Year: 1876

Seven years have gone by since the
nefarious Congressional act of March
18, 1869, went into effect, changing the
500 currency bonds into gold bonds.
Our commercial prostration, industrial
paralysis, and real estate depression,
may be said to date from that iniqul-
tOus and sweeping legislation to enrich
the Shylocks and jobbers who planned
that gold bond act in the interest of
foreign bondholders and domestic
usurers. These inwardly chuckle at
the misery of the people ard the stu
pidity Of the masses every time a gold
coupon is clipped from gold bond in
a gold bank and the surplus REIN
vested in more gold bonds to com
pound profit out of the toll of the
tax payer By this compounding the
national debt has been doubled and
the burdens of taxation proportion
ately increased, with the withdrawal
of capital from the industries of the
country by means of which the pro-
ductive classes earn their bread.


We have lost in annual products
since the beginning of the contraction
policy in 1869, more than $500000. 600
a year, 81 200, 100000 more than the
National debt during the last seven
years, and this whole loss has been the
result of an attempt on the part of our
| Congress to turn the 500 bonds into
gold bonds Now, leaving entirely out
of consideration the question of hard
| or soft money-cOntractlon or infia-
ton - resumption or reputation =
rag baby or honest" money-here
is an issue which ought not to be clam
ored down by epithets or revival Of
sectional animOsities. 1t is believed
that this act of 1869 was job. Nay,
| it is positively asserted at the seat of
government. Mr.. Dom Piatt gave Il
personal history Of the passage Of the
act quite recently, claiming TO have the
| best evidence that it was premcditat-
ed Wall street design to depreciate the
currency and augment the value of
the bonds. just before the passage of
! the act he says that a gentleman well
known to the world of stock gamblers
came into the room where he was sit
ting and informed him of an opening
through which a good thing might be
secured, and when this opening came
to be explained, it appeared in Il reso-
| luton, carefully prepared, that had
been placed in the hands of the chair
man of the Committee of Ways and
Means, to be offered on the first Oppor-
! tunity, that pledged the Government
to the payment of the bonds in gold.
This, said he, will send the bonds
up to par, and then, if We can manage
to make the Government anticipate
some of its indebtedness, the bond
holders will realize eEormousl ly'
When asked how it could be possible
to pass bill making such a distinction
in favor of these bonds, originally
bought with greenbacks for mere
song, when the country had twenty
years in which to redeem them, he
was told that nearly all the Congress
men in House aud Senate had more or
less of these bonds, or acOuld hare them
before tie rOte l0ds tdkeR, and would
come out ofthe transaction millionaires.
He was further told that it would be
rus he'd through under patriotic cry
of no reputation, the ''plighted faith
Of the Governme t., etcetera and
thus" adds Mr.. Piatt, "the men who
boast so loudly of having saved our
flag in its hour of peril, have used that
flag to cover just such infamies as
these"


Now, if these declarations are true,
is there not a good opening here for in
vestigation while the virtuous fit is on
the Government Investigations Of
crooked whisky frauds are insignificant
beside an enormity Of this character.
/ The gentleman who prefers the charge
is now within sight Of the White House
and the Capitol lie can no doubt
give the name Of the gentlemen well
known to the world of stock gamblers,
and perhaps other information which
would enlighten virtuous government
and a plundered people.


The suspicion in the popular mind
that there was something wrong about
that sweeping legislation is strength
ened by such point blank declarations
as those made above, and it is suspect
ed that the resumption act is AKIN to
| it in iniIuity. Has not the Secretary
carte blanche to issue as many bonds as
may be deemed necessary to carry out
| the provisions of the resumption act
To purchase the gold with which to
redeem the n-interest bearing green
backs. interest bearing bonds must be
issued. The more bonds that are IS
sued the more rapid the depreciation
of all other properties. 1t is a conflict
between the gold and bondholding
monopoly and the manufacturing and
commercial interests of the country.
The success of the Shylocks will be the
ruin of the producing classes. If there
Is one evil in the government as now
administered that more than another
needs investigation, it is this. Crooked
whisky and Confederate military pris-
ons are irrelevant issues while this
suspected rascality remains smother
! ad - Nashville American.