The herald., 1893-08-06
LETTER BAG.
Free and Unlimitsd Coinage of Unalloyed
Honesty the Real Need OF the Hour.

Honesty the Real Need of the Hour.
EDITORS HERALD: In reply to this
assertion comes voice across the waters
from London asking, "What has the
question Of honesty to do with the finsn-
cial convulsion in America today? 1t
is the single gold standard we need. Be-
come one Of our financial colonies, and
our Wall street agents shall have an
ever-watchful eye over your interest Gas
long az your collaterals are satisfac-
tory)." This colonization scheme was
tried under the powder and lead pro-
cess" more than hundred years ago,
when this kind mother country at
tempted to tell US the kind of tea to use
and the price thereof. We objected in
the most emphatic terms and we have
been drinking very good tea ever since,
and we don't have to ask mother
whether it must be green or black tea.
Acting director of the mint, Mr.. Pres
ton, told us but few days ago that "the
price of eilver was controlled in Lon
don." Now il the American people
will admit, and submit to the PROPOSE
tion that when London takes snuff and
Wall street sneezes that American finan-
ees are shaken from center to circumfer-
ence, and as q natural consequence OF
this submission we conform ourselves to
single gold standard, (and that con-
tracted), then Mr.. Editor, the last link
in the chain of monopoly combine has
been forged and we become poor indeed,
the slaves of monied power. without
their firing single gun. If the untaxed
railroad (built largely from the public
or;hN ka Al,n - ha
farm in transportation, if Mr..
cur live stock, if Mr.. Spreckels reg
sugar. Mr.. Carnagie the price of
down the line (and now comes the Lon
money!, there would be one consoling
feature left to the American farmer and
lRborer, and that would be "his very
few dollars to corner or worry about"
desire to be fair, nowise inclined to be
amassed fortune honestly, nor towards
any particular political party for appar-
ent past wrongs, if wrongs they be, for
the wrongs of which 1 complain herein
were participated in by leading men of
this financial crisis that 80 seriously
confronts us today. And may diverge
further in this spirit of fairness to say
that previous to our last national cleo
tion, when brainy men were splitting
hairs with microscopic inspection, get
ting at the needs of the "dear people,"
and both parties telling the "dear peo.
pie" in technical terms all about "cause
and effect" and what they would do,
etc.. while the hard-working laborer, too
tired after the days work to cipher out
how much high and low tariff he want
ed for the next four years, and the down.
trodden farmer who put in Is hours
q day to pay the tax on his mortgaged
farm was too tired to go four miles to
the postofice for his weekly papers to
ascertain how a cattle broker 1000 miles
away could put the ruling price on his
stock that he was compelled to accept.
Oh, no, Mr.. Editor they just summed
up the evidence in the case thusly:
"What have you done for us ?" and the
verdict was: "We vote for a change :"
and 1 am not alone in this assertion (as
loyal Democrat as have always been);
when the present term Of this admins.
tration is ended the one general ques-
ton will be: "Whst have you done to
relieve the American people of their
heavy burdens?" and my vote shall be
recorded accordingly. We therefore
must rise above party line and view
results that so alarmingly confront US,
and you will find honesty an important
factor in doing 80.
When we consider for moment that
the greater portion of the wealth of our
country has within the short period OF
80 years been concentrated in the hands
of 81 900 of our people, while the great
masses are being reduced to begging, it
is evident that something is wrong.
Let us see what legislation has had to
do with it. 1t is chronic cancer. deep
rooted, of 80 years. standing. When
the clouds of war appeared in 1851 the
"heyday" Of financiers began, gold and
silver took flight. and we find on page
296 of Appleton's Cyciopedia of 1861
that the money kings OF Wall street
were willing to assist the government
in her distress at "a to 36 per cent inter-
est. But to avoid this extortion con-
gress on July II. 1861, and February IL.
1862, authorized the issue of 60,000,000
reepbacks, without interest, payable
for all debts, which had the appearance
Of answering all purposes, whereby the
gold bugs seemed to be caught with
their gold on hand, but not four days
later bankers convention was held,
evidently to create a demand for their
gold.
On February rs, 1862, the Exception
clause" was enacted, whereby all import
duties and interest on the public debt
should be paid in coin, and Shylock re-
joiced, having created a demand for gold.
The duty on sugar (the southern crop
being cut off was 76 cents at time
when gold was 1856 per cent premium,
requiring 2S5 cents greenbacks to buy
100 IN gold. By this 140 out of the 2s5
went into Shylock's Golfers at the ex-
pense of the wage workers, they making
thereby nearly $4,000, 900 in 1864; with
this $285 in greenbacks, which cost him
500 in gold, he invested in gold-bearing
bonds, with interest payable in advance.
While the soldier faced death at SIG per
month in greenbacks, Shylock's SIG was
worth 1880 in gold. (Does the
gentleman from London yet see
where the word honesty" could
be utilized?) Again, one of the most
villainous schemes ever perpetrated
upon this people was the National bank
act of 1868, whereby "Shylock" was not
only allowed to draw interest on his
bond from the government. but to de-
posit them with the government and get
80 per cent in Nationa! bank
notes, upon which he gets double
interest and pays no taxes; it
IT, hn L..