The Wilmington daily Republican. (Wilmington, Del.) 1890-1902, 1893-10-06


lcoMMuNIcATEpl
To the busy world there was nothing
remarkable In the calling OF o conven-
tion at Washington. But why a bank
ers' convention, and why called imme-
diately upon the passage OF the legal
tender actf Whs. had been done
that nocessitated such speedy
gathering OF the money mon
gers. why. Congress had made the
M ney OF the government full legal
tender for all debts, public and private.
and Shylock and his gold had been liz
nored. The bankers must have q con.
sultation, and have 1t at once. They
must get control of the Congress, and
devise some means by which the de-
mand for their gold would become
imperative.
There ID left no room to doubt but
that the conspiracy perfected at that
convention resulted In that Infamous
exception clause on the TREASURY
note, and was contaminated by act OF
Congress. February Is, 1862, wherein
it was stipulated that the treasury
note should DO legal tender tor al
debts, public and private, except du-
ties on Imports and interest on the
public debt, which from that time for
ward should DO paid in COIN" Shylock
rejoIced; he had accomplished his pur-
poses, he had created a demand foi
| his gold. Reuceforth the government
should bow to him. and none should
question his right to WELD the golden
seeptre of ID oney king.
He had not conquered by sword and
bowie knife, neither annoy or navy
had been at his command. but he had
subjugated this people more effec
tually than ever Alexander or Napo
leon had conquered. For Congress &c
stipulate that only certain article
should he used In payment OF certaii
government debts, was simply to ere
ate demand for that article. Those
patriotic and generous capitalists
with corner on tho government, re
ceive one hundred cent dollars, ant
farmers vhofurnished supplies. manu-
facturers who furnished clothing and
equipmeDts, arms and ammunition, the
mechanic and the laborer, who fur
nished service, and last, but not least
the soldier who went forward will
patriotism in his heart and gun II
hand to be shot at, II ceived only fortj
cent dollars. Is 1t any wonder tina
the money mongers and subsidized
press loudly proclaimed il rs the hes
financial system the world ever saw
Had the act read that only whit
pigeons should be used In paymen
Of interest and custom duties, d.
YOU not see how demand for whit
pigeons would have been ereated2 AM
il one hundred men had secured
corner on the pigeon business
would have been equivalent to a col
ner on the government. This Ia pre-
{ cisely what Congress did for Shyloch
I 1t gave him corner on this govern
, ment. But may lie asked what harr
II Congress did create demand 10
Shylock's gold. First we will see VIII
raid the premium which Congress oi
ierod on his gold, and how much b
was benefited thereby. We renembe
{ that during the war our cotton an
{ sugar crops were cut off in the Soutl
, and We were obliged to import thee
articles from foreign countries. At OIL
time lie duty on sugar Was 76 pt
, cent about the same time the pr
MUM on gold vas 1856 per cent.
That is 1t took two hundred an
eiglty-five cents in treasury notes
buy one hundred cents IN gold. Tia
1t not been for the exception clause o
the greenback the importer goul
have held his sugar at S1.76. but b,
sides the import duty he must pay I'll
, premium on the gold. Ono hundre
In gold cost him two hundred all
eighty-hye cents In greenbacks. A
the same rate seventy. six (the impol
duty) cost him two hundred and 81,
teen cents in greenhacks. SO that ii
i. stead of paying 76 per cent. he actual
: paid $40 per cent, or l40 per cen
/; more than he would have paid ha
here been no exception clause on til
greenbacks.
Ihis 81. 40 which went directly int
Shy locks Golfers. was added to I'll
Q price OF sugar. tea. coffee and sever
!. hundred imported articles. In Il
year 1854 the American people (accor,
ing to Judge MARTINI paid, in cons
ouence of tho exception clause, nearl
four hundred million dollars. or aDol
d eighty seven dollars to each tamil
4 With wages at 81 per day, the head {
each fpmily worked forty.thres an
one-half days. and the colder wa
shot at over five months during til
year for the gold gamblers OF Wa
street.
us, would 1t not be well to beware
Senator Gray's 'Ilonest Dollar. wi
Increased purchasing power?' III
government never received ono ia
thing of that enormous sum, and Il
masses OF the people never understood
why they paid such exorbltant price
Shylock did not 20 to them with la
onet and bowie knife and demar
their money, but In every pound
I, sugar, tea. coffee. in every yard
clothing imported they paid him Il
butte just the same.
The weapons with which he co
quered were statutory laws en0ct,
solely for his benefit. Think of tina
and then ask Senator Gray IL, in adv
catinp the system he dOpe he Is NJ