The farmers' union. (Memphis, Mo.) 1891-1895, 1894-03-01

Der of commerce of Cincinnati, sent
to the Secretary of the Treasury, and
by him to me, urging the speedy pas
sage of the bill as it passed the
House. 1t is true that there was q
doleful sound came up from the
caverns of the bullion brol} gers. and
from the saloons Of the Associated
banks Their cashiers and agents
wtre soon OH the ground. and per
suaded the Senate, with but little
deliberation, to mangie and destroy
what it has cost the House months to
digest, considered and pass. They
fall upon the bill in hot haste, and 80
distigured and deformed il, that I,
very father would not know 1t.
Lau2hter.l Instead of being Il ben
eiicent aud invlgOrating measure; 1t Is
now positively mischievous. 1t has
all the bad qualities which It's enemies
char ged on the ori yinal bill, and none
OF its benefits 1t now creates money
and by its very terms declares it 3,
deprecated currency. 1t makes Two
classes Of money-one for the banks
and brokers, ard another for the
people. 1t discrminates between
the rights of different classes Of cred
itors, allowing the rich capitalist to
demand gold, and compelling the
ordinary lender of money on indiyid-
ual security to receive notes which
the government had purposely dis
credited.
Let us examine the principal
amendments separately, and see their
effect. The first important one (be-
ing the tiifth) makes the notes ISSUED
under the laws of July II, Il legal
tender, equally with those authorized
by this bill. There be but little
wisdom in putting those two classes
on an equality. The notes of July
bear $40 per cent interest, and are
payable i'll three years. This gives
them sufficient advantage over notes
bearing no interest and payable vir-
tually in twenty year bonds, with
per cent interest. Why give them
this additional advantage? Simply
because the $lO0,OOO,OOU issued are
all held 10y the associated banks, and
this is their ammended bill. They
would displace 100000, 900 of this
money in the circulation, and render
1t impossible 10 use any considerable
amount of these Tn ted States notes
as currency. Those notes have
served their purpose. Why allow
them to block up the market agalns.
further relief to the government.
The banks took $5G. G.OOO. 900 of &
per cent bonds and shaved the GOV
ernment $500, 900 on them, and now
ask to shave the government - or 20
per cent half yearly, to pay them
selves the interest on these very
bonds. They paid for the 5000
600 in demand notes, not specie, and
demand the specie for them. Yet
: gentlemen talk about us making
| other loaus in these times. They
are crazy or sleeping, one or the other.
[ do not know which.
When the question was discussed
: before. the distinguished gentleman
from Kentucky (Mr Crittenden) asked
: me whether it was the intention or ex-
p pectation Of the House to 90 on and
=, issue more than one hundred and
fifty millions of dollars of legal ten
der notes "a pretended question.
j which | saw the whole force Of at the
time. | told him that 1t was nv ex-
a pectation that 10 more would be
issued by the government, that thev
would be received and funded in the
twenty year bonds.
1 Mr.. Lovejoy-1 asked the gentInan
: from PhnnsyIzania whether $3.50
] 900, goo of gold could not be put into
circulation as we'll as $3.50, ,O0O. 900 of
Treasury notes?
Mr.. Stevens-lf this $3.50. OOO. 900
I would come out out Of the bank and
! misers boards; but they have suspen-
ded specie payment. and would not
give out dollar They say pay us
> Il discount. and then when these notes
are made legal tender we will be
: again in the clutches Of these halpes.
v do not want to to use hard names.
t | suppose these men act from in
\ stinct. If [ were now to answer the
: question Of the gentleman from
, kentucky, | would not give that
!. answer. | do not expect one dollar
t of the Sl50,OO0,GO0 of legal tender
: notes ever to be invested in the
twenty year bonds. | infere from
| the amendments that before we al-
; journ Sl5j O1O, 900 will be asked for
+ which will never be funded in these
: bonds. and SO on. as they are needed.
+ as no bon,ls will be funded until our
+ circulation will become frigh,fullv
t Inflated
e But now comes the maiu clause.
| ! All claSSeS If nenulc shall take tneSe