The great West. [volume] (St. Paul, Minn.) 1889-18??, 1892-08-26
Our SYSTEM OF FINANCE.
The Duty of the Peoples Party In Regard
to o Flexible Currency.

00u o1oASM IT rlNANCRs
The Duty of tho Peoples Party In Regard
to q Flexible Currency.
Secretary of the Treasury McCul-
Tough in his report of December.
1865. says: Business is nearly all
done on cash basis. and the people
are generally out of debt those who
want work can get it at good wages;
all branches of business are flourish.
ing. and the people are prosperous
and happy"
This statement very truely repre-
sented the condition of the country
just at the close of the most expensive
civil war the world had ever known.
This was wonderful showing but
none the less true. says the Toiler.
When the crisis came upon our coun-
try and our financial standing was
most imperilled. gold and silver
sought the vaults of misery Eoarders.
The government needed money with
which to meet the war expenses con-
sequently in 1862 it issued sixty
million dollars for treasury notes
which were full legal tender for all
debts public and private. The gold
hoarders were chagrined when
they saw these notes 90 on
an equal footing with their gold.
they had hoped that they would
depreciate. and believed they would.
because they had no gold or silver
behind them. When it became neces-
sary for another issue these gold bugs
were on hand and bribed congress
into saying this is full legal tender
for all debts public and private .ex-
cept interest on public debt and i'm
port duties" Where was the cause
for this exception clause? Any of the
sixty million dollars before issued
were settling interests on public debt
and import duties A dollar of it
was buying anything that a gold or
silver dollar would buy. so where was
tie grounds of complaint? 1t was
made only by the men who were
boarding gold and silver They de-
sired dishonest greenbnck money so
they could get premium for their
metals. The exception clause made
a special demand for gold or silver in
two transactions. This made them
go at premium over those treasury
notes which contained the exception
clause. Remember it cost the gov.
eminent just as much TO issue the ex-
ception clause notes as it did the full
legal tenders. 1t cost the people a
vast deal more
BY 1866 there had been various is
sues of exception clause" green
backs. While they bore on their face
the record of legislative crime, still
they beat no money by great deal.
They served the purpose of the com
mon people SO well that in 1866 the
gold mongers secured the passage of
the contraction act by which the Sec
rotary OF the treasury was authorized
to issue note or bond Of the govern
| ment bearing interest and swap it TO
! whoever might present these green:
backs. The greenbacks thus drawn
from circulation were to be burned up
and so they were. to the tune of about
| one billion eight hundred million dol
lars. And our democratic statesmen
boo hoo about the proposition to buy
| the railroads of the country at the
cost of about one billion when thew
have failed to condemn this cremation
of the peoples money actually burned
up more than enough to buy the rail-
roads. IN
Some say that money was nothing
but debt of the government. that is
promise of the government to re-
ceive. and it foated around as money.
Why? Because the government said
it would receive it. Suppose it was
debt it circulated as money and the
debt we exchange it for does not 1t
| was in small denominations and could
lie held by ordinary citizens. The
bonds we now have are in large
denominations and can be held only
by those who have money to invest.
A great duty confronts u.s. it will
be the work OF the Peoples party to
call in and pay off the bonded debt
and give the people a flexible cur
rency with which 10 do the business
Of the country.