The representative. [volume] (St. Paul, Minn.) 1893-1901, 1895-08-21
HERMIT
HALSTEAD REPLIES TO
FOLWELL.

have read extracts of Prof. Folwell's
lectures on money as printed in the
newspapers and knowing he was volun-
teer soldier of 1876, cannot think he
has been correctly reported in his lecture
on paper money when 1 find so little
reference to the great error of that time
by the government represented by the
United States senate where gold bugs
so much abound.
When they emasculated, as Thad Stew
ems said, the financial bill introduced by
him, and passed by the house which in
tended and so expressed it, that only full
legal tender notes or bills should be is
sued by the government to carry on the
war.
The senate at the instance of Wall
street shylOcks changed the most i'm
portant feature of this BILL viz: it's full
legal tender feature and put that legend
on it's back, as Uncle" Spinner, United
States treasurer, called it, and you saw
on it's back except" and from the mo-
ment the first note was issued until the
end it was deprecated currency. The
effects of such an issue were all told and
foretold by Mr.. Stevens in his speech
when the bill came back to the house and
he endeavored to have the senate
amendment stricken out, and every pro-
phecy of his was fully realized. That it
only required the full legal tender clause
TO keep all paper issues by the govern
ment on a par with silver and gold was
fully illustrated at that time by the issue
OF such legal tender notes, we think
oI~ ;o1
equality with specie; and such would
have been the case if all the large issues
with which the government paid its
soldiers in 1876, had been legal tender,
but this did not suit the gold bugs of
that day as it would not suit them now
or at any time for Shylocks occupation
would be gone; yet with that deprecated
currency at the end of the war every
transaction was on a cash basis, the
money taken by the soldiers and sailors,
officers and men, had been sent to their
families, scattered all over the country
and there was enough at that time, 80
and more years ago, to serve the needs
Of the population as a medium for ex-
change of commodities fhe only use OF
money!, but this condition of affairs did
not suit the money sharks. They thrive
best when they can manipulate money
and make it scarce instead of abundant,
and their next step was to create
vacuum which they did through their
special agents in congress and laws were
passed by which that legal money with
except on it's back was called in and
burned in Washington by hundreds Of
millions, and soon after came the Shy
locks opportunity, a scarcity and the
day of cash payments passed and we
were forced back into giving and taking
time for payment of debts, and banks
had their chance for discounting notes,
and of course the other right to refuse
to discount and in addition we had novel
legislation on currency by which If you
have any paper issue in your pocket.
when you read this you have only to
turn it over and read the inscription and
you will there see except" which of
course depreciates it from the standard
which alone should prevail full legal
tender. On the currency question I am
for the free and unlimited coinage of sill
yer at 16 to /. Yours,
GEO. BLIGHT HALSTEAD.
The Hermitage, Lake Minnetoka, Aug.