The Bottineau courant. (Bottineau, Bottineau County, N.D.) 1895-1929, 1922-04-20

OBSERVATION-DISCLOSURES
formerly great paper, the New York
Tribune, apparently holds an entirely
different view on the nations moment
airy system than did Horace Greedy
when he said:
I've are careful To conceal the ugly
fact. chat by our ubiquitous momentary#
system we have nationalized q system
Of oppression more refined, but none
the less cruel, than the old system of
chattel slavery
Salmon z. Chase, the great Civil
War Secretary of the Treasury con-
sidered the great mistake of his life
to be his activity in procuring the pas
sage of the national-bank act, and de-
clared that 5
ut has build up a monopoly that
affects every interest in the country.
1t should be repealed. But before
that al be accomplished the people
will be arrayed on one side and the
banks on the other in a conflict such
i, as we have never seen in this country
How prophetic his words appear to
be! The Federal Reserve System is
but a considerable extension of those
powers of monopoly which MI. Chase
beheld in the national-bank act with
a great deal of solicitude. Truly, the
people are gradually becoming array
ed against the tyrannical and oppres-
sive, though "refined" banking institu-
lions that SO efectually dominate our
country today. 1t is only a matter of
time when the people will become in
formed as to the exact situation and
then Mr.. Chase's prophecy will become
true. The people of this country will
not tamely submit to economic servi-
tude and the conflict between the bank
ing interests and tibet people is in
evitable! Let US hope that it will be
waged intelligently and ~peaceably!
Wall Street and the Civil War
Mr.. Chase had unusual experiences
with the money power and knew
whereof he spoke. Among the many
burdens that the Lincoln Administra-
ton had to bear, that of raising the
money to finance the war proved to be
one of the most difficult. 1t was prac-
tically impossible to negotiate foreign
loans because the safety of the Govt
was threatened. Wall Street, who
clamored for the war and was loud in
denunciating slavery, was appealed to.
The banks were perfectly willing to
loans their notes on Government bonds
payable in gold at a 20 per cent dis
count. We learn from Appleton's
Encyclopedia for 1861, page296, that
Wall Street, with as we'll of patriotism
rendered loans to it's Government
fighting for existence, loans at a rate
of interest at from "a to SO per cent
and silver to their vaults and it looked
The money barons retired all the gold
as if the Government was at theil
mercy. However, Mr.. Chase came
forth with a constitutional idea anc
that was that Congress shall have
the power to coin money" The enact,
ments of July II, 1861, and February
IL, 1862, followed authorizing the is
sue of 100000 900 of Treasury notes
n~on-interest bearing, payable for al
debts, public and private. This ISSUE
of money had not one ounce of gole
behind them and have always remain.
ed at par with gold.
However, the money barons were
thwarted in their schemes to rob the
people. They did not propose tx
quietly submit to this process Of
shearing them of their power. Only
four days after the passage of the
credits and International securities
The gold standard was faulty in its
iception and it has remained as long
as it has solely because the great
catastrophe proving it fallocious was
long in coming. But the wal has shown
that a system by which a floating golc
legal tender act a bankers convention
was held in Washington. This legal
tender act would transfer the mono.
poly of money from the hands of the
money dealer into the hands of the
people. 1t meant the destruction OF
Shylock's system. The bankers con.
vention was called. Mrs. Emery tells