The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1895-09-25
vantage of our folly in granting them

vantage of our folly in granting them
coin payment of interest
Fifth-The fifth item in the develop
ment of Republican financial policy, in
| accordance with the famous Hazard
Circular" was the refunding act of
July IA 1870, whereby U. S. bonds to
the amount of $1,5O0OO0,0 600 were issued
to refund the $40 bonds. The new
bonds were made payable principal and
interest in COIN There were TO be no
uncertainties or flaws this time in the
bondholders' title. And the bonds
long drawn out, some of them, amount
ing to about $3.50, 100000, not being pay
! able until 1907. Thus the debt which
could have been paid in ten years with
out any inconvenience, especially If the
immense revenues of the government
had been economically appropriated,
was made to run into the next century,
whereby the amount of the principal
would be greatly more than paid by the
recurring interest. And in 1907, if the
country is still SO unfortunate as to be
controlled by the Hamiltonian policy,
the bonds will be again renewed; and,
if possible, billions will be added to
them, and the effect will be that the
people will sink into a hopeless penury
and thraNdom that will breed reVOlu-
ton unparalleled in history. 1t will
be the final revolt from an infamous
policy that is 'of the bondholders, by
the bondholders, for the bondholderS."
Sixth-The sixth item of Republican
policy is the demonstration of silver. 1
shall not at present devote much space
to proving this item to have been
part of THE Republican programme.
1t is too well understood in the west
to require demonstrat ton. The Repub-
lican party dishonored the money of
the people by the exception clause 1t
originated a gigantic banking machine,
the master and the dictator of the par
ty which created it. The Republican
party destroyed more than half the
peoples money, over a billion dollars,
and converted what was the economic
life-bload of society into bonds to en-
rich the plutocrats of Europe. 1t con-
verified a home debt into a foreign debt;
it converted a paper debt into a coin
debt giving to the bondholderS DO
nus OF over half a, billion dollars. 1t
could not be otherwise, that the Repub-
lcan party should convert a coin debt
into a gold debt. This was what the
bondholders were doing in Europe; and
Republican policy is fated to serve the
money power and defraud the people.
The records of Congress show over
whelmingly that ever and always the
chieftains of the Republican party,
and the rank and file, have been ar
rayed against silver. 1t could not be
otherwise, considering that the whole
trend of Republicanism has been in
subserviency to the money classes of
the world. The disuse of silver and it's
characterization were effected by the
Republican party in 1873 and 1875. a
slight reaction occurred in 1873, suffi-
Client to maintain the status of such
amounts of silver money as was al
lowed to be coined; but the corpse was
simply galvanized a little. Silver was
dead by the decree of the money pow
er, and not until that power consents
will it be restored to life.
Seventh-The seventh act in the drama
of the subjugation of the people to the
money power through Republican
financial policy is the resumption act
of January "a, 1875. This act consum-
mated all the schemes of bankers,
bondholders and spectators for
basis on which they could enrich
themselves by the money traffic. AS
it now stands, every obligation of the
government must be paid in coin and
coin is substantially reduced to gold.
OF course it is practically impossible
to pay in gold. The construction policy
is that of the boaconstrictor that
brushes the life out of its victim. Thus
contraction begun in 1866 shrinking
the volume from two billions to three
quarters of billion. Its next step
was to demonetize all United States
notes for the purpose Of paying the
principal of the $40 bonds It had
previously done the same thing with
respect to the interest on the bonds.
Next it refunded the whole debt on
long time and 'coin" payments Of
principal and interest. Next it re-
duced 'coin' to gold; and Resumption
is Simply the tombstone erected over
the grave of economic welfare. On
the tombstone is written "To the
Memory Of the Economic and Finan-
cial Independence of the United States.
1t fell and easy prey to the shrewd-
ness and foresight of the Republican
financial policy, which is a fit fnstru-
ment for the supremacy of bankers,
bondholders and specula tors, and the
key and clue TO "a Sound Financial
System" EMILY s. RICHARDS.