The representative., 1901-05-02

currency BY McCulloch. an ex-bank pres.
ident. apDointed secretary Of tho treas
ury. March Z. 1866. In bis frst report to
congress hs said "the country as whole.
notwithstanding the ravages Of war, and
the draft upon labor. is by It's greatly
developed resources far In advance of
what It was in 1867. The people are
now comparatively free from debt
There is an immense volume Of paper
money In circulation. It is undoubtedly
true. that trade is carried on more
largely for cash, than ever was the case
previous to 1861, and that there is
greater demand for money than there
would be If sales were made as here
tofOre on credit. So far as individual
Indebtedness is regarded, it may be re-
marked that the people OF the United
States are much less in debt than in pre-
viOus years"
The largest number of business fail
ufes in four years was 632 in 1866. Com
pare these with the failures now. Under
the gold, sound money, rule, also present
Indebtedness of our people, 1885 busi
ness failures in 1895.
The people were comparatively out of
debt in 1866 and in. 1901, 80 per cent.
are homeless with $4,000, ,000, 600 of pub
lie and private debts against the labor
ing classes.
The gold mortgage and bond holders
pay no taxes, owe no debts. and never
miss a meal but own bonds, that de-.
mand taxes, Ito pay INTEREST," from the
sweat and blood Of the wealth produc-
ers, and their children for generations
to come. OF the $522.0O0,O0O of gold
from 1867 to 1876, $4O0, 900 OF it was
exchanged for bonds not yet due in or
der that contraction of the currency
might be hastened, and new issue of
long time bonds ordered, as was done.
for the redemption of greenbacks which
would have brought them to par with
gold at once, and without expense to the
people, But these greenbacks bore the
exception clause, the private mark Of
plutocracy, for their destruction, that
contraction of the currency might con-
tinue.
This took from circulation, and the
channels of trade between 1867 and 1876
the sum of 97,725, ,317.39. After the re-
peal of the resumption act in 1878, and
during the year 1879 the treasury of the
United States received more than $40,-
100000 in gold and silver in exchange
for absolute fiat money, and yet it is
trash, and those who advocate it luna
tics.
l will not weary the reader with Ma
ben's parity of all money, and credit of
the nation resting on sound money, as
l have shown conclusively that the cred
it of our nation and the sound money
he raves about are both dependent upon
the treasury note, (bond, or greenback,
without exception clause, for their ex-
istence, their exchange value being
above that of gold. Owned and control
ed as they are by the bankers trust,
they are made to support the accursed
system, of gold for bonds, and bonds for
gold, for the bankers, and a paper cur
rency issued through their banks to
II 100000 of people, at clear profit to
the national bankers of 80 cents on the
l~Jo
not legal tender money.
When one of their banks fail this
stuff is not redeemed with gold, but
with the bond of the people held as Sc
curity for the issue, in the hands Of the
people for which the banker has receiv-
ed notes and mortgages at SO per cent.
and interest, above cost to him. Fifty
cents, or two cents worth of silver bear
ing the stamp, one dollar United States
money, without exception clause, is le
gal tender for all public dues. If we
cannot depend on the good credit of the
nation for a money system as Maben
says we should not, then we must de-
pend on a system forged out by money
trusts and bottomed on the nations
bonds, payable to the credit of said
trusts; that is, such as now exist, max
ing true one statement in Mabens let
ter. The assets of the nation belong tC
the trusts that own the property The
money system, and a 100000 dinner
pail brigade. 'Rah for the gold stand
ard S. w. FAIRCHILD.
Minneapolis.
Cart Before the Horse.