The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1893-05-16

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| chants and wage workers Of the Unlted
States.
On the 18th day of April, 1866, Con-
gress passed a law authorizing the Sec
retarv of the Treasury to sell 5 20 bonds
and with the proceeds retire United
| States currency, greenbacks and all
this was called the Contracting Act. "
When this law was passed there
were in circulation nearly 1000, OOO,-
600 AZ currency-about $50 per capita.
Labor was well paid and fully EN-
Moved. There were no tramps, farm
products were commanding paying
prices-farmers were contented, and
the smile of prosperity was plainly
visible upon their weather beaten
faces. They began to embelish their
homes. add to their hitherto meagerly
supplied comforts. They improved
their agricultural implements. Their
hitherto poorly clad children were seen
with better and warmer garments, and
those children went happily, gally
whistling on their way to their country
schOolhouses.
But alas! those halcyon days of pros
perity we're only ephemeral, but OF
short duration. While they lasted the
farmers and wage-workers had plenty
of money, they could borrow from
each other, they did not have then to
20 to the banks when they wanted ten,
twenty O q hundred dollars. Congress
was importuned by the banks to take
this money from the people, to call it
in and convert the circulation into in
terest- bearing bonds; and when this
money came into the hands of the
treasurer, he was instructed by Con-
gress to burn it up, to destroy it, SO
that it could never get back INFO the
hands Of the people.
Yes, Congress of the United States!
The peoples Congress! Servants of
the masses at the dictation of Wall
street bankers, money lenders and
bondholders passed the contracting
act of 1866, thereby causing the ruin
of thirty-fve millions of people in order
that fifty thousand might revel in
afHuence.
This contracting act was whole
sale robbery. Not only did this act
rob the toiling masses of a fair COM
pensqtion for their labor, but it robbed
the United States Government of mil
lions and millions, and in addition to
the individual losses of the industrial
classes there is placed upon their shout
ders the burden of making up the great
loss thus sustained by the government.
By way of parenthesis, let me tell
you that contraction of currency, this
contracting act, which has caused so
much distress to the mercantile inter
ests Of the country, and which has
been the direct cause of so many farm
mortgages, did not originate with the
Republican party. It was bitterly op-
posed at the time it was passed and for
several years afterwards by many of
the leading Republicans. Even John
Sherman opposed it in the beginning.
It was set on foot by the leaders of
the so called immaculate Democratic
party. Do you want proof of what I
say7
Senator Sherman said it (this con
tracing act) would be an act of folly
without example for evil in modern
times" Senator Ward, another lead
ing Republican, said cit would be as
bad and as destructive as fire." Sena-
tor Logan denounced it and said sit is
a money famine and nothing else"
Rutherford B. Hayes said in a speech
delivered at Sydney, Ohio: 'The very
measury which was intended to carry
this policy of Secretary Mccullough to
enable him to take up and destroy the
greenback currency and substituting
in lieu thereof interest-bearing bonds,
was introduced in Congress in March,
1866. 1 have the votes here on that
question, and I say that the Democratic
party in both Houses, all the members
of the Democratic party, voted for
Secretary McCullough's plan of con-
traction. 1t was carried by an unani-
NOUS vote of the Democratic party"
I, who have been an humble worker
in the Democratic party for twenty
seven years, never knew but that the
Democratic party was comparatively
spotless. I was led to believe it could
not lie, it could not err, it could not
cheat, it could not steal. Like Saul of
Tarsus, I followed it blindly. My de
votion was sincere, 1 did not know
there was such a crime upon it's escut-
cheon. The scales have been dropped
from my eyes, and I am again warned
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