The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1896-02-24

seeo-1 N octoher and TIRE third sn Novsrn-
Der. lssl. when tha Union arms were meet
i.,s Win ire most ais1ea-tening reverses
Al us vast ssr-n was psSs in coin, exceps
S1iAAA far~ OF the last instalf.re1t. which
Nas probably paid In demand notes. for
~a-ch TIE government had been giving
eoAh On presentation AZ tire time when
tus fosaaSs leaders say the Shylacks'
NsFe noa-1ing their coin. they we're sctu-
ally pouring II. In golden streams. into the
Cnlte1 states treasury.
= Or the first sfea %. 81 advanced BY the
o@hAs the government gave It's notes. Tzsn-
h1ng three years. bearing S-fa ser cent
interest. frndabie into 2e-year per cert
oonas- And these notes were thus funded
SO that, practically. the a.assa 80 was ex-
changed for bonds For the last install
mert q $50 90 the government. sssaess
to the banks 100000 in ep-yssr per
cent. bonds az a rate equivalent to par for.
Per cent bonds thus making consid-
cradle rebate After the first installrnent
was negotiated the government with great
Effort. sid directly 10 the people about
s-.so.os q the ia notes and reimbursed
the banks 70 that extent for money ad-
vanced. But the common people. whose
Willingness 10 aid the government IS 50
aignly Landed. were so reluctant 10 lean
the government money at such low rates
that the government made 10 further ef-
fort TO sell the notes and reimburse the
banks, which were thus compelled 20 bear
the whole burden The undertaking was
so great thar the banks were drained OF
their coin, and were compelled. with the
government, 10 suspend specie payments
December 90. 1851 when the banks found
themselves loaded down with government
securities that they could not sell 10 the
people for cost. The specie IN the New
York banks had been decreased more than
half.
A high financial authority SAYS: 1.-The
coin received from the Boston. New York
and Philadelphia banks. in payment OF
their subscriptions 20 the government
loans. 20 the amount Of nearly $3.50 on, 90.
had to be sent to every point of the United
States to meet public obligations. and.
when thus scattered, was not readily re-
turned TO the banks. thus exhausting their
resources and their ability to loan
again" CD. Another authority says: Tho
preparations for war from March 4. 1861.
and its subsequent prosecution called for
immense expenditures; and by December.
Is6l. the secretary OF the treasury bor-
rowed from the banks and capitalists Of
New York. Philadelphia and Boston s144.-
900. which he had required them TO pay
in coin; and In the course OF this month
these banks found themselves under the
necessity Of saspending specie pay
ments'' 90.
No attempt is made. or can successfully
be made, TO defend the men who. at a later
period, gambled in gold and made them
selves rich out of the necessities Of the gov
eminent and the people. They are TO be
condemned just as those are to be con-
damned who gamhied in wheat, in meat,
in clothing, and other things that the gov
eminent and the people had to have. and
which could to any extent be cornered-
But there is no doubt that had not the
al
come so generously and patriosioaliy to the
support of the government in 1860 and 1851
the rebellion would have been a success;
and for that action they are entitled TO the
highest praise instead of being denounced
as scoundrels and robbers. 1t was on a par
with the action Of Robert Morris. the Phil
adelphia banker. who so generously came
20 the assistance of the government in the
Revolutionary war. and whom an migrate
full people permitted to spend the last days
of his life in jail. prisoner for debt.
1. Pages II, 10, IA, is. THE Silver oues-
tion." by Robert Schilhng, p. 4: Tho
Abandoning Revolution" p. Ii. 2.
Imperialism in America p. "a: '"The
Alarm" ETC., .. 81. 3. "Harper's Pictorial
History of the Great Rebellion vol. l, p.
80; Lossings History OF New York City,"
vol. 3 p. 725: THE American Conflict" by
Horace Greeley, vol /. p. 469: Rebellion
Records. VOL j, p. 50 of Documents. 4.
Lalor's "Cyclopaedia of Political Science"
etc, vol. 3, p. 972; United States Notes."
by John jay Knox, p. rs; Boiles' "Finan-
cial History OF the United States" vol 5.
p. 8. 5. THE American Conflict" vol l,
.. 4l3: Sherman's Forty Years in tho
House. Senate and Cabinet" VOL ], p. I'll
G Lalor. vol. 3, p s77: Bolies. VOL s. p. IS.
T. Sherman's Forty Years" vol. L p. ass.
s. American Cyclopaedia-" vol. IL. ?. 74s.
HERMON w. CRAVEN.