalists sent to this country
with $500, 900 to buy the American
Congress and rob the American
people"
In confederation of this testimony
we read from the Congressional Record
Of April 9th, 1872, page 2,O32, these
words:
Earnest Seyd, of London, a dis,
tinguished writer and b~ullionist, who
is now here, has given great attention
to the subject of mint and coinage.
After having examined the first draft
of this bill (for the demonitizatlon of
silver) he made various sensible sug,
gestions which the committee adopted
and embodied in the bill"
Judge Kelly said, this bill was in
Earnest Seyd's OWN handwriting
A British capitalist sent here to make
laws for the American people. Eng
land failed to subjugate US by the
bullet, but she stole into our Con.
gressional hall and by the use of gold
obtained possession of the ballot and
to-day American industry pays tribute
to England despite our blood-bought
seal of independence.
The next scheme to make the rich