The representative. [volume] (St. Paul, Minn.) 1893-1901, 1894-01-31

VCuUlOu dU w d0uIuk UOu. DuU why q
bankers convention? And why called
Immediately upon the passage of the
legal tender act? What had been
done that necessitated such speedy
gathering of the money mongers?
Why, Congress had made the money
of the government full legal tender for
all debts, and Shylock and his gold had
been ignored. The bankers must
have a consultation, and have it at
once. They must get control of Con-
gress and devise some means by which
the demand for their gold would be-
come imperative. There is left no
room to doubt but that the conspir-
acy perfected at that convention re-
suited in that infamous exception
clause on the greenback, and was
consummated by act of Congress,
February Is, 1862, wherein it was
stipulated that the greenback should
be legal tender for all debts, public
and private, Except duties on imports
and interest on the public debt aohich
from that time for7Uard should be paid IN
coin. Shylock rejoiced; he had &C
complished his purpose, he had Great
ed demand for has gold. Henceforth
government should bow to him, and
none should question his right to
WELD the golden scepter of money
king. He had not conqueDd by bay
onet or bowie knife. neither army nor
navy had been at his command, but
he had subjugated this people more
effectually than ever Alexander or
Napoleon had conquered.
For Congress to stipulate that only
certain article should be used in
payment of certain government
debts was simply to create demand
for that article. Had the act read
that only white pigeons should be
used in payment of interest and i'm
port duties, do you not see how de-
mand for white pigeons would have
been created? And if one hundred
men had secured corner on the
pigeon business it would have been
equivalent to a corner on the govern
ment. This is precisely what Con.
gress did for Shylock-it gave him a
corner on this government.
But am asked what harm if Con.
gress did create demand for Shy
locks boarded gold? The wage work
er says it did not affect me, as l was
working by the day, month or year
The manufacturer says it did not af-
feet me, as l did not use imported
material. The consumer says it
made no difference with me, for did
not pay duties on imports, neither
did 1 pay interests on bonds. Well
if none of these individuals we're af'
fected by this measure am certainly
in the wrong and most humbly beg
your pardon, unless an investigation
reveals a different state of affairs.
First we will see who paid the
premium which Congress offered on
Shylock's gold, and secondly how
much Shylock was benefited thereby
You remember that during the war
our cotton and sugar crops were cut
off in the south and we we're obliged
to import these articles from foreign
countries. At one time the duty on
sugar was Is per cent, about the
same time the premium on gold was
1856 per cent. That is, it took two
hundred and eighty-five cents in
greenbacks to buy one hundred cents
in gold. Had it not been for the ex-
ception clause on the greenback the
importer would have held his sugar
at 81 rs, but besides the import duty
he must also pay the premium on
the gold. One hundred cents in gold
cost him two hundred and eighty-five
cents in greenbacks. At the same
rate, seventy-six (the import duty,
cost him two hundred and sixteen
cents in greenbacks, SO that instead
Ol UdyluS ~ pCI CCuU uuuy liz dCOuoA-
ly paid 2l6 per cent, or 14O per cent
more than he would have paid
had there been no exception clause
on the greenback. This $1.4O. which
went directly into Shylock's Golfers,
was added to the price of the sugar
and paid by the wage-worker, the
manufacturer, and every other con-
sumer of imported sugar. In the
same way we we're compelled to pay
enormous prices for tea, coffee and
several hundred imported articles.
In the year 1864 the American people
paid, in consequence of the exception
clause, nearly four hundred million
dollars, or about eighty-seven dollars
to each family. With wages at 81
per day the head of each family
worked forty-three and one-half days
during the year, or nearly OLE day in
each week for the gold gamblers of
Wall Street. The government never
received one farthing of that enor-
nous sum, and the masses of the peo-