The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1895-09-25

There were two lines of policy in6i-
Gated at the time of the Inauguration
OF our government under the constitu-
ton. One pointed to the people as the
ultimate ground of safety, the surest
guide to public welfare. This policy
betokened faith in man as man, in wo-
man as woman, in all as human be-
ings, in humanity as constituted in
the image and likeness of God. This
faith is that of Jefferson; and it finds
expression in the Declaration of indie
pendence. 1t is the undercurrent of
, Jefferson's politics; it is the key to
whatever policy he inaugurated In
every crisis he has recourse to the
popular heart as the source of true po-
litical wisdom.
The other line of policy originated in
the genius Of Hamilton, who, as we
learn from this catechism, was one Of
the three named as alleged founders
Of the Republican party in 1888. It
will be found on examination that
Hamilton is the only one of the three
who could have originated a party;
and for such work he was eminently
qualified, as a man of extraordinary
genius and of personal qualities most
brilliant and attractive. But he was
the direct opposite of Jefferson in re-
spect to trust and confidence in the
people as a whole. Hamilton had no
use for humanity as such; he had no
faith in man as man; and the doctrine
of human equality, in the Jeffersonian
sense as embodied in the Declaration
never entered into his soul He be-
lieved in the ''rich and we'll born" but
L., L, J j =
plebeian blood flowed in his veins he
would have submitted to any torture
TO be rid Of it.
In mis- monetary policy he immedi
ately commenced to subsidize and en-
rich the bondholders. They had
bought up the floating scrip Of the
confederation and the several states at
merely nominal figures. A dollar in
silver purchased large amount of
deprecated paper money. 1t was
nearly all gathered up by the specu-
lators. Hamiltons first feat was to
enrich those spectators by funding
their scrip at par, although much of it
had cost less than a mill on the dollar.
His banking system was a similar
piece of subsidization. Throughout his
whole career he sought only to take
classes INTO PARTNERSHIP WITH
THE GOVERNMENT. With these he
would form a COMBINE, and he would
farm out the people to this syndicate.
The people should be governed. They
were to be the mudsills' of the COM
monwealth, but the wealth itself was
to be monopolized by the favored few.
This is the spirit and tenor of the
Hamiltonian financial policy. 1t was
transmitted to the Republican party,
which rode into power in 1860 on the
wave Of enthusiasm created by the
anti-slavery sentiment. The one
thing that was honest and genuine in
Republicanism was the feeling in OPP
position to slavery that was aroused
by such books as Uncle Toms Cabin,
and by a host of anti-slavery agitatOrS.
Ii was on this wave of feeling that a
number of shrewd politicians rose to
power, and in the name of Republic
canism inaugurated the Hamiltonian
financial policy Of substituting the mer-
cenary classes and making spectators
the partners and dictators of the gov
eminent in defrauding and impoverish-
ing the people. These are grave
charges, but for the evidence of their
truthfulness 1 have only to appeal to
the public records of the legislation eff
fected under the auspices of the Re-
publican party for twenty years from
1861, during which period Republican
policy and administration had full
sway. although there were political
connections among the people. which
caused some variability in the politi
cal complexion of Congress.
First-We have seen in former pa
pers that Republican policy yielded its
first fruitage Of subsidy for the bond
buyers and spoilation for the people,
in the enactment of the EXCEPTION
CLAUSE which disqualified United
States money for paying interest on
n
ties on imported goods. This act was
denounced by the good and true men
in the Republican party. It was predic
ted by them that this exception clause
would dishonor and depreciate the peo
ple's money. But John Sherman sta
ted afterwards, as chairman Of the FL
nance committee, that 1T was NEG
ESSARY to depreciate the currency in
order to sell the bonds" which was not
true. as Lincoln and Chase and most
of other true men abundantly testify.
In the course of seven years from 1862,
when the exception clause was enac-
led. the margin of LOSS to the gov
eminent on the sale of bonds, in conse-
ouence of this enforced depreciation of
the currency with which at its face
value the bonds We're purchased, was
ss0e 2ea. 52S, a large sum, indeed. but
small as compared with the losses &C
cruing TO the people in the general COM
rnerce of the country.
Second-When the Republican finan-
cial policy bloomed into second fruit
age it was an abundant yield of sub
sidy and simultaneously for the
bondholders and bankers, and spoila
ton for the too confding and trustful
people. This second harvest of profit
TO one class and perjury to the other,
grew on the widespread tree of CON
TRACTION. It was begun in 1865.
when the war was over, and paper
currency was worth Il cents on the
dollar as compared with gold. The
country was at peace and all the IN
dustries were hourishing. The money
Of the north was going into the eleven
seeded and reconstructed states,
among fifteen millions of people; and
more money, rather than less, was
needed. Just at this stage of return
ing prosperity Republican policy cut
an artery of the body polite and
drained off MORE THAN HALF the
economic life blood of the nation
More than $1,000. 100000 of the peoples
money was withdrawn from circula-
ton. It was bought up by Spectators
and put into bonds at its par value.
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