The River Falls times. [volume] (River Falls, Pierce County, Wis.) 1894-1933, 1896-09-15

had a Roman eagle coined at that time
it would be as good as it was when
Caesar rode at the head of the Roman
legions. "-Globe-De
The CD evidently thinks that's a
clincher Since it is a matter of sup
position, let us go on supposing.
Suppose the Roman government
should have issued bonds to buy that
$40 gold eagle, how about the fellow
that held the bond? The man who is
the actual owner of the gold Again.
suppose that the man who owned the
bond should have gone into the ma
tional banking business, with the
bonds as a basis, and issued paper cur
rency as our banks do. How about
a $40 bank note, which some one would
hold now? 1t wouldn't be worth as
much as 3 cent silver dollars, would
it? YET 1e are told that paper bank
currency S sound money. Again, sup
pose man had held $40 worth of gold
without the Roman stamp on it. 1t
would have been just the same as if he
had held SO worth of diamonds, iron,
copper, silver, lead, brass, or any other
commodity that could be preserved that
long. Anthony's illustration proves
nothing except that when a government
goes down, it's obligations, whether
bonds, or redeemable or irredeemable
paper money, are worthless.
We are constantly reminded by the
plutocratic class, that government can
iTo40
the same class keep a horde of paid
lobbyists in and around the capitol all
the time for the purpose of securing
legislation that will increase the value
Of their holdings. Take the United
States bonds, for instance. They were
originally bought for so to 60 cents on
the dollar, as measured in gold value.
The so-called credit strengthening act
of 1869 made them worth 100 cents on
the dollar and subsequent legislation
has put them at premium. There has
been paid to the bond holders since
1866 premiums amounting to $119,836,
368. That is to say, the people of the
United States have legislated value into
the bonds, first putting them at par,
and afterwards at a premium, and then
actually bought the bonds in, paying
the premium Senator Oliver p. Nor
ton had a fair conception of the sell
fish designs of the bond holders while
they were engaged in securing legisla-
ton to increase their value. Pending
the passage of the credit Strengthening
act of 1869, in a speech in the United
States Senate. he said:
"And now | PROFOUND the question:
It is either intended by this bill to
make a new contract or it is not. If it
is understood to make new contract
I protest against it. We should do
foul injustice to the government and
people of the United States, after we
have sold these bonds on an average of
not more than sixty cents on the dol
lar, now to make new contract for
the benefit of the bond holders. 1t
gives to those laws construction | do
not believe in and that I have shown
is contradicted by at least four acts
of Congress-
"Sir, it is understood, | believe, that
the passage of bill of this kind would
have the effect in Europe where our
financial questions are not we'll under
stood to increase the demand and thai
will enable the great operators to sell
the bonds they have on hand at prof
it. 1t is in the nature of brokers
operation. 1t is a bull movement to
put up the price of bonds for the in
terest of parties dealing in them. This
great interest is laundering at the
doors of Congress and has been many
months, and by every means attempt
ing to drive us into legislation for the
purpose of making money for the great
operators. This is what it means and
nothing else
w. S. MORGAN.