Los Angeles herald., 1891-08-30
I SPLENDID FISCAL EVOLUTION AHEAD.

notifying US, giving, II possible, name dne
p1ace.
4 SPLENDID FISCAL EVOLUTION AHEAD.
The .shonest dollar" proposition Of
john Sherman is as absurd as anything
that has been recorded for years in the
United States or in the world. All the
pigmy statesmen of the Republican
party are "keyed" to this parrot cry.
And yet how absurd it is! All who re-
member the history of the greenback
dollar and the national debt can scarcely
refrain from smile at the interminable
din which has been raised over an ''hon-
est dollar" Take the case of a man
who bought per cent bonds when the
greenback was worth only 371s cents on
the dollar. He received very high rate
of interest, and when the credit of gov
eminent bonds began to appreciate his
profits rose daily. The per cent bonds
we're also sold at very low rate. The
idea held out was that the arms OF the
union army would be victorious, and,
rith their steady progress, the investor
IA United States bonds would reap a
jfeat profit.
+ This was perfectly correct notion,
slnd was verified to remarkable degree.
The close of the war found the United
States with an advancing credit which
would have been supreme in any event,
as it has since become. The calculation
had been that the Union would triumph,
and that the securities of the United
States, at all times a desirable invest
ment, would become great source OF
profit to those who had purchased them,
through the rehabilitation of the nat
ional autonomy.
This result followed as the night the
day. Those who had bought the bonds
of the United States made great profit.
but they were not content with it. The
national debt was payable in lawful
money OF the United States. The green
back. ON its reverse side, said that it
was receivable for all debts of the
United States, public and private, ex-
cept interest on the public debt and for
customs dues. This did not suit the
tools of Wall street. These latter
worthless de manded more than was nom-
mated in the bond. The law stipulated
that only the interest of the public debt
was payable in gold coin, while Sher-
man and his servile Wall street tribe
demanded that the law be so changed
~ to make the principal of that debt
also payable in gold coin.
Of course, the idea underlying the
Law was that the war for the Union
would be succe ssful; and that, through
this brilliant success, American securi-
ties would 80 enhance in value that they
would be at par with gold, or any other
measure of value. And such would
have been the case if it had not been for
the conspiracy of lot of allies of the
gold bugs of Wall street. These people,
headed by men of John Sherman's
stripe, said that the fact that the inter-
ut on the public debt was payable in
gold coin necessarily implied that it's
principal also was payable in gold coin.
Stevens, at that time the
chairman of the committee of waysand
means, and the leader of the Republi-
can party in the house of representa-
Lives. arose in his place in that body
and said that he ought to know some
thing of the meaning of the measure,
~ he had drawn it himself, and sol
emnly declared that the bonds were in
tended to be payable in lawful money
Of the United States, gold, silver and
greenbacks. Here was the most authori-
tative contemporary testimony as to the
real scope Of the law.
Led by Sherman, the greatest villainy
Of the day, or of any day, or of any peo-
ple, was consummated. A law was
passed declaring that not only the in
terest but the principle Of the public
debt was payable in gold coin. By this
vet half billion dollars, as gold, silver
and Rreenbacks then stood, were be-
slowed upon the bondholders. This
Was the most magnificent edict Of finan-
;ial speliation ever known in the history
y the world. By its side the exploits
,f the pirate Lambro were mere venial
,lEances.
Bat, bad ~ was this fagitious spolia-
'i0n Of the masses, worse remained to be
lone. After having achieved the pass
lgecf law making both the principal
md interest of the public debt payable
. gold coin, it only remained to de-
nonstine silver. This was gathering
- lnsso tighter Around tie necks Of the
leople. t ~ Npiackdeatsuith The panic
: 1sss, and u eonysft n r AnustiGkn