The River Falls times. [volume] (River Falls, Pierce County, Wis.) 1894-1933, 1896-09-15
IT IS A FALSE PLEA.
MONEY LENDERS OF COUNTRY
NOT PATRIOTIC.
fine History of The Past Weighs Them
in the Balance and They Are Found
Wanting Constitutional Money
Wanted.

noneyed men of the nation is frequent
ly alluded to as one of the reasons for
much of the special legislation enact
ed to preserve and maintain the public
credit. AS a matter of fact the mon
eyed men of the nation have never as a
rule displayed any patriotism. Those
among them who went into the neid
against the enemy during the late I'M
pleasantness are exceptions. Ii they
were drafted they sent substitute. 1t
is matter of history that the men VINO
had money employed horde of lobby
lists to besiege the national capital for
the purpose of exacting the most ex-
tortionate terms from the government
in the hour of its need. The banks con-
tracted to loan the government
$3.50, O00,0 900 in coin, and when
they had furnished but $70,00O,OO0
every bank suspended specie payment
and insisted on the government taking
their notes, and the most outrageous
terms were demanded, even for this use
of their credit.
While the question was pending as
to whether the government should IS
sue legal tender treasury notes or IN
terest bearing bonds with which to
meet the expenses of the war, MI
Spaulding made use of the following
language:
But, sir, knowing the power OF mon
ely. and the disposition among men to
use it for acquisition of greater gain,
l am unwilling that this government,
with all it's immense power ana re-
sources, should be left in the hands OF
any class of men, bankers or money
lenders, however respectable and pa
triotic they may be. The government
is much stronger than any of them. It's
capital is much greater. 1t has con-
troll of all the bankers money, and all
the brokers' money, and all the prop
erty of all the thirty millions OF peo-
pie under it's jurisdiction. Why, then,
should it go into Wall street, State
street, Chestnut street or any other
street, begging for money? Thelr
money is not as secure as government
money. All the gold they possess could
not carry on the government for nine
ty days. They issue only promises TO
pay, which if Congress does it's duty,
are not half as secure as United states
treasury notes based upon adequate
taxation upon all the property of the
country.
why, then. go into the streets at ali
to borrow money? | am opposed. III
our present extremity, to all shifts OF
this kind. l prefer to assert the pow
err and dignity of the government, Dy
the issue of it's own notes, pledglng
the faith the honor and property OF
the whole loyal people of the country
TO maitain their circulation and pro-
vide for their redemption The de-
mand notes put in circulation would
meet the present eXigencies OF the gov
eminent in discharge of its existing
liabilities to the army, navy and con-
tractors, and for supplies, materials,
and munitions of war. These notes
would find their way into all channels
of trade among the people.
These circulating notes in the hands
of the people would enable them to
paw the taxes imposed, and would ia
cilitate all business operations De-
tween farmers mechanics, commercial
business men and banks, and be
equally as good as, and in most cases.
better, than the present irredeemaple
circulation by the banks.
1t was the influence of the wealthy
class that persuaded" the senate to
attach the two exceptions to the green
back. and to provide for the payment OF
interest on bonds in coin.
Senator Wilson realized the power
and purposes of the moneyed men IN
that contest, and on page 7S9 OF the
Congressional Globe, S7th Congress,
left these words on record:
81 look upon this contest as a con-
test between the curbstone brokers, the
lew brokers, and the money changers,
and the men who speculate in stocks,
nm one side, and the productive, toiling
men on the other"
Thad Stevens, the great commoner,
in opposing the 'pernicious' amend
ments that Disseminated between the
soldier and the monSJ lender, said:
81 desire especially to oppose the
amendments of the senate, which re-
ouire the interest on bonds and notes
to be paid in coin semi-annually, and
which authorize the secretary of the
treasury to sell per cent bonds at the
market price for coin to pay the in
terest. The treasury note bill, as re-
ported first from the committee of
wavs and means as a necessary war
measure. was simple and perspicuous in
it's terms. and easily understood. 1t
-. 4hnt nunrrhndu could IN