The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1892-04-12

war, pay debts and taxes, which gold
would not do. It follows as q logical
sequence that it should pay debts.
taxes and perform all the functions of
money, which it did do during the war.
Thadius Stephens, the Republican
le Ader of the House, had this legal ten
der clause inserted.
Rusticus falls into his old error by
saying, 1.-THE importer buying in
foreign countries could not pay for
them in greenbacks No, but they
could secure letters of credit by paying
the difference In value between green
backs and coin.
ing engaged in life and death struggle
with itself, the foreigner had some
cause to discount it's government
credit, and he was not obliged to take
it's notes."
Foreign countries had nothing to do
with Jul money, n4ither were they
asked to furnish their credit, and If
they had, they would not have done it.
The war was carried through with
the credit of the nation, and it was the
credit Of the nation that furnished all
the sinews of war and not one dollar
was furnished by foreigners. Had the
nation depended upon foreigners, the
wal would have ended in two months
for lack of means to equip and pay an
army.
Rusticus said a dead lock ensued.
Something must be DONE" THE ex-
ception was put into the greenback."
Yes, Rusticus, something was done.
The house led by Thad Stephens, of
DonnCU1vyo MO tho nroot 0nnonoOnnp
passed the full legal tender bill through
the house without a dissenting voice.
1t went to the Senate. What does
Thad Stephens say7 THE bulls and
bears of Wall street rushed to the
Senate, got it's ear and induced them
to insert the exception G. luse," and
Stephens said, I've had to surrender
or see the war fail" The original bill
made the greenbacks a legal tender for
principal and interest. The exception
called for interest to be paid in coin
and the credit strengthening act of
1869 made principal and interest pay
able in coin, and the demonetizing of
silver in 1873 made principal and in
terest payable in gold.
At the beginning of the wal we owed
but few coin debts and there was but
little demand for coin. The insertion
of this exception created a demand for
coin horded up. The war cost two
million dollars per day. This increased
the demand for coin, and as the de-
mand increased each day, and the u
ply remained stationary. it enabled
those who had a corner on coin to for e
a premium on it. By the insertion of
this exception the United States credit
was deprecated over one half The
bears, in whose interest this infamous
measure was passed, looked on, and
when they could invest one dollar OF
coin in two of U. S. interest bearing
notes, they loaded up, and then they
received an average of twelve cents on
the cost of their investm mt in coin.
By further legislation these bonds have
a purchasing power Of 400 per cent.
over and above their original cost. 1t
was a deliberate conspiracy from the
beginning to ~depreciate the credit of
the people, then pass a strengthening
act and demOnetize silver. This class
has robbed every nation, and every
nation of note has been destroyed by
them.
Rusticus is very indignant because
the few creditors before the war we're
compelled to receive these deprecated
HUGS 4O1 0CO0 S4OdGCO OCAO4O GAS "dIs
He and his class look supinely on and
see the people robbed of billions of dol
lars by these infamous acts. Who de-
preciated these hottest The holders of
coin who deliberately cOnspired to i'm.
pair the credit of the nation while en-
gagged in a life and death struggle. "
As there were no coin debts before the
war, there was no demand for coin,
and the holders of coin could not have
placed a premium on their coin. Be
fore they could command a premium
they must first create q demand for
their coin. The exception clause max
ing the interest payable in coin was in
serted for this purpose, and it accomp-
lished it and added two hundred per
cent. to the cost of the war.
urdAS he act passed by Congress
1e people would
paid