The Neihart herald. [volume] (Neihart, Mont.) 1890-1901, 1896-06-06
A CHAPTER OF HISTORY.
An Account of the War for Bimetal-
lism Which Has Been Waged for
the Past Twenty Years.

On the 9th day of last April, Nei,
hart Lodge Mol, Patriots of Ameri-
ca held a public meeting in Craw-
ford's hall, where the principles of the
order were discussed. Judge J. NJ.
Gray delivered an able address the
full text of which we publish. The
Judge said:
In the first place, / want to call
your attention to the prophetic words
of that great mar Abraham Lincoln,
who, a few days before he was assas-
sinated, speaking of the war, said:
sit has indeed been a trying time
for the republic; but see in the nea
future a crisis arising which unnerves
me and auses me to tremble for the
safety of my country. AS a result of
the war, corporations have been en-.
throned. An era of corruption will
follow and the money power of the
country will endeavor to prolong it's
reign by working on the preiudices
Of the people until all wealth is ag-
gregated in few hands and the repub-
lie is destroyed. | feel at this time
more anxiety for the safety of my
country than ever before, even in the
midst of war. God grant that my
fears may prove groundless."
From what we know of the inter-
vening time, his fears were we'll.
founded. For the information of u
young men, it may be we'll to refer
back a few years, that they may fully
understand this matter. During the
wal of the rebellion, and for several
years thereafter, the government sus-
pended specie payment, no gold or
silver circulated among the people,
all money business Of the country
was done with paper, commonly cal
led greenbacks, and fractional
currency also Of paper, 3 cents, 3, 10,
and 10 cents, and up to % and SO
cents for change. A large amount
of this was issued, until there was in
circulation over s75O,OOO, 900 of pa
per money. Money was plentiful,
prices of everything were high, and
the country was apparently in a pros
porous condition.
During the war, Mr., Chase, then
secretary Of the treasury. conceived
the idea of instituting the national
bank, making the government bond,
owned by the banks, the capital
stock upon which they could issue
notes. After the war the govern
ment was receiving large amounts
from tariff and internal revenue. All
government notes (greenbacks) re-
ceived We're cancelled and destroyed.
The effect of destroying This money
soon began to be felt. Money be-
came scarce, and the question of re-
sumption of specie payment was agi-
tated in the leading articles of the
great newspapers of the country.
The national banks stoutly opposed
it and specie payment by the govern
ment was not at that time resumed.
In February, 1873, John Sherman
succeeded in getting his bill through
congress aemonetizing silver, and in
September of the same year, the
worst monetary and business panic
that has been experienced in the
United States came on us like a
thunder bolt from a clear sky. At
first 1t was thought that it would soon
pass over, the people generally could
not see why it should continue more
than a few months. They did not
know the cause of the great trouble,
and when it continued from year to
year, the people began to insist upon
resumption of specie payments, and
the free coinage of silver. Congress
and the administration then as now
being controlled by the money power,
in 1878 adopted a resolution that
resumption should commence on the
first day of January 1879. This was
done to satisfy the people and to stop
the movement for the free coinage
of silver, but it failed to stop it.
Richard P. Bland and others still
pressed the question of free coinage
of silver, until in 1878, a compromise
was effected and the Bland bill was
was passed and became a law.
This law required the government
T., h,,,. y SOO OOn :,