The farmers' union. (Memphis, Mo.) 1891-1895, 1894-04-19

coin to pay duties on imports cor
respond,ngly increased.
But this was not to continue The
first step taken after the war was
over was to provide for the ON
traction of the currency. Our paper
money was converted into interest
bearing bonds as rapidly as it was
deemed expedient or safe to do so.
The money thus converted was burn
ed. As money became scarcer the
people mortgaged their property TO
secure money to keep up the volume
of business. Thus a vast interest
bearing private debt as we'll as bill
lions of public debt were crerted, and
The money-the legal medium by
which all these debts must be paid
was destroyed.
Credit, bearing interest, rapidly
took the place of cash and in 1873
the banks were ready for harvest.
Payday had come and the debtor
people did not have the money and
their property by the billion went
under the hammer. The money re-
mained good but the people did not
own it. The market price of all
actual wealth went down to bedrock
and business throughout the country
was prostrated. With the suspension
of business, less money was needed
and as matter of course it rapidly
gravitated~to the great money centers
as interest, dividends and speculative
profits.
The people who still had unencum-
bcre1 property came to the rescue,
mortgaged their property and brought
this money from its hiding places, on
conditions that would infalliby send
it all back in a few years in the shape
of interest, without reducing the ag-
gregatc indebtedness q farthing. As
population proceeded westward and
the labor of the people created new
homes on the virgin soil, more loans
were negotiated and the people still
mere hopelessly involved. Thus it
continued until the panic Of '93.
In the meantime every act of legis-
lation had been manipulated by the
banking oligarchy. Bonds made
payable in coin, silver demonetized
and the resuption act had passed in
rs, looking to the establishment of
the single gold standard. But the
people were aroused and demanded
the reconciliation of silver and the
repeal of the resumption act.
| Instead Of these measures congress
in 1878 gave us the Bland-Allison
act and the coinage of $4,000, 900 per
month with an option of $4,000, 900
at the discretion of the secretary.
This same act provided that the sill
yer so coined should be legal tender
"except otherwise provided for in the
contract most villianOus con-
cession to the money monopolists.
Instead of the repeal OF the resump-
ton act, it was provided that when
the greenbacks were redeemed they
should be reissued. This provision
while it prevented the destruction of
$246. .OOO, 900 of greenbacks also pro
vide the banks with ready means
of drawing gold out of the treasury.
whenever it might suit their purpose
to bring a pressure to bear on the
government to increase the bonded
debt.
The next slept IN this grand scheme
to complete the financial subjection
OF the people of the United States, is
the increase Of the bonded debt until
lit will take all the surplus wealth to
pay interest. All the machinery of
law has been created for this purpose.
Greenbacks, the new silver notes, etc..
can be used to draw the gold out OF
the treasury as rapidly as it accum-
utates from taxation and otherwise
and thus create the emergencies,
which will induce friendly admins
tration to issue bonds. Under this
!. system of debt creating there is
poshing to hinder the Standard Oil
and other trnStS fO nsp the Green