World's cresset. [volume] (JAH-ville [Colony], Fowler, Mo.) 1891-19??, 1908-07-30
THO RISE AND FALL Of
POLITICAL PARTIES,


The war between the states
following the election Of Lincoln
in 1850, led 10 the act Of Con.
gress authorising Of the curren'
CT in February 1s82.-popularly
known ss the greenback dollar.
The same act, provided also
for the Issue Of bonds into
which the currency could, be
funded. These bonds were to
run for twenty years and were
payable In lawful money; the
interest alone in gold or silver
coin. The government also re.
served the right to call in and
pay these bonds five years from
date OF issue. The war closed
with the public debt almost
wholly in these bonds.
In 1869 an act was passed by
Congress known as an act to
Strengthen the public credit"
This act, provided thrt these
bonds should not be paid before
maturity unless the currency
could he converted into coin
without loss to the holder, This
piece Of legislation was regarded
with disfavor by the masses.
While pending in the senate, sen.
ator Schenck of Ohio said: 1.-THE
friends of the bill had reported
in New York that everything
was fixed for its passage, so that
the friends thereof need have no
lears nor make any further in.
vestment Of money in it's be-
half. There were those ia Con.
gress who would not consent to
The slaughter of the grccnback
and the more than doubling the
Indebtedness of the United Stat.
es t. the lsondhulders at one fcsl
swOoD by MEANS Of paid for
Legislation in the interests o the
morey--chausers." ,Notwi'h
standing, the additional protests
By Senators Norton. Spraguc,
Hendricks aud Morton; the bill,
with it, burden of woe for the
people became Il law.
Encouraged by success, the fol.
lowing year the same interests
caused the presentation to Con.
gress bill to provide for the le-
funding Of public debt.
This bill provided that the
new bonds should be payable in
coin of the weight and hncncness
OF the coinage of 1870. When
the refunding scheme was com.
plcted, the pu bic debt, created
by exchanging bonds for green.
back. and other forms of govern
tn" stoppasc Of the coinage ,.r
r'"'r '' ac' Of Congress- iu ls-o
'"''"' u IN ;.>' Ar il. ,,' -
49,. we succeeded in l>15 NV
NV Specie resumption, act sol
-, tue people that i, l--n
:, ''''''t'''"-t clny ,tal,2ad i,
'ar:y. '''"0cA
.. "'''e' participated in IN,
o . :, of this patty. wri,ir,.
l hu sl''""Ins ia be'olfof its can
''' "a Cooper and Cary)
'or two years the n,r,, y,
.s m"" at ' growth; but, alIyiny
'Sel' in ls7s with the Democrat my
., p'r'y in Iowa, followed two i,
r"'s' later in the state of Maine =,
, ,o"s"s the movement into dis ',
, ,o"'' and eventually led to \ "
..' '''s MA! under the name r. r.
W.T. ,l ''',, un'o" L'bor Party '''' Ct
."'''"E to profit by the unror. ,
"s'. alliances of .hc Grpenbnclt y
'r'S; fn>ions ware entered im." =
IA. :, y '';nb'icans in thu sou "'I' q
+" Democrats ., in tho north ~ :" y.
' "nS ''le spoils of Office; Al ,ra,rr - -
"mi"s the snobordiua,i,n If =, |"
',s'p'' to the temporary I'D. IA
''s' of patty leaders. N Il,
:" t ." meantime, "rhc Far VI,
~, ,,S. ,'''''"cc'"a strong organ. t u'
'."n in the = nth. undor '' a., ,r'
' ', 81 o, L. l.. Polk, had on. ",
=, ',a ,.e =, ,''ia of politics. The ~,
"e'''> that went to make ~, w. w.
ria. 'o'cA and Union labor ,
''e"' uniting viii, tho ,nrr,n,
race, forMrd m. -. we