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

ITEMS OF HISTORY.
1t will be remembered that the frs
10000, 900 U. S. teasury notes, July
and August, 1861, kept par with gold
till they reached premium OF 2.85
being receivable for all debts, public
and private. These. however, were
soon legislated out Of existence, called
in, by act of March 8, 1868.
1t will also be remembered that in
the issue of the $50 600, 900 of nom
bearing interest notes, act Of Feb. 1862
offered by that grand old political sage
and prophet, Hon. Thaddens Stevens,
these notes were made to read as fol-
lows: "The within is legal tender in
payment for all debts. public and pri-
vate, and is exchangeable for bonds Of
the U. S. bearing per cent interest at
twenty years. or in per cent bonds at
five years. These wise provisions the
senate, true to its money instincts,
insisted upon amending by "except
duties on imports and for interest upon
bonds and notes, which shall be paid in
COIN" This was wholly in the interest
of the money lords ard at the expense
of the people.
In speech by Mr.. Stevens in Dec.
1862, abiding to the passage of the
house bill, be said, 1.-THE bill which l
introduced. produced howl among the
money changers as hideous as that sent
forth by their Jewish cousins when
they were kicked out Of the temple.
\ x The simplicity and har-
mony of the bill were doomed to be
managed and destroyed as it passed
through the senate. They began by
making two kinds of currency for the
same community fatal mistake
wherever it occurs. They provided
that bonds issued by this act goo,
100000 of coupon or registered bonds)
should receive the interest in gold,
while the interest of all other bonds
should be payable in legal tender
notes, thus producing at the outset a
of the United States notes
and creating demand for gold to be
taken advantage of semi annually by
gold.mongers. y The next error
ION the part of the senate) was to change
the twenty year bonds into bonds re-
deemable at thesoption of the govern
ment in five years, and payable in
twenty years, etc.
The predictions that he made because
of these and other pernic;ous changes
in order to favor the money power. have
been too literally fulfilled to be ever
forgotten by this generation. They
have become landmarks Of warming to
future generations and guide to
financial legislation in this country
The late Judge Kelley reports that the
grand cold commoner" (Mr. Stevens)
after the final conference between the
house and senate over this subject, as
saying, with tears in his eyes: Eyes.
we have had to yield. The senate was
stubborn, but we did not yield until we
found that the country must be lost or
the banks be gratifed. and we have
sought to save the country in spite of
the cupidity of its Weather c,t'zens.''
A contemporary writer Of rare clear
ness on finance, writing nearly twenty
years ago, said: at will be found that
every step taken by congress in matters
pertaining to finances, has been dictated
by the money power. Foreign capital
lists, such as the Rothschilds, became
deeply interested in the scheme inau-
gurated by the passage of the first legal
tender act, and through their agent,
Belmont, banker, etc have aided the
money power here materially in cen
trolling the policy of both the great
political parties"
The second legal tender act, July
1862, after passing the house, was also
emasculated in the senate by Its amend
ments, which the house conference
committee were again compelled to
accept.
The third legal tender act, March
1868, "to provide ways and means for
the support Of the government" known
as the 100000 900 loan act, as passed
by the house. contained no provision
tor the repeal of the clause in the act
of Feb. rs, 1862, restricting the secre.
tary of the treasury in the sale of bonds
to their market value. or OF the clause
allowing the holders of legal tender
notes to convert them at any time into
5 20 per cent bends, but the sepate