Dakota farmers' leader. (Canton, S.D.) 1890-19??, 1891-01-08

was over the bankers got to gether Just as
they did after our last war, and said that
the government onght to reserve specie
payments" These bankers are always
insisting that our money should be of 4
specie in times of peace, but in times Of
war when we want money they hoard the
gold and won't let us have it unless we
pay them dearly for it. One of them asked
How shall we do it?'' One of their
number by the name of Ricardo, replied,
"Get the specie from America America
is specie-basis country" Another ask
ed, "How?" Ricardo, replied, sEng-
lands 'consols' are now at a premium Of
three per cent Raise them up to seven" !"
No sooner said than done. The moment
that the honest bankers in this country,
who are always willing to hold the
basis while we poor people hold the
evidence of debt (notes,) heard this, they
said, Now, there is a chance to specu-
late" And they unlocked their boxes
and took the specie out, shipped it to
England, and invested it in English con-
soils. Then the bank of England chuck
ed it down into her big box All at once
Jack happened to be reading one of these
notes, and on its face it contained this in
scription: '"This note will be redeemed
at its face value in gold on it's presenta-
ton at the bank" Jack says to himself,
think, that will have my ''shiner,"
| q n ho ox1yapf 70 %1a
in his note, and as they happened to have
one gold piece left they gave it to him.
Going down the street ne meets Bill and
says, "Bill, I have got my 'shiner."' ~
..Where did you get it?'' ask Bill SsWhy,
don't you know that all of these notes are
redeemable in these gold do]lars?' "Oh
yes" he replies, "but had forgotten all
about it. I think will have mine"
And he starts for the bank to get it. But
the cashier has heard of the conversation
that has been going on, and having in
stincts like a fox he comes out and sticks
a notice on the door, that reads as follows:
Suspended Specie Payments" Amt do.
ing that any more! Why? Because
they have put out three paper dollars
and have only one in gold to redeem
them.
The bank Of Chepatchet, in Rhode
Island, was organized on this basis and
in the panic of 1857 it closed its doors.
i The book examiner went there to exam
inc that bank to see if they were living up
II <o< To Ha
the books Of the Institution, that they
had put in circulation S6O2, 900. They
were compelled by law to have in their
safe, over 200, 900 in coin When he came
to open the safe, how much do you think
he found?
! Well, my friends, he found twelve and
one half cents in the form of silver six.
pence.
4 Now Mr.. hard money advocate, you
can put out theer paper dollars to every
one of gold, but you can not tax them in
dollar for dollar. Never has been done,
never can be done. Is just as much of an
impossibility as it is to have two hills
without hollow between them.
Financial statistics say that England,
by that little trick took just $26, 500, 600
4 of specie out of this cocntry, and it lost
the American people 1920, ,OOO,O 900 in.
bankruptcies in the short period of ten
months; and that panic continued for
four years.
i That was the condition Of the country's
finances when the war broke out en-
listed in the northern army-7th regi-
ment Rhode Island volunteers. 1t was
in the 1st brigade I'd division, Of the 9th
corps, known as Burnsid's s corps; 1t was
nine months before I got dollar in pay.
Why did the government use us this way,
fellow soldiers? 1t was because there
was a law which said that nothing but
gold should be money, and the brokers in
Wall Street owned every cent of it there
was in the country. And when the gov
eminent advertised to borrow money to
pay the soldiers with, what rate of inter-
est do you suppose was asked by Wall
Street for money in these trying hours of
need? 1t ran from twelve to thirty-six
per cent per annum. The government
could not afford to pay that exhorbitant
rate Of interest. Something else had to
be done. Mr.. Chase, of Ohio, was secre-
tary of the treasury, and he was nearly
crazed by the situation. He summoned
that grand old commoner from Pennsyl-
Nnia, Thaddeus Stevens, and said to
him: ''Mr. Stevens, you are chairman of
the house committee on ways and means.
1t is the duty of your committee to fur
nish means to carry on this war. The
boys have not been paid in seven and
nine months, and their families are ac-
tually suffering" The old man straight
ened himself up and said, ''Mr. Secretary,
take the credit of the government, cut it
up into one dollar pieces, and let the boys
have it." What do you suppose he did,
fellow soldier? Why, he called his COM
mittee on ways and means together and
they drew up what has since passed into
i. orr financial hictorx 10 tho ara1 Tan