Eureka weekly sentinel. [volume] (Eureka, Nev.) 1887-1902, 1895-04-20
nrr OF FINANCIAL HISTORY

tQptIulcar ~ tuc INeA 49,
treatise on money in which he gives his
views IS follows in the opening chapter;
However innumersble are the ills
which lead to the fall Of kingdoms, princi-
palities and repablics. these four, 10 my
Judgment, are the most formidable-dis-
cord, mortality, sserilisy Of land and bad.
ness oil money. For the first three, the
evidence is so apparent that no one can be
ignorant Of ID. Bat the fourth, concern
ing money. excepting sone men Of great
ability, very few persons consider or n
dsrs.and il, because ID is not by . single
blow. bat little by little, in an occult
manner that it overthrows the State"
How true the famous sssronome stated
the case in reference TO the question OF
money when we consider the system
begun BY the money power in the United
States over thirty-three years ago to I'M
dsrmine the financial structure OF this
Government!
On July IL, 1861 and Feb. IL, 1862,
Congress authorized the issuance oil s6O,-
OO0. 900 Treasury notes. Those issues OF
greenbacks did not contain the exception
clause, bore no interest, and were good
in the payment Of all debts, both public
and private. But the money kings were
sullen and disconsolate. In less than o
week after the passage Of the Legal Ten
der Act a convention Of bankers was
held at Washington. The object Of this
convention was to devise ways and means
to limit the power Of the greenback in
the payment Of debt. by putting the ex-
csption clause on the back Of it, hoping
thereby to create o demand for the
boarded gold. The bankers Of that con.
~vention were successful in their efforts,
for on Feb. %, 1862. Congress placed the
exception clause on the g~reenback, max
ing il a legal tender for all debts. public
and private, except duties on imposts
and interest on the public debt" which
from that time forward should be paid in
coin. By this Law . demand for gold
was created and Shylock was happy.
This was the first move made against the
people in an occult manner
The next scheme was the National
Bank Act passed in 1868. BY it Shylock
was permitted to invest his greenbasks in
Government bonds at face value; upon
these bonds he not only drew gold in
terest in advance, but by means Of the
bank scheme be actually had 80 per cent
Of their value returned to him. While
drawing interest upon the entire invest
ment in the form Of bonds, 90 per cent OF
II has been returned to him in the form
Of national bank notes, and il is with
these he carries on his banking business,
loaning them out upon the most advan-
tageous terms. On the other hand he
draws interest from the Government; on
the other. from the same investment. he
draws interest from his individual
debtors.
The next plan pursued by the money
kings was the contracting Of the currency
by destroying the greenbacks. By Act
Of Congress April IL. 1866. a law was
passed whereby . regular and systematic
destruction Of g~reenbacks took place.
The next move in the game was the
Credit Strengthening Act, by which the
$40 bonds were made payable in coin.
This Act was approved March Is, 1869.
and added to the burdens of the people
more than six hundred millions Of dol
lars.
Then came the scheme Of refunding
the national debt. This Act was APP
proved July Ia. 1870. The refunding Of
this bonded, untaxed, interest-beariDg
debt is 9 calamity in itself. We have
already paid interest enough to have
twice paid the debt.
The next step taken by the money
power was in 1873. when it ''induced"
Congress to pass the law demonetizing
silver. 1t is unnecessary to 60 into de-
tail regarding that iniquitous piece Of
legislation. Its history is we'll known.
Suffice it to say, however. q panic fol-
lowed and five years Of desolation, mis-
cry and ruin succeeded. During this
period the tramp element was produced
q quantity hitherto unknown in this
country.
Then q little relief was afforded the
people by the passage of the Bland-Alli-
SON Act in 1878; but each succeeding
administration prevented the benefcent
working Of the law by always coming the
minimum instead Of the maximum num-
Der Of silver dollars.
But the gold bugs could not bear il
longer to see the people enjoying even
quasi-prosperity which this Act was
bringing them. So. in 1890. the Bland
Allison Act was repealed and the Sher-
man Act became . law. The history Of
how the good features Of the latter law
were prevented from being carried out
is too we'll known to recite here.
Then. in 1898. the money power
brought on q panic; President Cleveland
called Congress in extraordinary session.
and the life Of the Sherman Act was
taken by repeating the purchasing clause
of that law. And also, by the repeal Of
such clause, silver is to-day in about
the same condition as il was when 1t was
demonetized in 1878.
As will be seen by the foregoing. at is
not by . single blow" as the wise Copper
nicus said, 'but little by little. in an
occult manner. that a Government is
overthrow"