Middlebury register. (Middlebury, Vt.) 1886-1937, 1896-07-03
THE HISTORY OF THE GREEN
BACKS,

IN our late civil war, ar nome or IN inc Utlu,
is one that every American may well be proud
Of In all history there is no grander exhibit
ton Of patriotism. But in the halls of congress
the forces OF selishness triumphed and spread
their insdous canker into the body polite.
1t was perhaps impossible for avarice not
to perceive the great opportunity for gain that
the necessities Of our government at that time
offered. And it was perhaps equally impossi-
bic for it not to take every advantage possible
of the opportunity to get not only interest, but
usury. Had the majority in congress been
like 'rhad Stevens, men OF the highest nteg-
rity and capacity, no injury could have come
to the American people. Unfortunately the
majority was not SO composed. The attack of
greed upon the property Of the nation was far
too successful And from that day to this
those who planned it have been in the saddle,
enrching themselves by enactment after
enactment at the expense Of the great body of
the people The legitimate result OF such ac-
ton has finally been reached. Bad laws
through dishonest law makers have sapped
have accumulated in the hands of the few,
while poverty and want knock at the doors of
the many
The object Of this article is to show from
the record the steps which have lead up to
present conditions. \ distinguished French
writer said:
False political economy, false ideas on
economic questions incorporated into the adj
ministraton OF public affairs have caused to
the people Of the world more suffering, more
anguish than all the wars than all the pesti-
lence than all the famine that ever afflicted
4 the human race
1t was in the early part of 1902 thatthe forces
of greed began their robbery of the American
people At this time the necessities of the
nation forced extraordinary efforts ON the part
of the government to raise revenue with
which to carry on the war. Specie payments
had To- be abandoned and the money Of the
country consisted chiefly Of the bills issued by
state banks-practically irredeemable, and to
great extent Of doubtful value. Rather than
borrow this poor money at eNorbitant prices
the government wisely determined 20 issue its
own paper, saving thus both discount and in
terest. The bill to do this was intrqduced in
to the house OF representatives December 50,
1861, by Mr.. Spaulding of New York and re-
erred to the committee Of ways and means,
. Of which Thaddeus Stevens of Pennsylvania,
but native of Vermont, was chairman. The
bill also contemplated a large loan, and was as
follows:
De ii enaclfd lp tie Senate ant Ho1ne ~
Re1rHcniaH7c5 ofHt Gnild States of.imfj-
ica in CoH,7'ey 0ySeWlleE That, for temper
+ airy purposes, The secretary Of the treasury
DC, and he is hereby, authorized to issue, on
4 he credit of the United States, 500, 100000
f # United States notes, not bearing interest,
payable to bearer at the treasury of the United
States, or at the Office OF the assistant treas
lrer in the city Of New York, at the pleasure
. If the United States, and OF such denomina-
ions as he may deem eNpedient, not less than
i've dollars each; and such notes, and all
,ther United States notes, payable on demand,
not bearing interest, heretofore authorized,
hall be receivable for all debts and demands
lue to the United States, and for all salaries,
lebts and demands owing by the United
. States to individuals, corporations and asso-
stations within the United States; and shall
| also be lawful money and a legal tender in
payment of all debts, public and private, with
n the United States; and any holder OF
aid United States notes deposting any sum
pot less than fifty dollars, or other than a null
iple of fifty with the treasurer Of the United
States, or either Of the assistant treasurers, or
.ither of the designated depositaries at Gin
innati or Baltimore, shall receive in exchange
herefor duplicate certificates of deposit one
# which may be transmitted to the secretary
# the treasury, who shall thereupon issue to
he holder an equal amount in bonds OF the
nited States, coupon or registered as may
be desired, bearing interest at the rate OF six
per cent and redeemable at the pleasure of
he government after twenty years from date,
II in sums not less than $4,000, for which, if
requested, the secretary, if he deems it expe-
lent, may issue similar bonds, the principal
|nd interest of which may be expressed in the
urency of any foreign country, and payable
here. And such United States notes shall be
eceived the same as coin, at their par value,
p payment for any bonds that may be here
fter negotiated by the secretary Of the treas
|ry, and may be reissued from time to time as
he eXigencies OF the public service may re-
uire There shall be printed on the back Of
he United States notes, which may be issued
|nder the provisions OF this act, the following
Words "Ihe within note is legal tender in
payment of all debts, public and private, and
eXchangeable for bonds of the United
tales bearing six per cent interest
SEC, ,. Andbe il further enacted, That to
nable the secretary of the treasury to fund
+ be treasury notes and floating debt of the
s nited States, he is hereby authorized to
sue, on the credit of the United States, cou-
on bonds, or registered bonds, to an amount
OF exceeding S5oo,OOo,ooo, and redeemable, |
the pleasure of the government, after twenty
ears from date, and bearing interest at the |
Rte Of six per cent per annum, payable semi-an-
ually. And the bonds herein authorized |
lall be of such denominations, not less than |
fly dollars, as may be determined upon by |
f be secretary of the treasury, or in sums not
IS than $4,000, for which, if requested, the !
scretary, if he deems it expedient, may issue