The representative. [volume] (St. Paul, Minn.) 1893-1901, 1894-03-21

Would to God that the record OF
atrocities against this nation might
end here! But no, with the people
crushed and staggering beneath the
burdens imposed upon them through
the preceding robberies, we next find
these vampires in Congress inflicting
seventh scourge upon the people
by means of the resumption act.
This act, passed January "a, 1875,
authorized the secretary of the treas
ury to destroy the fractional currency
and issue silver coin in like denomin-
ations to take it's place. The people
had found the fractional currency
convenient, not only as a medium OF
exchange at home, but especially
cheap and convenient for small re-
mittances in trade. The destruction
of this money was serious injury to
the business men of the country.
For without fractional currency, even
small remittances incurred the ex-
pense of draft or money order. But
Congress appeared to be looking after
the interest of the money-monger and
not to the prosperity of the country.
1t next became necessary to issue
bonds with which to purchase the sill
yer bullion authorized for coinage
Let it be remembered that these were
untaxed, nterest-bearing bonds, and
of such large denominations that only
capitalists were able to carry them,
while to the debt-ridden people was
added the interest of these very bonds,
which could only exist by the destruc-
tion of the greenbacks and fractional
currency upon which the people paid
no interest.
The restoration of silver as medi-
UNI of exchange was a great triumph
to the unthinking masses and greatly
increased their confidence in the gov
ernmental policy, but to those who
studied the situation the jingle of
silver was another death-knell to the
prosperity of the country. Is it not
clear that by destroying a nOn-inter-
est bearing currency, as the green
back, and substituting an interest
bearing bond, that a burden has
been added to the people? Not to
the taxpayer only, but to every con-
sumner of food and clothing. But
farther, not only has the resumption
OF specie added to the burdens of the
people, but the whole system is a
miserable farce. The people have
been told, and the masses believe,
that their paper currency is redeem
able in specie. But first, the smallest
amount redeemable is fifty dollars,
and secondly, the only place of re-
demption is the sub-treasury in the
city of New York. Is not this clearly
another scheme to advance the inter
ests of Shylock? The expense of get
ting to the sub-treasury, together
with the large amount required, at
once shuts off the masses from any
advantage there might be in res UNI D.
ton. The people are told that the
national bank currency is redeemable
in greenbacks, and the greenbacks in
specie; but the fact is carefully con-
cealed that there is not specie enough
behind the paper currency to redeem
one-half of it; and should crisis arise
which gave any advantage to the
holders of coin, Shylock would be first
at the sub-treasury, while the masses
with less than fifty dollars at their
command would be compelled to lose
any advantage there might be in re-
sumption. Will some 'hard money
philosopher rise and explain wherein
the people have been benefited by re-
sumption? But it does not require a
philosopher to show wherein their
burdens have been increased through
this Infamous scheme.
John Sherman who was once honest
and then opposed this measure. pre-
dicted the results in speech made
in 1869, as follows:
ut is not possible to take this voyage
without the SOrest distress. TO
every person except capitalist out
of debt, or a salaried officer. or an
nuitant, it is period of loss, danger.
lassitude of trade, fall of wages. sus.
pension of enterprise, bankruptcy,
and disaster. 1t means
the ruin of all dealers whose debts
are twice their business capital.