People's party paper. [volume] (Atlanta, Ga.) 1891-1898, 1892-10-14

,. Boutwell,, Secretary OF the Treas
ury. This destruction Of your money
was begun in 1867. Official report
to Congress, December, 1862, by the
Secretary of the Treasury shows that
the money taken in at the Treasury
and destroyed and bonds issued in
place of them exceeded thirteen hun
dred millions of dollars. Now what
do you think of these figures from
the Secretary Of the Treasury. APP
plause and signs of dissent from two
of three. Now, if there is anything
that makes a Democrat run it is a
little truth, and the more truth you
give them the harder they run.
A voice. Hit 'em again, Tom.
(Laughter.)
Now, mark you, in 1867, I have
shown you that there were eighteen
hundred millions in circulation.
When you made your debt the mar
ket gave you the idea that you could
pay that debt with so many bales Of
cotton, OF SO many bushels of wheat,
or SO much labor. Possibly you
mortgaged your home with the ex-
pectation of paying that debt with
so much produce or so much labor.
The prices were fixed with reference
to the money in circulation. You
would bave been ali right if they had
left the money as it was. Why?
Because you would have snapped
the mules, the cotton or the labor for
the money, would you not? That is
clear enough even for a Democrat to
see, is it not? Suppose that you
burned up all but $400,000,000 of
that 81, 800,000,000, then the people
at large would have to swap the cot
ton, the corn, the wheat, and the
horses and the mules for that $780,
100000 instead Of the 81, 800, 100000.
Don't you see that you have SO much
less chance to get your share when SO
much is burned up? Don't you see
that the men who had that left had
that much more power over your
labor and your products than before?
Don't you see that it is harder to get
money to raise the mortgage on what
was left than if the whole amount
had remained in circulation. Then
that was a crime to the extent of ST.
300,000,000 according to ESecretary
Boutwell's report. In whose interest?
In the interest of the bondholders.
They issued bonds in place of it, and
said to the man who had the wealth,
eve will give you in exchange a
thousand dollar bond, and that bond
shall pay no tax, and that bond shall
receive six per cent interest. The
people shall pay interest at the same
time that you are not paying taxes"
Do YOU see the scheme to mortgage
the fruits Of your labor in behalf of
the man who had the gold? Who
was responsible for it
A voice. How was that money
destroyed?
Mr.. Watson. By act of Congress.
Now, my friend asks about the
proof.
The same voice. No; l only asked
for the vote.
Voices. Go on with your speech,
MIR. WATSON.
Mr.. Watson. That is a proper
0uestiOn. IT. would be improper for
to make charge without sustaining
it by proof. When was that thing
begun? Away back yonder in the
sixties. Secretary Mccullough in
his annual report says-this was De-
cember 4th, 1865-that the green
backs should be retired. Now, | am
going to show you that Mr.. Cleveland
said the same thing. That their de-
struction should be commenced with
out delay, and that the gold standard
should be adopted.
To return to the first step in the
work of destruction Of the green
backs. On the 9th day of December,
1865, the following resolution was
offered in the house:
Resolved, That the House cordially
concur in the views of the Secretary of
the Treasury in relation to the necessity
of contraction of the currency.
How many men voted for that res
olution? IA. How many men
against it? Only six. Now, if you
say that every one Of these six was a
Democrat, you are in hole. AS a
matter of fact all these were not
Democrats. And such distinguished
Democrats as Samuel J. Randall and
Dan voorhees, voted for it.
Now come to where they carried
that out. | tell you that when these
financial fellows, the Wall streeters,
these bankers band together and pro-
pose to do thing, they generally go
forward and do it. They propose
now to start a great combination in
the State of Geargia in which every
bank in the State of Georgia shall
be a partner, and it shall be hedged by
many other trusts, controlling the put
ting out of money, and the drawing IN
of values. Ifyou are wise you will keep
your eyes on them. | put you on
notice of it to-day. Notice in your
papers and you will notice that your
Georgia bankers are forming a trust
to control this State currency, just