The midland journal. (Rising Sun, Md.) 1885-1947, 1895-02-08
LIVE ISSUES.
PLENTY OF GREENBACKS.
Views of Mr.. John Henry Keene, Jr.,
on Currency.

LIE sun, Ill us ''bfeenDdCkS Are
Costly" leader, states, in reference
to our gold redemption of green
backs, that "The gold was obtained
by an issue of bonds at an average
rate, according to the Financier, of
81 per cent. The interest at this
rate on nearly 100000, 900 of these
bonds from 1878 has been about
50, 500,000 a year, and will amount
before the bonds are paid off to
2105, 100000. The 3 per cent in
terest on the 800, 100000 of bonds
issued in 1894 to get gold to keep
the greenbacks at par will be
s3,000,000 year, and will amount
in the ten years they have to run
to $50, 100000. The maintenance
of confidence in 1916, 10000 green
backs costs thus $135, 600, 900,
which is very pretty figure"
Without desiring to advocate any
policy in the mixed and muddled
condition of our finances, | beg,
however, the opportunity to sub
nit the following incontrovertible
facts: Sixty million dollars of
greenbacks were issued in 1862.
They never did depreciate one cent.
They were on a par with gold, were
receivable for interest on the public
debt and duties on imports. All
this time the honest, staple, reliable
gold and silver was locked up by
the money changers. The govern
ment couldn't get dollar of silver
or gold to equip the troops.
1t was the celebrated American
Bankers Circular which first
preached and prophesied about
these money rags" The money
changers commenced their warfare
to get "the government to issue the
coin and the banks the paper
money" They got as many bank
ers and their representatives as
they could elect into the next
House of Representatives, although
Washington's statute was not re-
pealed, which rendered them in
eligible. This, their Thirty seventh
Congress, inserted an exception
clause on greenbacks, stating that
they were not legal tenders in pay
ment of the interest of the public
debt nor in payment Of import
duties.
The money changers, with pro-
phetic inspiration, said the govern
ment has now created a demand for
gold, which we have and it has not,
and then, and not till then, when
the government and the people were
betrayed by the gold syndicate OF
Wall street, did greenbacks lose
color. Not until February %,
1868, was the present banking law
passed, of which Secretary Chase
said: "My aid in getting the
national banking law passed was
the greatest financial mistake of my
life. 1t ought to be repealed, but
before this can be done the bankers
will be arrayed upon one side and
the people upon the other, and such
a contest has never been seen in
this country" Chief Justice
Chase's prophecy is now being full
filled in the havoc, the widespread
disaster, which those very money
changers have wrought upon the
business interests of the entire
country.
When the war was over there
was 81, 900, 900, 600 currency in cir
culation. A large share of this
money was greenbacks. Farmers
had good prices; labor good wages.
The money-changers then called
greenbacks fiat money!" rag
baby money, etc. On April u,
1866, they got the act passed
authorizing the destruction OF
greenbacks. That year there were
800 business failures. In 1863
$500, 100000 more of them were
destroyed; failures, 2,799. In 1870,
$67, 100000; failures, 1851. In
1871, $50, 100000; failures, 2,915.
In 1872, $12,OOO,0OO; failures,
1909. In 1878, 81, 100000; 5,1S3
failures. In 1876 the contraction
was SS5, 100000. This was the
year the money-changers cornered
the money market; failures, 1902;
loss, S191 100000. During all
these periods wages were growing