The Bottineau courant. (Bottineau, Bottineau County, N.D.) 1895-1929, 1921-11-17

NOV. II, 1921
DR.. {. +. LADD'S
WEEKLY LETTER
VOICES FROM THE DEAD
Washington d. C. Nov. IL, 1921.
President Lincoln's prophecy: 81
see in the near future a crisis ap-
preaching that unnerves me and caus-
es me to tremble for the safety of my
country. As a result Of the war, cor
porations have been enthroned, and an
era of corruption in high places will
follow, and the money power Of the
country will endeavor to prolong its
reign by working upon the prejudice
of the people until all the wealth is
aggregated in a few hands, and the
Republic is destroyed. I feel at this
moment more anxiety for the safety
Of my country than ever before, even
in the midst of war. God grant that
my suspicious may prove groundless. ."
President Johnson's warning: That
we Of today are conservatives, and not
alarmists, is shown by the following
language used by a President of the
United States, Andrew Johnson, to
Congress in his message of December
9, 1868, and contained in volume vi,
page GIT, of Messages and Papers of
Presidents:
In my message to Congress in 1865
it was suggested that a policy should
be devised which, without being op-
pressive to the people would at once
begin to effect a reduction Of the
debt, and, if persisted in, discharge
it fully within definite number Of
years. The Secretary Of the Treasury
forcibly recommends legislation of
this character, and justly urges that
the longer it is deferred, the more
difficult must become it's accomplish
ment. We should follow the wise prec-
edents established in 1889 and 1916,
and without further delay make pro-
vision for the payment Of our obliga-
tions at as early period as may be
practicable. The fruits of their labors
should be enjoyed by our citizens rath-
er than used to build up and sustain
moneyed monopolies in our own and
other lands. Our foreign debt is al
ready computed by the Secretary of
the Treasury at $850,000,000; citizens
of foreign countries receive interest
upon a large portion of our securities
and American taxpayers are made to
contribute large sums for their sup
port. The idea that such a debt is to
become permanent should at all times
be discarded as involving taxation too
heavy to be borne and payment once
in every sixteen years, at the present
rate of interest, of an amount equal
to the original sum. This vast debt,
if permitted to become permanent and
increasing, must eventually be gather
ed into the hands Of few, and enable
them to exert a dangerous and con-
trolling power in the affairs Of the
government. The borrowers would be-
come servants of the lenders, the lend
ers of the masters of the people. We
now pride ourselves Of having given
freedom to 100000 Of the colored
race; it will then be our shame that
40, O,000, 900 Of people, by their own toll
Grafton of usurpation and profligacy,
have suffered themselves to become
enslaved, and merely exchanged slave
owners for new taskmasters in the
shape of bondholders and taxgathers.
Besides permanent debts pertain to
monarchial government, and, tending
to monopolies, perpetuities and class
legislation, are totally irreconciliable
with free institutions. introduced into
our republican system, they would
gradually but surely sap its founda-
tions, eventually subvert our govern
mental fabric, and erect upon it's ruins
a moneyed aristocracy. It is our sacred
duty to transmit unimpaired to our
posterity the blessings Of liberty
which were bequeathed to us by the
founders of the Republic, and by our
example teach those who are to follow
us carefully to avoid the dangers
threaten a free and independent peo-
ple."
From Salmon P. Chase, Secretary
u. S. Treasury, under Lincoln: "What
is greenback? Did you ever think
what it was? Why it is simply the
credit of this great American people
put in the form Of money, to circulate
among the very people whose credit
makes it good. When I was Secretary
Of the Treasury, the question arose,
how should these vast armies and ma
vies be supplied? ? How should the boys
be fed in the field, the sailors in ships,
and provisions be made for their sup
port, their clothes, food and transpor-
tation? I found the banks Of the coun-
try had suspended specie payment.
What was to do /? The banks wanted
me to borrow their credit, or pay them
interest IN gold upon their credit.
They did not pay any gold, or propose
to pay any themselves, but they want
ed me to borrow their notes. Il said,
no, gentlemen; this great American
people is worth all of you put togeth-
5er. I will take the credit Of the peo-
pie, and cut II Up 81 the form of little
bits of paper. and we will circulate
That paper. This Is the true idea of