The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1896-02-24
CAPITALISTS IN 1s69-6l
Were They Robbers or Pafriorss-The
seventh Regiment OF New York
The $3.50. 600. 900 Loan.

reservations of party Leaders, and unscTsl-
ruleus demagogues In regard 20 the flran-
cal history OF this rou..ry. To a great
extent the Popttfist pamphlets ard looks
that have been scattered broadcast al ever
the country for years past are made up OF
statements Intended 10 flll TIE minds of
the readers with error and prejudice. AMI
where people have not access 10 stsndsn
historical and financial works these Fsu8Fh-
lets and books have done much 20 rnislead
men who want 10 know the truth and vote
for what is best for the -rAeIe country.
And there are many worthy men in the
Popuiist party who would leave i could
they learn the positive truth in regard to
the historical events which have been thus
distorted and even faisfed
Throughout PopuliSt literature there IS
an effort to infiame the minds Of the peo-
pie. especially the iaboring classes. against
the rich BY false statements regarding the
position that the moneyed class or the
North. especially the capitalists OF New
York, assumed in 1850 and ISL 1t Is
claimed that when war seemed imminent.
when the minds of the people generally
were filed with dismal forebodings: when
mothers on Blended knees were praying
that the storm cloud OF war might pass.
the capitalists rejoiced In the prospect:
ard that when the dreaded crisis came they
refused TO loan money TO the government
except at rate OF interest ranging from
"a to IS per cent. per annum. were lacking
in patriotism to the last degree. and were
q greater enemy to the country than wers
the rebels in arms.
That this is fair statement OF Popullst
teaching can be verified by reference to
Emery's "Seven Financial Conspiracies,
which is the most widely circulated or all
PopulIst books. and universally admitted
by Populists to correctly represent their
Dr1y 4T-nu a
OF war II speaks OF the capitalists as fol-
lows: Cd "But above all the prayers. wall
ings and forebodings, the attentive lis
tener could hear from Wall street the
echoes of juhllant satisfaction ana har-
rnonious preparations for an onslaught up
on the industry and prosperity or the coun-
try Do you ask why their hearts
became Ike steel. and their thirst Tor nu-
man gore insatiabie7 Why human life had
lost its saeredness and the thunderings OF
the war trumpet was music in their ears?
They rejoicei because they saw IN
the preparation for war their long coveted
opportunity for plumber. Neither
American nor foreign capitalists would loan
money to the government upon any rea-
sonable terms. We learn tnat the
money kings of Wall street graciously ten
dered loans 10 the government in her dis
tress at from "a TO So per cent interest.
Knowing the necessities or the gov
eminent these Shylocks determined 10
persist in their demands, for they had
planned through the misfortune or the gov
eminent to enrich and aggrandize them
selves. This was why they re1oiced while
others wept. this was why the udings OF
war brought gladness TO their hearts"
And in other Populist books (2> the assas-
sination OF President Lincoln is charged
TO the money power"
Ii IS the purpose OF this article TO show
by irrefutable proof that this teaching OF
Populism is absolutely false. and that. at
the time mentioned. the capitalists or New
York and other cities came grandly TO the
support of the government and set an ex-
ample of patriotism for the whole country
TO follow.
Within six hours after the news was
flashed TO New York that the Sixth Massa-
chusatts regiment had been stoned In the
streets OF Baltimore a regiment marched
through the streets OF New York TO take
the train for the defense OF Washington
City, then in imminent danger OF capture
by the rebels No regiment that left the city
during the dark years TO follow attracted
the attention or excited the popular demon
stration that marked the departure OF
that one. IL seemed as II all the vast pop
ulation of the metropolis had gathered
along the line OF march. The streets and
pavements the windowA and even the
roofs Of the houses, were crowded with
people aroused TO the highest pitch Of pa
triotic enthusiasm. Amid the waving or
flags. the strains OF martial music, and the
ceaseless cheers OF countless mulutudes
the Seventh regiment, of New York city,
900 strong started for the front Those
men knew they were not going TO any hoii-
day AFFAIR. liz was after the echoes or
Sumter's guns had reached the remotest
hamlet and warned all men that the great
- IA Rad
begun. The example was contagious. Reg
irent after regiment followed In quick
succession. and within ten days fully 1000
men of the city of New York were on the
march toward the capital.
The Seventh was the first regiment that
the great Empire state offered In defense
OF the union.
who made up that regiment Notably.
he Young men from the wealthy families
Of New York city go. In other words, the
first ones in the state who responded TO
the nations startling cry for help. and
offered 10 give mp their lives for their cesin-
try, were the sons and brothers and rela-
tives Of those who, we are told. were glad
when the awful carnage OF war began In
the face OF this one simple fact OF history
the Populist statement as 10 the lack OF
patriotism can not be true. Who wants
to belong to a party whose leaders seek TO
build Il up by making such statements2
What are the facts about the offer OF the
'ShvlocSs' to loan money TO the govern
ment at 9s per cent per ann1n? In De
cember, 1S60 the secretary or the treas
ury was authorized TO borrow sloeo.So
at the rates OF interest offered by the low
est BIDDERS The loan was negotiated in
January, 1861. and the latter part or De-
cernber, 1850 and the entire amount was
obtained at rates ranging from 10 l. per
cent. Among the bids received by the gov
eminent were a few Insignificant ones, ag-
gregatinS in amount only sis5.0oo. AZ rates
ranging from Is 20 Sc per cent. which were
not considered: and this Is all the hstor-
zeal basis there IS for the statement. made
ell over the land by Populist leaders. that
at that time capitalists refused 10 lend
money to the government except al most
exorbltant rates % And when was II
that these exorbitant offers were NADER
Ii was when state after state Was passing
the ordinance OF secession. when Floyd,
the Democratic secretary oe war, Was
transferring rifles and muskets and NUM-
tons OF war from Northern arsenals 10
Southern arsenals; when the Democratic
secretary OF the navy was sending cur YES
sells on long cruises 20 distant seas 50 that
the government might be powerieSs when
the time came for the conspirstorS 70 strike;
when ths rebels were seszinE tae forts IN
the South and vast quantities. Of Federal
stores; when buchanan. the Democratic
president, sat in his chair with foiiel
hands. looking on the ruin gong on 81
around him and saying, 81 know OF no con-
stitutonal means Of preventing ~ 90.
IL voul9 seem to have been very rssAy
venture 20 offer such a government money
even ct IS per cent interest
Finally the trastoryus sni inabeciie Dem
o--1stso administration came 10 an end
The Republican party assumed control %
The country. President Lincoln Declared
that secession woSld be resisted 70 The kasc
extremity At last the government was IA