The midland journal. (Rising Sun, Md.) 1885-1947, 1891-03-13

/ ms cOuVeruDlilty was taKen away Dy
the senate in the face of the plighted
faith of the government" But all this
was simply carrying out the policy
designed by the English bondholders
and seconded by the bankers Of this
country.
The effect of this senatorial legisla-
! ton, was to make gold convenient
tool for Wall streetto sport with, what.
ever might be the result to distressed
nation
Secretary Eessenden, who succeeded
Secretary Chase, 10 his first message to
congress, speaking of these money
sharks, says: "The solution of the prob
lem nay be found in the unpatriotic
and criminal efforts of spectators, and
probably of secret enemies, to raise the
price of coin, regardless of the injury
inflicted upon the country
The selection of Mr.. Fessenden
however, as secretary of the treasury.
was particularly gratifying to the money
power His record as secretary was
consistent with his speeches and votes
as senator. As chairman of the
senate finance committee he had been
instrumental in mutilating the legal
tender bill by requiring interest on
bonds and notes, and import duties to
be paid in coin; authorizing the selling
of United States bonds, at their market
value in coin; abrogating the converta
bihty Of legal tender notes with United
States 6 per cent. bonds etc.. ETC., thus
carrying out the scheme of the repre-
sentatives of the banks, who by agree
ment bad early met in Washington and
formulated certain measures for their
own special aggrandizement.
Following Secretary Fessenden came
Hugh McCulloch, banker, with his
ruinous contraction. Besides the
hundreds of millions of evidences of in.
debtedness Of the government, used IS
currency, taken from the channels Of
trade. the greenback circulation con-
tracted by him from July. 1865, to July,
1868, was nearly $50, 100000.
As during the war, it was to the
interest Of the money power, as repre-
sented by English boudholders, to
depreciate the public credit, every i'm
portant financial measure passed by
congress at this period, had this effect
as was designed. Afterwards, when
having possession of our outstanding
obligations. this same power scrupled
not to change this policy to stall turthur
subserve its unhollowed ends. At the
bidding of the Rothschilds and others
who controlled several hundred millions
of 5 20 bonds, though the payment Of
these bones, when purchased. were to
be in legal tender greenbacks, congress
was induced to pass bill repudiating
the original contract. and making both
principal and interest payable in gold
The creation of our national banks
modelled after the British system-a
wholly unnecessary scheme at the time
one not in the interest Of the people
and which has since become the con
trolling monopolistic power Of the
country. was reported by Senator Sher
man. February 2, 1868, considered OF
the 9th, passed on the 18th, taken NJ
by the house on the 10Th, passed on the
10th and approved on the 25th.
The policy of contraction and th'
national banking system, measures
inaugurated by the money trust t.
enhance its interest, have proved to be
veritable weapons in the hands of tn,
enemy, and which have been welded
with well-nigh fatal effect. Nothing
short Of the marvellous productive
power of this country could ever hav,
withstood the strain which it has bee,
subjected.
But it grows wearisome to seek to
enumerate in regular order the man!
financial measures which the none,
power has caused to be passed by con
gress. It has controlled every president
and secretary of the treasury, and
save in one or two instances, all the
financial legislation since the war. Il
controls them to-day. The previous
administration, no less than the present
one, was in full accord with Wall street
with Lombard and Threadneedle streets
British and American gold interests
are identical.
1t was this power that, dethroned
silver in 1878, and though partially
restored in 1873, it was bound to repea
it again this year if possible despite the