The representative. [volume] (St. Paul, Minn.) 1893-1901, 1895-08-14
HOT ROAST FOR FOLWELL.

Editor Representative:
II notice in a city daily paper
reference to course of lectures
on Money and Banking" deliv-
cred by DR.. Folwell, of the University,
to a summer class. The notice of them
announces that they have been brought
to a close" For this, let us all be thank
| full.
These lectures, the notice states, dealt
| with the "knotty question of finance,
and that DIR. Folwell's treatment of it
was simple and scholarly" The doctor
doctor of finance I suppose,-has aired
| his views to considerable extent, in
discussing "this man Harvey,"-a low
down fellow, as the DR.. seems to think
| in the Tribune of this city. He is very
careful, too, to misrepresent him. With
all the respect that is due to man in the
| Doctors position, and which springs
| from the position itself, his sizing him
self up as a teacher of finance by the
side of "this man Harvey" is not only
laughable, but reminds one of the fable
| of the frog and the bullock. trust the
Doctor will not take this comparison in
| a Pickwickian sense.
It appears, that, initiating "this man
Harvey" the scholarly" Doctor rounded
out his lectures after the manner OF
Coins Financial School, '-questions
and answers; a socratic method. We
pay our respects to two or three only,
and the answers:
~"Q.-"Are greenbacks, when redeemed,
allowed to be re-issued?" Am act
of congress expressly provides for the
reissue OF all redeemed paper money"
O.-"Please explain why greenbacks
depreciated in vaulue during the war.
and not bonds?" A.-"Greenbacks drew
no interest, and no time was set for their
redemption. They were issued because
Uncle Sam had nothing else to do, and
threw himself on the mercy of his people.
Then greenbacks were paper money, and
| there were men still living who had ex-
| perienced the woes of former issues.
Bonds drew interest, payablein gold, and
were to be redeemed at definite time.
It was a remarkable fact, too, that the
| money kings at that time were more lib
| eral and trustful in the government than
| the common people, to whom the green
| hacks were issued. Greenbacks were
| depreciated, but the money kings STOOD
| by the bond ISSUE
The slur embraced in the second par
agraph, first question and answer, is oD-
| vious to the financial student. 1t can
| only apply to issues of wildcat banks
| red dog issues of the Democratic State
| lineage-in 1867, and up to the final
| crash of those years. Will the Doctor
| point to one instance in our financial
history where paper money of the ma
| ton ever Jagged behind coin, until dur
! ing the rebellion? If not, why place
greenbacks with "the woes OF former is
sues?" "This man Folwell' ought to
| know that the old Bank of the United
| States redeemed every promise 1t ever
made. Then why talk about 1.-The woes
| of former issues" and not name the
| kind, or by whom issued? Is this SUR
on green backs-the money that saved
the nation,-a part of our University ed
ucation? Except for greenbacks, the
doctor would be out of job, and he
| knows it.
In the above extract, we find the
| Sndm0Iul anu llUClOu0 oCAIOAA1SAS eAAs~o SAA>
money kings at that time Q862-D were
more liberal and trustful in the govern
ment than the common people to whom
the greenbacks were issued. Green
backs were deprecated, but the money
kings stood by the bond ISSUE"
There is one truth in this extract last
above, and I ask the pupils of this sum-
mer school who read the Penny Press to
note it carefully, namely: "The money
kings stood by the bond ISSUE" This
man Folwell, however, "lies in his
throat" when he says that these money
kings were liberal and trustfuP' to-
wards greenbacks,-yea, more so than
the common people" as he chooses to
designate our two millions Of citizen
soldiers who carried arms in the field
| and the millions of men and women at
home who were toiling early and late to
give them moral and material support
These money kings did stand by the
bonds,-they were the only guns they
stood by, they have ever since stood by
them,-and they now stand by the ex-
pressed determination and policy OF
| Cleveland, Sherman and Carlisle, to is
sue $500, 0OO,O 900 more. Let them issue
them, and the grave of the Republic is
already dug.
money kings liberal and trustful" tc
greenbacks? Every merchant, farmer
and mechanic,-every artisan, manufac-
turer and laborer,- who knows the his
tory of those dark days, either by per-
sonal knowledge of by reading, knows
the fact to be, that never, in the jungles
of India, did tiger ever crouch and
watch for it's prey with more of savage
appetite, than did these money kings
watch for the opportunity to depreciate
and devour greenbacks. In June, 1864
the ghouls had cried them down to a
point where they could pocket $2.S5 OF
| greenbacks for what they now call the
one-half of an honest dollar" they
could, and did, then turn their green
backs into government bond at face
value, and on the bond get 80 per cent
in notes, and start bank, clearing upor
| the transaction two and three hundred
per cent for the first year of venture, an6
as a steady profit, year in and out, 10
these many years, 20 per cent profit, an
nually.
And covering years of this robbery
the soldiers in the Union army-Folwelp'
common people," were taking green
backs at par on pay of SIG per month, -
wading swamps, eating sow-belly a9{
hard-tack,- by thousands yielding
up their lives that such men as Folwel
might pervert history over their graves
if mean enough to do so.
The common people" always, ant
everywhere, sustained greenbacks,-th
money kings always as steadily ant
everywhere sustained bond issues ant
decried greenbacks. The greenback wa
hindrance to the flooding of thu
country with national bank notes. Thu
hond thieves wanted the entire field I,
themselves,-they got half,-they wan
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