The representative. [volume] (St. Paul, Minn.) 1893-1901, 1894-01-24


they had not the power to make even
these notes good in the hands Of the
soldier. Foreign capitalists would
not at that time loan us any money,
for they hoped and expected to see
the republic rent in twain and the
star of our liberty sink in night of
anarchy and blood.
Words are indequate to express
the hopeless condition Of the coun-
try, and it would be almost impos-
sible to give @fedence to the de-
mands Of avarice, we're not it's au-
thenticity sustained by the most re-
liable records. From Appleton's Cy-
clopedia for 1861, page 296, we learn
that the money kings of Wall street
graciously rendered loans to the gov
eminent in her distress at from "a
to 36 per cent interest-these same
money kings whom today we hear
quoted as those generous, patriotic
capitalists. Why, sirs, the South it
self was not more formidable and de-
termined in the preservation of her
slave property than were these Shy
locks in their determination to
wrench from the government in her
distress, such usury as would have
put to shame their world renowned
ancestor. On the one hand appeared
the bristling steel of the enemy; on
the other, disguised as friend and
urging on the war, stood Shylock
clutching his gold and demanding
therefor rate of interest that
would drain the life blood of the ma
tion more effectually than the bull
let's Of the southern foe.
But what was Shylock to do? The
gold and silver of the country were
in his possession, and they would not
serve his purposes unless he could
loan them to the government at ex-
Orbitant rates of interest. Know
ing the necessities of the govern
ment these Shylocks determined to
persist in their demands, for they
had planned through the misfortune
of the government to enrich and
aggrandize themselves. This was
why they rejoiced while others wept,
this was why the tidings of war
brought gladness to their hearts.
BY boarding the gold and silver Of
the country they thought to compel
the government to accede to their
demands, and while the soldier was
giving his life on the battle field
they would gather to themselves
riches and power.
But the great leader, Lincoln. was
not to be baff1ed; he loved the peo-
pie better than Shylock, and justice
better than oppression. From the
constitution he read, Congress shall
have power to declare war" Again
he read, Congress shall have power
to coin money" Then to the world
he declared that congress would coin
money, and that the government, at
whose head stood the fearless Lin
coin, would not submit to the infam-
Gus demands of Shylock. Following
this declaration came the enact
ments of July II, 1861, and Febru-
airy IL, 1862, authorizing the issue of
$50, 100000 treasury notes, not bear
ing interest and payable for all
debts, public and private. These
first issues of greenbacks constitute
the demand notes, which, unlike all
subsequent issues did not contain the
exception clause, consequently they
have always been at par with gold,
and establish the fact, that had it
not been for the exception clause on
the greenback they would have al
ways remained at par with gold.
Wherever gold went these demand
notes could go, even into the Golfers
of the bond-holders. They paid his
interest, paid duties on imports,
the millionaire took off his hat to
them, and the banker made obei-
sance:
The issuance of this money at once
brought relief to the country. With
it the soldier was paid for his SER
vices, and his equipments furnished.
Light began to break through the
darkness that spread over the coun-
try, the restitution of the soldiers
family gave way to moderate COM
fort, and although the pail of death
was frequently spread at his door,
it's terror was relieved by the assur-
ance that the government had made
provision for his family. With an
Of money, not even the
blight of war could check the pros
perity of the country, save in those
sections desolated by it's immediate
ravages. Commerce, industry and
education received a new impetus,
and flourished as never before in the
history of the country.
But Shylock was sullen and dis