The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1896-03-23

important that not = soldier .hou,a
- M IA In the service 4 single DAY for want
=. means TO pay him, THE secretary os--
~. q me Necessity OF realizing as SPEED
~ as possible the aynount-SSss afsa s,a--
e1ni authorized 70 be borrowed usss>- mi.
ec- The sever and three-ser,hs notes Ma
proved 10 be a popular loan and alrho,,rn
. ser''sry on longer time ard lower in
wonia have been more aavar,a-
seoas TO the government, the secretary
coasiered 1t advisable, ursfsr the c;rr.,r,
stances. TO continue 10 offer these notes
70 the public, and 20 AVIAN himself. as his
immediate predecessors had done oF tha
services of Jay Cooke. ESQ.,. IL, the sahs az
mem. The result was IN the hixaezr a.
gree satisfactory. BY the asrniratsa SKIN
ana energy OF the agent. and the hearty
cooperation OF the national banks. thesa
Hotes were distributed in every part OF the
os.nern and In some parts Of the South
ern states. and placed within the reach of
every person desiring 10 invest in them.
NO loan offered in the United States. not
"iehsiandt1g the large amount Of govern
menc securities previously taken by the
people. was so promptly subscribed for
as this Before the first Of Angus, the en-
On.
Charles Foster secretary Of the
NNsANt Z tNsfocUl f13IFlsOH, SPEAKS
thus OF the 7-3os: "A note which is is
sued as money IS simply paid out in set
alement OF demands upon the government
me seven-thirty notes were not disposed
OF IN this way. They were sold to the peo-
PIE through banks and dealers at par and
accrued interest, and the government oald
commission to the agents who were en-
gagged In their sale. II IL probable that
no loan negotiated by the United States
81 f1afx, H.
sever-thirty loan. Agents all over the
country spent large Sums for newspaper
advertisements and special notices. and
many thousands of dollars were expended
Tor Naming posters. which appeared eve-y-
where. All this expenditure would have
ooen unnecessary If the rotes had been is
sued as money. There was
no talk in those days about their
peing issued as money.
Iney were Issued only to per-
sons who had money to lend. and were
oally bought and sold al prices which
were hardly ever the exact equivalent Of
par" 0W.
Popu!ists publish an alleged letter of Mr..
Spinner's, written in 1876. in which he
says that the 80 notes were INTENDED,
prepared, issued ard used as money" II
TINS letter is genuine 1t Is in absolute and
direct conflict with Spinner's own official
ASfci - Aifdsid he was IftdSuLSE OF
the United States. II IL irrefutably contra
dieted by the official reports of Mr.. Fessen-
den and Mr.. McCulloch who issued the
notes, and by the official reports of other
government officers made at the time and
by the very Laws under which the notes
were authorized
Populist writer's seek to create the i'm
preston that the bonds, which were is
sued in denominations as low as so. were
ha fro al
'Shylocks." At the same time, with
stra 1ge Inconsistency. they insist that the
7-30s, almost all of which were issued in
denominations of 800 and upwards, and
the certificates of Indebtedness, which
were issued in denominations OF 81. 900 and
upwards. were in common use as mon ~
among the people generally.
The 100 notes were not a legal tender.
They were not issued as money.
They were used as money only to slight
extent
They could not. in 1856 have been a
part Of the reserves of the national banks.
for such reserves had to be In lawful
money"
O. ''Seven Financial Conspiracies," .. eS.
l. "Lalor." vol. 3. PIP. 97s. ST.. SIS; National
Loans OF the United States" by Bayley:
p. 81. 2. Call to Action" PIP. 800, 81. 3.
Labor and Finance Revolution p. go. 4.
Congressional Record, SD congress. 1st
session, part 8. appendix. PIP 3o6. $50. s.
Congressional Globe, 1ss4-5. part 2. appen-
dix. p. 12S: U. s. Statutes at Large. vol. 3.
PIP. as. $50. s. Congressional Globe. 1851.
part 4, appendix, p. 200. Z. Do, 1876. part
3 appendix, p. q. g. United States
Notes." pp. no. So. 9. American People,
Money" p. Il. 10. Letter of Hon. Charles
Foster to Hon. John B. Allen" treasury
publication. PIP. 5. 6. II. Congressional
Globe. 1856, part 5. appendix, p. 4s.
HERMON w. CRAVEN.