The representative. [volume] (St. Paul, Minn.) 1893-1901, 1896-03-11
THE HAZARD CIRCULAR.
The History Of the Observation-Disclosures
Facts and Figures.

THE HAZARD CIRCULAR.
The History Of the Greenback-Important
Facts and Figures.
Editor Representative:
In resuming our consideration OF the
honest dollar" must introduce what is
called the Hazard Circular, which is the
key to our entire financial legislation since
1867, and beginning with the exception
clause on the greenbacks. The bankers,
of course. have tried to discredit the au-
thenticity of this document, but it's ex-
ternal and internal evidence are both so
strong that it is absolutely incontrovert-
be abolished by the war power and chat
tel slavery destroyed. This l, and my
European friends are in favor Of, for
slavery is but the owning of labor and
carries with it the care of the laborer,
while the European plan, led on by Eng
trolling wages. This can be done by
controlling the money. The great debt
that capitalists will see to it is made out of
the war, must be used as a measure to
control the volume of money. To ac-
complish this, the bonds must be used as
a banking basis. We are now waiting to
get the Secretary of the Treasury to make
this recommendation to Congress. 1t
will not do to allow the "greenback," as
1t is called. to circulate as money any
length of time, for we cannot control
them. But we can control the bonds and
through them the bank issues" Was
ever a more cold-blooded, calculating,
diabolical plan devised, to turn the best
sentiments of great people to base per-
sOnal uses? Such wretcheS are not men,
but devils in human form, and have no
more patriotism in them than wolves
have sentiment for the victims they de-
YOUR. Rapacity and selfishness are their
only sentiments. Their thirst for gold is
their guiding star. and as the vampire is
said to fan it's victim while it sucks it's
blood, SO the only use these wretches
have for the better sentiments of our ma
ture. is to use them as fan to hull the
people, while they rob the patriot, the
producer, the poor, the widow and the
orphan. The only adequate punishment
OF such wretches is to melt their honest"
gold dollars and pour the liquid down
their threats till they are filled. But to
the argument.
John Sherman said: eve are follow
ing in the footsteps of England" This
circular says, 1.-The European plan. led on
by England" etc. Here, then, we un-
doubtedly have plan with John Sher-
man as a leader in the United States.
Let us refer to history. In 1897 England
was involved in a war with France. The
English parliament enacted law permit
ting the suspension of specie payments
and authorizing the issue Of paper money
on the credit of the government. This
money became the money of England
for many years. I have already spoken
of suspension of specie payment in this
country and the emmission of SEC, OOOO 900 of
money in 1861. which was made full le.-
gal tender. The legal tender act of Feb
ruary 6, 1852, was brought in by the noble
old Thad. Stevens, and it passed the
house Of representatives. When it got
to the senate the bankers from New
Vnrk i1odc1nhio P0Ctnn flock Oh
to Washington like buZZards to a dead
carcass and with the same intent, to feed.
These bankers organized by selecting q
chairman Is. A. Mercer of Philadelphia,
and then sent for the senate and house
finance committees to meet them at the
office of the secretary Of the treasury.
Conferences were held, the exception
clause was inserted, and the bill passed
the senate and finally, after more con-
ferences with the house, it passed both
houses and became a law. l cannot stop
here as I would like to speak of the grand
stand made by the patriots of the nation,
or the cheek of the goldbugs, which pre-
vailed against them. The goldbug had
got place for "his honest" dollar (gOld),
and the producers and boys in blue who
were struggling with the most gigantic
rebellionof modern times, had got a de-
preciated greenback The dollar here
parted company, the goldbugs' dollar
went to s285, and the greenback, which
paid everybody but the goldbug, to less
than 40 cents. Do you call these honest
dollars? If gold is the honest" dollar,
is it not about time that the boys in blue,
who risked their lives for SIG per month
in deprecated greenbacks, got the rest
of their pay? Or if the greenback was
honest money what should be done to
the Infamous wretches who Tapped the
blood of the boys in blue and revelled in
the throes of a nation, because it brought
GOLD RI fhair poffprC n SnifQ however
of these wretches, under the influence of
an expansion of currency, and the al
most unbounded patriotism of the ma
tons yeomanry, the most gigantic war
of modern times was brought to a sue
cessful termination, as had been done by
Great Britain under similar circum-
stances. But there, as here, the paper
money was purposely deprecated. The
spectators and ruling classes of Eng
land traduced and maligned the paper
money until it was rapidly gathered up
and exchanged for interest-bearing con-
soils at 20 cents on the dollar. The gov
eminent only realized AN to 551s cents
on the dollar. And John Sherman said
in one of his speeches that the greenback
was purposely deprecated that it might
be turned into bonds. Most of our green
backs were funded from 40 to so cents on
the dollar. Now to the records. On the
I'd of February 1868, John Sherman re-
ported the national bank bill in the sem
ate The bill, which is the act now in ex-
istence provided for a national currency
basedonUnited States bonds. again see
circularmentioned.) This measure was
recommended by Secretary Chase De-
cember, 1862. but was not acted on then
for want of bonds as basis. (This is
the plan of the circular) Chase, in his
report in 1862, said: g The central idea
of the measure is the establishment of a
sound uniform currency throughout the
country upon the foundation of national
credit Tin other words, upon national
debit, making this the settled policy of
the country Four years later McCul-
loch, then secretary of the treasury, in
his annual report, said: 1.-THE national
banking system was intended to
furnish the people with a permanent pa
per circulation. The United States notes
were intended to meet a temporary emer-
gency, and to be retired when the emer-
gency had passed." There is your Ell
ropean plan, led on by England" The
English monetary system is founded on
the national debt, which has been con-
solidated and is never to be paid, and
that is the intention in this country, if
it can be carried out. This funded Eng
lish debt is called cOnSOls, and gives the
Bank of England it's tremendous power,
and this is what our national banks want
to do here if they can only carry it out,
and with the help of our Tory rulers they
are making rapid progress. In imitation
of England at the close of the Napoe-
onic war (when her paper currency was
rapidly destroyeO, and in accordance
with the sentiment of the Hazard cir
cular, cur own government funded the
greenbacks as rapidly as possible. and
between 1862 and 1880 nearly 81, 400 600, 900
of paper money were turned into interest
bearing bonds. Where was the honest"
all hic nd nd hv,