The midland journal. (Rising Sun, Md.) 1885-1947, 1892-09-16
OUR WAR "DEBT."

VI Jul idto Wais ~ Wao tuO UceI mOucJ
the world ever saw. 1t not only could
do, but did do what gold neither could
nor would. Because this was true,
coin gold and silver rapidly lost pres
tige and would soon have lost all power
as "money" in this country. This was
something that the money rulers, not oil
this country alone, but of the entire
world. could not permit. Had this
nation continued the use of greenbacks
as its sole money, the civilized world
would have been forced to discard gold
and silver before this time, for the
simple reason that our country would
have drawn to itself the wealth pro-
ducers of the world and the mighty
cities of the Old World would have
fallen into decay had their nations not
initiated our example. The money
rulers, the men who consume without
producing, who live on the sweat of
other mems brows, understood this
truth perfectly we'll, and there is not
the least doubt that the destruction of
the greeuback as money, except as it
was redeemable in "coin," met with
the hearty sympathy and active financial
aid of Old World money Shylocks. In
accordance with the plan matured by
coin owners, at the beginning of the
war, to force the government to fight its
war on coin basis money, congress
was "persuaded," by what means. per-
haps, will never be known, to depreciate
the greenback by decreeing that it
should be a legal tender for all purposes
"except for duties on imports and inter.
est on the public debt" 1t has already
been decided by the bankers that the
war should not be fought without the
creation Of an enormous "debt,' and
since they couldn't if they would and
wouldn't if they could lend the govern
ment sufficient coin to fight its battles
with, this was part of the plan adopted
by them to gain control of the entire
"debt' which they and they alone were
interested 10 the governments making.
The duties ON imports being thus made
payable in coin gave them at once a
market for their gold and silver. Their
next move on the financial trestle board
was one which should give them q
market for the greenbacks which they
very condescendiugly agreed to accept
in payment for the coin sold to import
ers. THIS they accomplished by per-
suading the government to issue bonds
for the purpose of "absorbiug' the
"depreciated" greenback with which
the country was Sin danger of being
inundated" 1t was for this reason
alone that the bonds were issued. TIL,
interest on the bonds being payable il
coin only, our patriotic (?) bankers, t.
whom the country is said to be indebt-
ed for its national life, made of theil
coin = .veritable merry go.round'
which brought them both pleasure suc
profit and which would continue to d.
so while the government lasted, or nnti
the people ceased to be so stupid as tt
give them something for nothing.
The owners of coin sold this silver
and gold at high premium for green.
backs to the importers. The greenbackl
they invested in government bond,
dollar for dollar. The importers hae
no use for coin except to pay govern
ment import or tariff duties, and tn,
government import had no use for tn.
coin except to pay bondholders thsil
interest ION the public debt" The
bondholders had no use for the coir
except to sell it to importers for green
backs which they Immediately permit
ted government bonds to "absorb.'
Thus it was that little coterie O.
bankers, with perhaps less than $780,
100000 in coin, eventually became
practically the owners of a "debt'
aggregating S3,OOO.OOO,OOO, at tn.
close of the war. There was not tht
slightest principle of equity or justic,
about this "debt."
The people of this country were and
arc under no more obligation to theil
bondholders than the despoiled passen-
gers of western railroad are to tn,
robbers who loot them of their wealth
and not nearly so much as the negro
slaves OF the south were to their mas
tiers, for the latter did use part of tn,
products of his slave in feeding, cloth
ing doctoring and caring for him. Will,
the bond holders have used their advan
tage solely for the purpose of NOR,
firmly fixing their grip upon the throat.
Of the people. Had Congress not beer