The farmers' union. (Memphis, Mo.) 1891-1895, 1893-06-01
CAUSE OF THE TROUBLE,
WE NEED AN AMERICAN FL
NANCE SYST.M.
All Money Shou'l he Issuc,l bx tbc (:ox.
ernment arp. Shoul, IL. MAIDS IA rn,,
Legal Tc'ldcr-Scn,iblc View of n E,cat
Oucsti-
Down with Wall Street

uC0aVLn.
Down with Wall Street.
During the past few days the news-
papers of the country have been filled
with all manner OF statements, con
lectures and suggestions in relation to
The financial situation of the countr-.
and tha nbility of the United States
ireasHry to sustain the gold basis
theory, and exchange gold coin for all
other lawful money presented, The
strange part of the case is that so much
shonld he said and SO n,any opinions
recorded and SO few attempt a correct
statement of the situation,
Few will gains;,y The assertion that
the American people are rs patriotic
as any other On earth. They realize
the trufA that they enjoy the privilege
OF the ocst government on earth anI
hold themselves in readiness a. til,
siror OF hat TO defend its honor and
1pterests. especially against a foreign
foe. And yet, with all these noble
PTomptlnSs anal Instincts, rover in
our very midst more dangerous to car
development aud the comfort and
prosperity of onr ;eorle than would
be the Ill will of all the foreign nations
that float il.gs, has from time to time
Haade Its appearance and in every in
stance :'cs found that people us a rule
aSin The Government Is it neces-
sary to mention that the power here
referred to is the money power? Then
take the record of that factor during
the past thirty years in its dealings
w:th the Government, and it will af-
fort fair apology for the short.pin-
angs of Captain Kidd. by giving tone
70 his methods
The "details of the many cons, iracies
Prasticed against the Government by
that power in the past few years wculd
doubtless prove interesting @. We'll as
instructive. The case which con-
fronts us at present however, will be
found of sufficient Importance to en-
gage our most Thoughtful attention.
Except in the case of minor coins
and gold, since 1873 the Government
has no.. issued dollar of positive
money. money containing the full legal
terier character. Cold it does not
toin for itself. Under the free coinage
law it does the mechanical part of
those furnishing the material. or GOLD
and stamps 1t exclusively with the full
legal tenaer character. As for the
standaEd silver dollar the &c. ,,ndcr
which it is issued provides that it may
be contracted against, in the settle
ment of liabilities, which makes it but
arartial legal tender.
On the backs of grcenbacks will. be
seen exceptions which at one time un-
der the bearing process reduced its
TAinn fn IN 70 $b,, LII, 4
is now at par only through! the re.ur,ps
tion act. The national bank note is
not legal tender in any measure.
Whhe the Sherman, purchase note las
printed on its back that it is legal ten
der except whom otherwise provided bv
contract: And vet we are confronted
with the spectacle Of the Government
coming for others tie only character
OF positive, full money which is pro-
duceu, while for itself it undertakes
the unnecessary task of prevailing it.
self with sufficient supply of the s,l-
perior article made such by its own
actJ TO exchange for all the inferior
(madc such by its own act) character
OF Esonev presented for that purpose at
the United States Treasury. Is more
pointed llius,ration Of the crime of our
Government issuing any except full
legal tender money needed than the
one thus presented? Or clearer
proof of the folly of the Governmcnt's
making one character of money with
which to purchase another character OF
money?
All money should be issued bv tie
Government, and sloull lie made a full
legal tender. There is no other dollar
so good as full legal tender dollar ir
respective of the material of which i
is r,a,e.
The above able ar icle from th,
Dubuque Telegraph is commented or
by the Farmers Tribune as follows
There is, at the present time, sweep
ing over this country a financial con
vulsion whicn calls attention in an I'M
mistakable manner to the fatal defect
of onr present monetary system. \
present, this convulsion is merely shals
ing loose the upper portions of tn
business structure the financial orna
mcnts- and they have lately been fall
inc with a terrific confusion of nois
and dnst. The noise and confusion
produced by this wl.irl,ng about of til
financial bric-a-brac has, for the nc
ment diverted attention from the effec
of the cyclone upon the more solid an,
substantial portions of the commercia
editice. But they will hardly escap
damage from the fury of the storm
The walls will not be thrown down a
many Of the figures which have orna
mented their SUBMITS have, but bot
walls and foundations will be wrenche
and strained and loosencd by tn
shock. Here and there solid bric
in the wall will he crushed or broker
some business house will fail, in fue
several such failures have lately bee
reported, or be scrio nsly crippled
y while the foundation for all-the soil
masonry of productive forces. con
PEELED to suffer this additional strai
upon their endurance, will sutfe
silently, perhaps, but none the le:
keenly--suffer.
And thus effect must go on opera
ing forever, unless some change
made which will tighten the burdel
During the recent furry in Wa
Street, it is reported that several mi
lions of dollars of the best paying raj
road and other securities were know
to have been secured by the rcprcscl
tatives of foreign capitalists ut n mel
fraction of their actual value. 1Io
much was secured Ivy unknown repr
sentatives of the same or other foreig1
ers before or since or during the tin
of the furry there is Of course, /
means of determining Mt present, b'
the amount Of unknown purchases
that kind was much larger than tn
of those where the purchasers we
known. AS these securities were all
class whose paving qualities cam
be materially interferred with by OH