Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1895-08-07

GOVERNMENT CONTROLLED
BY CAPITALISTS.
There Is no escaping the conclusion
by any one familiar with our financial
Hesitation from 1851 to the present. that
II has been In a large measure sought
and obtained by the holders OF public
securities. the money lenders and the
banking associations, without consult-
ing the general interests OF the indus
trial classes OF the people,
l agree that so grave n charge should
be sustained by the statement OF the
facts on which II rests.
By several acts OF congress the gold
and silver coins OF many fofeign coun-
tries were made n legal tender and to
pass current In the payment OF all
debts In the United States, according
20 their weight and lneness, including
the Spanish mllled dollar which was
OF the same value as our dollar. And
by the act OF congress OF June 20, 1881,
the silver dollars Of Mexico, PERU. chill.
Central America and Brazil, ana the
five-franc pieces Of France were made
current money In the United states and
'receiva BILE for the payment OF all de-
mauds."
This legislation had for It's object
TO supply the people with a sound me-
tallic currency, 10 stimulate enterprise
and aid the Industries OF the country
by adding to our own coinage the sold
and silver coins of other countries
which had found their way into the
United States.
But on the 2lst of February. 1851
congress passed an act which repealed
all former laws making the gold and
silver coins OF foreign countries cur
rent and lawful tender In the United
States. This act deprived the people
of the use OF very large sums OF metal
money, greatly to the injury Of the iu-
dustries and enterprises Of the country,
mud Of hannnf n ~ " httt hnnlgppA
and money lenders. in whose interest II
was no doubt passed. The passage OF
this act and the striking down OF so
large a part of the metal money or the
country preceded the great financial
panic of 1851. And II was the first
OF serles OF financial measures which
have brought the country to the con-
dition IN which we now find IL,
Prices have gone down until there Is
no adequate reward for capital or labor
invested in the ordinary vocntions or
enterprises. and until agriculture, the
great base for the wealth and prosper
lty OF the country has become de-
graded vocation which none viii pur-
sue except from necessity.
The next measure specially destruct-
i've OF the interests Of the great body
OF the people, and which added hum
dreds OF millions Of dollars to the for
tunes OF the holders Of money was the
funding OF the notes of the government
Into interest, bearing bonds soon after
the close of the war The condition OF
the government during the war made
II necessary that II should Issue large
amounts Of paper money, in one form
of another. The redundancy OF the
volume OF this currency caused It TO
| depreciate In value until at one time
! n dollar in coin was worth MS much as
two and u half dollars In this paper
| money This was then our money or
account, specie payment having been
suspended. II was the policy OF the
| Government and for the good OF the
| people that the paper money should
| become as good 40 coin. The plan
adopted was to fund large part OF
these notes into interest bearing bonus
| To induce capitalists to take the bonds
| II was provided that they could be paid
| for I'm this deprecated paper at par
| And by the 3ist Of August, 1865, sl,lO9,-
| 66S ,l9l of these bonds had been issued,
and the process was going on AZ
and before that time the owner OF
| 100000 in coin Of gold or silver could
/ purchase with 1t, of this deprecated
| paper, 100000 and with that he could
| pay for say 100000 Of interest bearing
| bonds, the principal payable In gold
or silver coin, or In legal tender notes,
| and the interest payable seml-unnually
| in gold, In this way the holders OF
| money nearly or quite doubled their
| capital, and increased their fortunes
by hundreds OF millions OF dollars,
II should not be forgotten that
| while there was so much OF this de-
| preciated currency, undesirable as the
| fact was, the country IN all ita indus
tries and enterprises was prosperous,
! except that condition was modified by
| the results OF the war In the Southern
| states. Instead Of making this great
| sacrifice Of the public Interest, and
! making this enormous addition 10 the
! ~ tho gpRRt1lnfnT In
| money and securities, and the estab.
! lishmeut Of this baleful precedent or
| using the government and the treas
| ury department as the agencies Tor
| such wholesale robbery Of the people,
| if the interests Of the people had been
| consulted the volume of the currency
| might have been reduced by the grad
| uai calling In as taxes, dues and du-
| ties annually of more than was needed
| for the support OF the government ana
| the retirement and cancellation say OF
! certificates OF Indebtedness, SS50,099,OO0
| of which was outstanding the LIST Of
September, 1866 This could have been
done without retiring the legal tender
notes. The process would have been
slower than by the funding system,
but could have been made gradual,
anc would have avoided the use OF the
government for the robbery OF the
The third Of the series OF stupendous
speculations by the great capitalists
| OF the world at the expense OF the
American people, and by the aid Of the
| Federal government, was accomplished
| nv the aid OF the act OF congress OF
1869. entitled IAN act 10 strengthen
The public credit" The caption sounds
we'll. and was no doubt adopted as
| one OF the means of decelVinB ana mis-
leading n conhdng people who did
not understand its real purpose,
As stated little further back, the
! bonds or the government were paid FOR
| I'm the deprecated currency, and cost
their holders about 30 cents In coin On
the dollar. And they were redeemohle
nv the law Of the contract In gold and
| silver coir and in the legal tender notes
| of .he government. The success OF tho
speculators under the not OF 1857, rad
in the purchase OF government bonds
| M half their face value in coin, doubt
loss gave them sufficient assurance OF
Tho Inability. or OF the ignorance AZ
the case may have been, OF the Alncrl'
can congress to warrant them In call
ing ON congress 10 pass a law requiring
| their bonds to be redeemed In coin oil
gold and silver. And 80 complaishnl
Congress concluded that the legal ten
dor notes OF the government whicf
were good enough to be used In th'
nayment OF all officers and government
Contractors, all pensioners, and lega
tender In the payment Of all debts, were
not good enogh 10 be used In redeem
ing the government bonds with Whicf
they had been purchased. though TIN
currency had then greatly appreciated
| a., valua And so under the homes