The Kimball graphic. (Kimball, Brule County, Dakota [S.D.]) 1883-1905, 1896-09-26
BISHOP NEWMAN
A Dakota Pastor Takes Issue With
Grants Old Friend.
He Finds in History Much to De-
note That. There Has Been
Very Great Wrongs
Committed.


note That There Has Been
Very Great Wrongs
Committed.
Howard, s. D., Sept. 1. 1sse.-An open
letter TO Bisnop Jonn F.Newman, u. d..
LII. D., San Francisco, Cal.
Beloved Bishop: AS a Methodist pas
tor. 1 write you this letter, to protest
against the use OF my pulpit as a polit-
ical rostrom for the advocacy of your
Gross OF Cold and "Harrisonism and
Nick inleylsln' as a Legitimate remedy
for existing evils" These quack nos
trums ave been administered TO the pa
tient with a complete paralysis of our
industrial and commercial greatness as
a nation. What o recommend for the
financial relief of the country has been
tried for nearly a quarter of Il century
and has brought only ruin n disaster
to the masses of our countrymen. Your
gold cure" associates for thirty years
have attacked the most vital interests
of the nation In war and peace; at the
first forecast of the nations peril they
sought to profit by our distresses.
When congress met In 1860" says
Boles' Financial History, the treasury
was empty-bankrupt.' There was no
specie to pay the nations creditors. who
were pressing for payments. There was
not money enough to pay the members
of congress. On the 18th day of Decem-
Der, 1850, the secretary of the treasury
invited proposals for 81 5000, 600 treasury
notes. Offers were received at from IL
to So per cent. February 8, 1861, another
loan was taken by the bankers of New
York OF $1s,415,OoO at 6 per cent, from
which they took a bonus of $2,019, 900.
Do you not see how the banks have from
the first sought to save the nations
credit? March 4, 1861, Lincoln became
president and Solomon P. Chase became
treasurer, without gold, silver or paper
money in the treasury. On July II. 1861,
congress authorized the issue OF $50, 000,-
600 demand notes, not bearing interest,
receivable for all public and private
dues. Early in August these notes We're
put In circulation. These, your friends,
the bankers, tried to discredit and de-
stroy, and would not receive them, only
as a special deposit. These noninterest
bearing notes paid the peoples taxes
n all public and private debts and the
bankers could not destroy them-they
stood side by side with gold and silver.
Your friends We're possessed with ad-
mirable patriotism, when the life of the
nation was imperiled, to seek to destroy
your country's credit, and glutton hem
selves on their country's woes. When
your friends, the bankers, found that
the demand notes We're meeting h de-
mands on and were paying
the peoples debts and that they could
not speculate on them, they hastily
called a council and formed an "associ-
alton" and requested Mr.. Chase. n
demanded that he desist In the further
Issue Of the demand notes; still Chase
continued to pay them out. But, be-
loved bishop, your friends were sleep
less, vigilant n unrelenting in their
purpose, and with threats. demands n
persuasion, such as has always charac-
terized the bankers Association" they
secured the insertion of the historic ex-
ception clause in all after and like obli-
cations of the government debase-
ment of all the obligations of the gov
eminent where placed. But your
credit, did not rest until they had Sc
cured the passage of an act by congress
funding the emand notes with interest
bearing bonds n debased notes, all for
the credit of your country.
These demand notes, which senator
Sherman declared in the United States
senate on July 4, 1862, to be far above
par" John L. Knox, in his history Of
the United States Notes" say of these
demand notes, that, after the suspension
of specie payment, they We're quoted at
times about the same premium for legal
tenders as gold. These demand notes.
that at times were at a premium above
1 SAN aAAN - y I'LL pay EIplS. 1
specie, but are meeting all the demands
of money, must be retired for a de-
based currency, which shall not be re-
ceivable for duties on imports or inter
est on other notes or bonds, which
shall be paid in coin,'' and all this for
the credit of h country. Those men
are patriots! They that went to the
front and became dust on the field Of
battle were but serfs compared with
those men, who were so heroic, self sac
rificing and with such undying devotion
for their country. If Caesar had had
such friends, then Caesar had never
died. These men who have always been
Jealous for their nations credit have Sc
cured legislation funding the demand
notes that they could not debase, pro-
viding for the Issue of bonds, interest
payable in coin. to Absorb whatever gold
and silver the nation might obtain, and
providing for the issue of a currency for
the soldier and the common people de-
based on its face, which the bankers
never would II and which they af-
forwards discounted to 60, 40 and IS per
cent, and then used the notes they had
debased to purchase bonds, dollar for
dollar-these friends Of yours who are
dying With devotion for their country's
credit. These bonds were payable in
currency, but your friends had made
the interest payable in coin of gold or
silver. But, what next? A great hue
and cry is made, the war must be car
ried on with a specie basis. Secretary
Chase is invited to New York to CON
fer with the bankers of New York. Bos-
ton and Philadelphia, touching a loan of
specie which the bankers rop to
make to the government Of $3.50, 900, 900.
/. The Associated banks of the above
named cities. with s63, 600, 900 of specie
on hand, complete a loan to the govern
ment Of S150,0O0 900 the specie was to be
paid in installments of $50, 00O, 900 each,
in the Bankers Magazine" of January.
1876. Hon. Geo. S. Coe, president of the
American Exchange bank of New York
cil!s tells of this meeting of August g.,
1861, for Coe further says: After TAX
ing the third amour Of $50, O0O, 900 by
the associated banks, those in New
York, which at this time paid in their
proportion of more than $50, 600, 0GO in all.
found themselves in this position:
Their aggregate coin, which on the 18th
of August, before the first payment was
made into the treasury was $40, 73a. $50,
ton Of only s7,415,3 $3.50, and the other
cities in like proportion. 1t may be con-
fidently affirmed, that had the banks
been permitted to nave exercised their
own methods, they could have contin-
ued their advances in sums Of $50, 600. 900
for an indefinite period These friends
OF yours. Just think Of it. Eighty mil
lion doVars loaned out Of a. stock Of s49.-
1888, 800 and SAC. 31S, 61o left and a like con-
dition for the banks of Boston and Phil
adelphia. They had loaned nearly
double the amount of specie that they
had started in with and secured govern
ment bonds for I'VE ten times the coin
that they had lost. and had the banks
been permitted, they could have contin-
ued their advances in sums of $50. O00, 900
TOR an indefinite period" BY doubtless
the same methods that forced the sale
of the last $262, 900. 900 in bonds. These
are mighty heroes! these self-sacrificing
preservers Of their. country's credit.
These friends of yours, who have drawn
gold out OF the treasury to buy bonds.
to put more gold into the treasury, so
that they might draw more gold out of
the treasury to buy more bonds to save
the nations credit. And o want my
pulpit to defend these friends of yours
these sound money, single gold standard
patriots-these men who are so alarmed
for fear that labor will be paid in so
cent dollars-my pulpit, which has been
dedicated to the cause of humanity.
Bishop. | had better make 1t the throne
from which to denounee their hypocrisy
4 r%1 r-- H. Hy--A n -