The representative. [volume] (St. Paul, Minn.) 1893-1901, 1894-04-25
SEVEN FINANCIAL CONSPIRhCIES.
SHERMAN VERSUS EMERY.
Hon. John Davis Replies to Sherman's Letter
on Finance.
on Finance.

on III
I have dwelt at length on this sub
ject Of contraction because it is the
central conspiracy" around which
the others cluster; and because the
greatest traitor of the day denies it's
existence. 1 will ask attention to
but one more Republican statement
and contradiction:
eff l were deciding this case upon
what considered the best evidence,
would be bound to say that be-
lieved the money in actual Giro ulation
did not much, if at all, exceed $780,
600, 900, or a trifle over So
per capita.-P. B. Plumb in United
States Senate, June 1902
Mr.. J. K. Hudson, leading Repub-
lican editor, in April, 1890, stated that
the amount Of currency at one time
was $2,242, $40, 028.41, "a per capita
circulation of 1854 at the close of the
war, July /, 1866" 1 leave the stall
warts to settle their diverse state
ments in their own way. It seems as
if the Republicans have recently en-
tered into bold conspiracy to de-
ceive the people on this money ques-
tion, even though they made them
selves ridiculous by eating their own
words and by contradicting each
other.
The First conspiracy" wounding
the greenback, was to enable the
great fund-holders of the world to OBJ
tain United States bonds on easy
terms. The second, known as the ma
tional banking system, was to make
the bonds very profitable to the hold
ers, enabling them to draw double in
terest on one inves tment. The
Third Conspiracy was to render money
so scarce that the bonds would, prob
ably, not be paid, making the invest
ment perpetual.
The conspiracy of 1869 was to make
the bonds payable in coin only, so
that their payment would be still
more burdensome and less probable.
1t was with considerable difficulty
that Congress passed the laws of 1869
and 1870, making the 500 currency
bonds payable in coin, and refunding
bonds SO that no future Congress
could undo the work. Those measures
were vehemently opposed and con-
demned by John Sherman, Senator
Doolittle, Oliver P Morton, Henry
Wilson and others. Senator Sher-
man called the Act of 1869 "extortion
and reputation" Senator Morton
said that, ''in it's passage, four dis
tinct laws were violatedp' But the
money power was all-powerful. 1t
was INSCRIPTIONS, and, of course, it
again triumphed.
In 1873 a coinage law was passed for
the coinage of trade dollars and sub
sidiary silver. It in no way referred
to the standard dollar, which had
been the unit of account and the
standard Of value since the beginning
Of the government. 1t was an inno-
cent and useful law, yet on this law
was founded ''revision," adopted in
bulk, June, 1774, as follows:
"The silver coins of the United
States shall be legal tender at their
nominal value for any amount not
exceeding s. in any one payment"
That language demonetized all the
silver coins of the United States for
amounts above S., including the
standard silver dollar. The United
States Monetary Commission Report
Of 1877, Vol. l, page 80, says:
mo law was ever passed by Con-
gress of which this language can be
considered a revision"
The report then adds:
whoever may be responsible for
this error in the Revised Statutes,
the ancient money Of the country,
instead Of being Intentionally legis-
lated out of existence by Congress,
was revised out of existence
The law Of 187b-the Resumption
Law-was intended to redeem and
retire the remaining gIeenbacks,
making gold coin the money of the
rich bondholders, and bank currency
and subsidiary silver the moneys of
trade and business. But the suffer-
ings of the people and danger to the
peace of the country became so great
that Congress, in 1878, passed law
that redeemed greenbacks should not
be Cancelled, but should be paid out
again. This defeated the resumption
scheme and saved to the people $780,
100000 Of greenbacks. Another law
was passed in 1873 restoring the full
legal-tender quality of the silver dol
lar, and requiring it's coinage at the
rate of two to four millions per month.