Iron County register., 1899-05-11
BANKERS AS PATRIOTS IN '61.
To Save the Country 1t became Neces-
sary to Crafty the Cupidity of
Wealthy Citizens.


the bankers of the United States
rich harvest from the necessities
of the nation by imposing onerous con.
| ditions for loans. But President Lincoln
cut the knot and saved the country by
the issue of legal tender government
notes. The bankers took alarm and
| held a convention, which resulted in q
determination to discredit the govern
ment issues and carry gold to premi-
um. With the aid of manageable
senate the effort was successful, and
by refusing to pass acts essential to the
public safety, the senate compelled the
| house to agree to exceptions by which
| the government notes would not be re-
ceivable for interest on bonds or for
| customs. Thaddeus Stevens, true pa
triot, chairman of the committee on
ways and means of the house, after days
of unsuccessful conference, declared
| that ''we were compelled to yield" To
save the country, it became necessary
! to crafty the cupidity of it's wealthy
citizens. BY these exceptions de-
mand was created for gold, so that at
one time it required as much as $2.S5 of
! notes to purchase one dollar of gold,
| and the bonds which were made pur-
| chasable in notes and payable in law
| full money were bought by the bankers
at from 40 to 60 cents on the dollar.
| Although the terms Of the contract
permitted the government to redeem
| it's bonds in lawful money, the con-
tract was changed by legislation in the
int Of ho nro1ifnT. or oS tn vQn
the payment to be made in coin, which
gave the bondholder two for one of his
investment. Even this did not satisfy
the money power by which congress
has been controlled since 1861, but by
the demonetization of silver, the con-
traction of the currency, and the disre-
gard of the contract by the treasury de-
partment, the payments of principal
and interest have actually been made in
gold, having now purchasing power
measured by the market value of prod
ucts nearly or quite four times as great
as the treasury notes had cost with
which, under the original contract, the
debts were made payable at the time of
the purchase of the bond.
President Mckinley declares: "What-
ever may be the language of the con-
tract, the United States will discharge
all its obligations in the currency rec
ognized as the best throughout the CIV
iiized world at the time of payment"
Which means that, in disregard of the
terms of the contract, the people of the
United States shall pay foreign credit
crs and other bondholders, in the re-
payment of loans, four times as much
as the principal of the loans when the
debts were contracted, in addition to
interest in the same proportion. The
retirement of government notes and
the substitution of interest-bearing
bonds was colossal scheme of rob-
berry, the approval of which by congress
seems incredible if the majority, in
Guiding the president, were not either
knaves or fools, or both. The only con-
ceivable reason for such legislation
would appear to have been to impose
additional burdens upon the working
bees to support in idleness the drones
of the social hives, to extort more from
the poor to initiate the millions of the
rich. The effect of the retirement of
the notes was to contract the currency,
it took from the people the money re-
quired for the transaction of business,
depressed prices of all the products of
industry, rendered the people less able
to bear burdens, but nevertheless in
creased the burdens by the substitu-
ton of interest-bearing bonds which
necessitated increased taxation. The
extent of this contraction was 20 per
cent. in ten years, reducing the condi-
tion of the country from the highest
prosperity ever known to state of
the lowest financial depression, throw
ing many millions of men out of en-
ployment, causing tens of thousands
of bankruptcies, depressing values of
property to the extent of tens of bill
lions, creating an army of tramps, pau
periZing labor, and causing strikes,
riots, suicides and general consterna-
tion among the wealth-producing
classes of the population. This contrac-
ton is not yet at an end. Efforts are
made by the present administration to
give the screw another turn and increase
still further the burdens of the people.
1t would require too much space to
give the whole financial record of con-
gress for the last 30 years. 1t is one of
the blackest infamy, entirely in the
interests of the money power and
against the interests of the producing
classes. 1t was an exhibition of legis-
lative robbery on gigantic scale and
of the darkest hue.
n. HAUPT.
Bank-ControlIed.
No goldbug claims that there will
L. 4