' ; . - ' .
" " ' I . -
7 .v
Daniels. JEd's and Prop's
VOLUME 20
LET ALL THE EMPg TI1QU AIM' ST AT, BE THY COUMTIll'S, THY UOD'8, AND TRUTHS'.'
$1.50 a Year, ash In Advance
WILSON, WILSON COUNTY, 'NORTH- CAROLINA, AUGUST 11, 1890
NUMBER 30
jt AllP'S LETTER
a Cotflf'll.
-:o:
jS 'mi: A UTHOR
OV EST J ON?
'IN
Politics Again
Hie Fnd is not
T t us vindicate the trnth of
...1 Whether it was John
.
Harry Lee
who
in
peace, etc., 19 or.
'". fr-L peace,"
dou't. I nia.e a mistake in
Vruier 'letter io ascribing it
,Ki'bar;l Henry Lee, but cor-
Ud U in jny next at the in
X.-e ot- Judge Clark. But
Lff (owes .ur. luurnsen, 01
kberue, Aid., ubiuib tuopuo-
. ailj gays it was neiiuer 01
f Tiee?, but that John Mar
vjilVas the author. -He says
'at many learned men have
4!en iuto the same error, and
r. imam Jones, who
'Personal Recollections
f Robert E. Lee," as one of the
1 1
but inistasen men.
his assertion that
.ICS
trow
Tii rrove
irai John-Marshall, he refers
4) :Irvii'g's Life of Washing
ja' vrliicti contains the speech
' Marsh;' il in the house of
rKrentaiives on the death of
;ws'ii;.tfin and the resolu--.,a$
thai were adopted, and
ine to rise again and
ai8 auolher correctien. .
I canuot do so yet. It is a
atur we will not hurry over.
Xiii.ieecl, strange if ail the
hoaid have lived so long
(ler sue ha delusion. The
iudird school histories and
eaders Lave got it down the
J i ail
2ms way. uati 11 De.possiDie
U Irving, who is ino&t ex-
-rllect authority, should have
. A. W "I 1 V J
obody but Mr. Mdrrisett dis-
:reru it. , '
Let us investigate.
I have before ine BarlStt's
ictiona-ry ot quotations in
Lkh Le tdives the authorship
Harry Lee and says in a
The resolutions that he
ew.ii' had the words "fellow
HziUiS" hut.- when he after
xls delivered the eulogy on
'a-ihintitoa he changed from
liiw-citizens it to- "countr.y
iu." "d-ie- Marshall's life of
Liugtou.'
Well, of c-"oure, if John Mar
jail himself gave the credit
Lee that settles it beyoiind
L-pute. But possible Bartlett
1- T . I
liijf bs? iu bia.ii.eu,- x nave aiau
pie ton's last great work - on
imencau liiograpny (lsey) ana
ltd ii at Robert C. Winthrop
L..D. and ex-United States
lmU)v, wrote the. biography
f Washington. It is au admir-
ble.iiistory and most careful
a ail its details and recitals
f Iccis. In the sixth voluiiie
Ki pa-ie 531 we read as fol
cc-ret'o was in session at
'Mlid-rlpliia, and the startling
- ut Washington's death
.Leti thei'e on the dayof his
eral. j he next inorning
-j'liii Marshall - anubqneed the
in the house of rep-
eutatiy- in a short but ad
jj'i I, and concluded wivh
??olntion uren;irftd hr frPTiAra.1
j " -
e vhich contaiHt'd. the grand
rdrf that have ever ince been
sociatel- " with Wahineton
Fir.t ia war, first in peace and
tin the heart of his fellow-.
it!2fci.-J." On tt.u, t)MM nf
csmber General Lee . pro-
-oanced a eulov hv order of
he uses of congress, in
&icii - he changed the 'last
r01flielii)v-citixens to country
,S'J it would seem that Mar
m offered the resolutions
, "ee had DreDared. Mar-
s speech did not conta i u
'- I!ira.--H. hll. thrt rfSOl!ltl01M
rf- Irvine does not eay to
7 contrary. He eives Mar-
and his
was : I
3 ?nPfli in frill
Eluding sentence
;u,cl ia my hand resolutions
tie.
to; y:id Lee to prepare
lor this occasion,"
but Irvintr rlrioa not sav
t. Marshall prepared them.
'j ali even t3 the weight of
euce iiia favor of Lee, and
wil not"' rise to correct, "at
i!l!i"iit. I lliftvft that "John
could have said It.
n' uubt th-ftv divided the
to . mxkj the
the
u' lor they were m
;: .irieud. Now, I hope
'"i y outig readers of The
v'"'1'1'!.'-'"'! will stand on this
j"!i1J(:itioh until the contrary
-'-'tarly established. Honor
'I!. . . . - .
- "ii innor is due. It is a
. i :u!.fv..- j ....
g'1,!!"'' minds among thej
tra:.-Usru' People. When I made
Ui mistake and gave the
t 10 a'l'chard Henry Lee
,f
. mUU tO ftYjq on T tiaVH
w wer a score of letters and
tCwle,1e m? error. I
toT a Uui tteit Judge
was about the only one
who would write, but I was
pleased to receive many others
and to answer them.- It is a
good sign, and especially so as
several of the letters were from
Bchool teachers not long from
college. There is no better
education for a younger man
than to teach. Teachers are
the best stndentg of history
and they make the best
writers, the best editors and
the best preachers. A college
graduate cannot better prepare
himself for any one of the pro
fessions than to ' teach school
for a year or two. It trains
and solidifies the mind it
makes him thoughtful and
precise in language.- Bes'.des
this it gathers around him a
bulwark of friends, who stick to
him through life. Noc long ago
we had an exciting election for
a superintendent of our public
schools, and ohe of the candi
dates got one vote at every
count for forty-nine ballotings.
"I went to school to him," said
the member of the board, "and
I know him, but I don't know
the others, except from hear
say." 'ihings are not "altogether
calm and serene in thes-e parts.
The farmers' ground swell has
amazed and bewildered the
people. I asked my friend,
John Blaek, what he was doing
in politics over in Rome. "Noth
ing, nothing, at all," said he iu
a sad sweet tone of voice. "I'm
staying inside the house now
and waiting for .the storm to
blow over." "Suppose it don't
blow over at all," said j I. "May
be the thing is like .the. deluge
and all you political sinnfer
are out of the ark and floating
around on the logs and chicken
coops, and every little while
vou look up at the great float
ing warehouse with its closed
doors and say, "Boys how long
is this infernal shower to
last?'"
Blessed is he who hatha
boat of his own and ) does noi
have to depend upon the peo
ple's line. Blessed is he who
don't hanker after office. This
whole thing would be; funny if
it wasn't death to the frogs. - A
few months ago our town boys,
were puzzling around-and Jay
iug their plans for the legisla
ture. and were fixing I to catch
the alliance vote for it had not
gone into politics then, and
the boys got hot over their
rights, bat they have all swaged
down and look as meek and
humble as a run-over calf. The
farmers made no noise, but
simply said: "B.;ys, we don't
think your sort are fitteh, and
yoa ain't fitteu to get fitten, so
we, will attend to this busi
ness ourselves." And the boys
made a bow and said i "Jesso."
It reminds me of a story they
tell on Mrs. Brown, the sena
tor's plain-spoken and dishorn
ing wife. After old j Joe had
served nearly two terms as
governor, some' gentlemen wr.re
discussing, in her presence, the
CJ
question as to who would oe
his successor. Mrs. Brown was
stitching away on some gar
ment and took no part in the
conversation until one of them
said : "Mrs. Brown, who do you
think will wear the governor's
mantle when he retires ? ' She
looked lip and replied in a matter-of-fact
way, 'I don't think
he is going to retire; he calcu
lates to wear it himself for two
years moro." Ana tie aia.
I heard a big alliance man
say "We'll show you hoJtf to
run a? legislature when our
boys get there. The boys will
eat breakfast by sun-up, just
like they do at home, aud in
an hour more yon will hear a
liorn nlow at the capitol and
they will all be there and go to
work, and there wont be any
fooling around and no excuses
nor absentees, nor ?goiug down 1
town to get a drink, nor run
ning off on excursion's to Tybee
and Chautauqua. Mark Hardin
shant have fourteen clerks,
don-on him, but he shall do the
clerking himself. We caVt do
without him, and don't expect
to, but he will have to knuckle
down to work. The last session
cost $150,000 but jtbe next
won't cost third of it. I'll bet
any man a suit of clothes it
don't. We are going to rent
out about half the state house.
Every one of them stall-fed
fellows have got a front room,
and a back room, J and a sans
ctum, and a sanctorum, and a
fifty-dollar scfa to sleep on,
and they have their business
hours just like the banks, and
you can't see 'em only when
von don't want to see 'em : and
they haven't got to igo to mill
either, or take up tne iouuex,
dogsou 'em. We'll straighten
out their-.chaias when the boys
net there." "A-
I hear." said I. "that some
of your members are opposed
to George Lester for-attorney
general because he is . a law
yer."
-Well, yes," eaid he, "some
of 'em was, but I told 'em that
George was a poor man and
good soldier, and was no law
yer to vhurt, and I think they
will go for him. I know he
ain't much of a lawyer, for I
had a case in his court when
he was judge and he decided it
pint black agin me, though I
knowed I was right all the
time. No, lie aint : much of
a lawyer, but we don't expect
to need any are are going to
run the machiue in a common
seiise farmer way, without any
re;n tape or Sallymagundy, and
if these judges and solicitors
don't do better than they have
been doing, we'll turn 'em all
-out and put in come old fash,
ianed farmers wbo don't know'
much law, but do kuow a
power of gospel and high hatral
justice. There's too much
trigger work going on. The
courts have been three years
trying to hang that devil, Wool
folk, and he ain't hung yet.
We could have tried him in
Euharlee justice's court in
three days, and hung him and
saved twenty thousand dollars
that it has already cost Bibb
county. It's the lawyers that
do it all, and the judges keep
on letting 'em and if they don't
change their ways.we'll abolish
the whole concern. There's
too much law and too ihany
books anyhow, and ewerytime
a lawyer makes a speech he
gets some newspaper to say it
was the greatest speech of his
life. But we'll straighteu 'em
out, and put about two thirds
of ?em in the cotton patch."
Well, maybe these farmers
will reform things, for our folks
are getting a little loose in the
socket.
All's well that ends well.
Bill, A rp.
HON. J. B. PHILPIPS,
NASH CO UNTY'S VIST I JIG U
1USED SON, . ; ,
Addresses the Alliance upon the
Jtlonejf Question A IStsume vf
Republican Legislation that has
Ground the Life and money out
'of Our Peopple.
Mr. President, and "Brethren
of the Farmers' Alliance : '
At our last meeting I was re
quested to deliver an ad
dress to the Alliance to-day.
It was left to me to. choose my
own subject, and aftr giving
it some thought, I decided not
to confine myself to any one
particular subject, but to give
in as brief a form as possible
a rehash of what I have heard
in the past about the finances
of our country intermingled
with my own views, showing
why we have not prospered.
When the people of this
country first gained their indes
pendencedur Constitution waa
formed by wise and patriotic
men who realized the fact that
Almighty God designed men to
labor yet He did not design
them to labor without a re
ward. Our laws were so fram
ed that every man should have,
as far as possible, equal rights,
and should be allowed to gain
all he could and spend it at
will, according to the talents
ttiven him by an All-wise God.
Then there were but . a few
millionaires on American, soil.
But that period. has passed and
to-day the United States boasts debts, public and private,
gold. : .Wherever gold want
these demand uotes sould go,
even into' the ccff6rs of the
bond holders. They paid his
interest, paid duties on im
ports ; the millionaire took off
his hat to them and the banker
made obeisance. ' - '
We find that only" four days
after the passage of the legal
tender act to supply the country
with government : money, " a
bankers' convention, consisting
of 4 delegates from New York,
three horn Philadelphia, and
three Irom Boston, was held in
Washington City. They .were
alarmed. They saw in the
legal tender act a friend to the
people they saw in it a precedent-
which, if established,
would forever afterwards en
able the government to relieve
itself and the people without
submitting to the usurious ex
tortions. They kuew too, that
the government, supplied with
its own money, would have no
occasion to call from its hiding
place their hoarded gold, unless
by some means they could
create a market for it. This,
then, was plainly the object
of that notable bankers' con
vention, to create a demand lor
their hoarded gold. To do
this they must get control of
Congress, which they did, The
result of which' was that in
famous exception clause on the
greenback that was cohsumattd
by the act of Congrets February
25, 1862, wherein it was stipu
lated that "the greenback
should be legal - tender for all
ex-
To Mothers.
For upwards ol' fifty - .vearM,Mrs
Winslow's Soothing S.yrnp has
been used by millions of mothers
for their children while teething
wirh never failing .safe? 3 and :puc
cess. It soothes th ehihi, softens
the gums, allays pain, regulates
the bowels, cures wind coiic and is
the- best renietlv for " diarrhoea
Mre. WinslowwV Soothing Syra.
is for sa'e by draggrata in evcrp
part ot the woild. Price 25 cents
hot tie.
Buckln's Arnica Salve-
Th Heif Sdve in the world for
Ous, Br lises, Sores, Ulcers, Salts
Rh niu, Fever. S.irei, Tetter, Chap
ped Hand-, Chilblai -s Corns ;ird
ill Skin Eruptions, and positively
euri-8 Piles or no pay leqnired. It
Is guaranteed to give perfect satisv
t.icl'.on, or money refunded. Price
25 cents per box. For sale by A.
V. Rowland.
more millionaires than any
other country on'- the . globe,
w hile she has more tram pi,
and there is more general ' de
pression among the tolling
masses than ever before. What
has brought about this great
change ? Why is it so ' These
are questions well worthy our
consideration.
Let us go bacK to 1860, when
the war cloud was gathering.
The old men of the North
shook their heads and mothers
on bended knees clasped more
closely their precious" boys and
prayed God that the storm
cloud Umight pass. But above
all the prayers and wailings
conld be heard from Wall
Street and along the line of
money centers the -echoes of
jubilant satisfaction. Why this
exultation of the moneyed men
cept duties on imports and in
terest on the public debt,
which from that time forward
should be paid in coin." When
this act was passed the money
kings rejoiced. They had ac
complished their purpose
They had created a demand
for their gold. Heuceforth
the government should bow to
them and none should question
their right to wield the golden
sceptro of money king. They
had no army or navy at their
command, but they .had sub-
iutrated the people more effec
tively than the army. did.
Gold immediately went to
185 per cent. That is $1 in gold
would bring 185 in greenbacks.
The gold was then bound to be
had to pay the duties- on im
ports. This $185 in greenbacks
which the importer paid for the
over a prospective civil war ; m goia ne lmmeaiateiy in
W hy were the money kings of J ve3ts in government bonds at
Wall street so anxiously and I face value, and it is stipulated
positively joyous when the on' these I onds that the interest
guns were turned upon fort I must be paid in gold and in
Sumpter aud the declaration of j advance. He collects his in-
war sent its thrilling notes ferest in gold and the next day
WHAT A. LEADING PHYSICIAN SAYS
Dr. U. S. GorUou, a leading physi
cian ot Mr. Uarmel, 111 , writes the
tollowiLK under date March 10,
1800:
"1 cheei fully : e'tioai'med' .Sit't'f
Specific (3. S. S.) a ; tonic and
general i:ealtti restorer, uLoiii cac-e
oi Bl.;d Poison 1? rtl way gives
sati.-lact!on." , '
YKAUS OF SOFFKUING.."
I'or 3 ears I have heeu troubled
with a uloo.l taint that has baffled
tne c-kut of the bt I'hyt-iciana ot
Ohio and Iudiau:)rthe disease fin
ally tlfected m eyes :o such an
exieui that 1 vvas .almost blH.d I
was then in a Hue 1 to t ke a course
of Swill's Specific (S S- S.) and am
thankiul to sa that dfu-i taking a
lew ottIed 1 was entirely cured.
Mv ei-sigbt is entirely restored,
and my geueial health is better
:hau it has been loc j ear's?,'-, and
there is no trace of the di.-ea-e leit.
I consider S. S. S. the best, blood
nurifiiT aud general health ton;c
tr
to day iu tlie maiket.
Oscar Wiles,
nuntingburg. Ind '.
lreaf.se on Blood and Skus Dis
eases mailed free.
SWIFT SPECIFIC CO., Atlanta, Ga
throughout the leBgth and
breadth of our land 7 It was
not because they loved the
netiro of the cotton fields of
the South, but it was becau&e
their love for ain haa stilled
he finer instincts of their na-
ure and they rejoicea because
hey saw in the preparation for
war their long coveted oppor
unity for plunder. They
kuew the war must bring its
necessities, and through these
necessities they determined to
subjugate their unsuspecting
elluw-men. To accomplish
his it became necessary to ob
tain possession of the national
nuances. They knew their op-
ortunity was at hand and
scarcely had the . war cloud
broken ere the gold aua silver
of the country disappeared
What had become of it ? The
Shvlocks of Wall street .had
obtained all Of it and for what
puroose I will now show you
From Appleton's Encyclopedia
in 1861.- paee 296, we learn that
the money kings of Wall street
t'raeiusly tendered loans, to tne
troverninent in her distress at
Wbv continue the use of irrita
ting powders snuffs or liquids lj '
J earn lialm. plaesant ot 1 appnea
tiou and a sure cure for catarrh and
cohi in head can be had ior 50
It is easily applied into the nostrils,
is sale and pleasant, and is caring
the most obstinate cases. 1 It gives
relief at once.
The proprietors of Ely's Cream
Balm do not claim it to oe a cure-
all, bat a sore remecfv for catarrh
colds in the head and hay lever
It is not a liquid or a snim, but
easily applied into the nostrils.
gives relief at once.
A SCSAP OF
SAVES HER
is ready to sell to the import sr
at 185 per cent. Not contented
with this large profit, the next
scheme to rob the people was
the uational banking act, pass
ed iu 1863. .
By this act the capitalist
was permitted to invest his
greenbacks iu govgrnment
bonds at face value, and upon
these bonds he not only drew
gold interest in advance but by
means of the bank scheme he
actually had 90 per cent of
their value returned to him
While drawing Interest upon
the entire investment in the
form of bonds. 90 per cent, of
it has been returned to them in
the form of national bank
iioEa and it is with these he
carries on the banking business
loauine them out upon the
most advantageous terms. On
the one hand he draws interest
from the government : on the
other from the: same invest
ment he draws, interest from
his individual - debtors,
allowing hfm to draT - two
interests from the same invest
ment at the same time. Furth-
ceived as interest from the
government 18,000 a year in
gold (and exempt frjin taxa-
tion.)
It wasj)retty good financier
ing for these bankers to receive
818,000 a year in gold on the
a00,000 in currency which
they had thus loaned to the
government. But this i3 not
the whole story. They had
their bank made a public de
pository, v They soon discover
ed that there was scarcely ever
less than $1,000,000 of govern
ment money deposited within
their vault?; they did not like
to se& this vast sum lie idle.
They took 1,000,000 of this
government money aud bought
1,000,000 of 5-20 -bonds with
it. In other words they loaned
81,000,000 of the government's
own money to the government,
and deposited in the vaults of
their bank the bonds received
from the same government
60,000 a year in golet as in
terest. Thus for the thirty
thousand in currency which
they originally loaned the
government they' received an
nually, in all, seventy thous
and in gold." .
Bat this was by 110" means
the limit to the legalized rob
bery which these gentlemen
were capable of perpetrating
under the national banking
laws. Since they had no
sciuples about investing the
government deposit of one mil
lion in 5-20 bonds and appro
priatihg the interest to their
own use, it is not at all likely
that they would stop there
when by simply depositing the
one million in 5-20 bonds with
the Comptroller of the Curren
cy instead of their owu bank
vaults they could draw 80 per
cent, more currency; or by
starting two more neir bauks of
500,000 each, tl : v could
draw 90 per.ceut. Uioie curren
cy to substitute for that amount
of the original deposit of the
government used by them. If
any one doubts that the na
tional banking system was de
liberately planned for tae pur
pose of robbing the people he
may be undeceived by reading
tbe following private . circular
sent out to the bankers of the
country by their secretary,
James Buell. Here is the. cir
cular :
Dear Sir; ' It is advisable to
do all in your power to eutatD
such daily ar?c! piomineiit weekly
uewspapers, especially the' agricul
tural and I'd gious press, as will
oppose the issuiug of geeenoack
pape. money and that ybu wiih-.
hold.p trouage and favors from ar
applicants who are not; wili ng to
oppose tne government issue 01
money. Let the government tsu'
the coin ami the banks, issue tne
paper money ot the. country, 101
then we can better protect eacu
other. To repeal the la.v cf 'ating
national bauks or to restore to cir
culation the government i-ue of
monev will be to provide the peo
ple with money aud will theiefore
serion-Iy affect your individual pro
fits, as banker and lender. See
yoar member of .Congress . at once
and engage him to support our nir
terest t.iat wo 'uuy coutrol legisla
tion '' (Si a Led by' tho. Secretary)
Jas lUi ''. ' V
PAPER
LIFE .
it was inwt, an oidinarv scran o
wrapping papr, but it saved fie
1 (e. She was in the iar. stages o
comsumotion,. told ty .physician
that she was incurable aud .coult;
lwve oulv a short time. Sh'e weighed
less than seventy pounds. On
piece of wrapping paper she read
of of Dr. Kings JN6W discover, auu
got a sample bottle, it helped ber,
she eougnt a large uoiue, il ucipru
her more, bought another and
grew betterTSSt, continued its use
and is now strong, healihy, rosy,
plump weighing 140 pounds. For
fuller particulars send stamp to W
H Cole. Druggist, Fort Smith. Trial
hnttles of thii wonderful Discover?
free at A. W. Rowlands Drugstore.
to 24 to 34 per cent, interest er tne national DauKs, as ue
ihnQ sa.m iLonev kings who nositories of the United States
we to day hear auoted as those I Treasury, , to-day hold 60,000,
patriotic and generous capi- 000 of the people's money upon
talists. which they do not pay any tax
The gold and silver of the nor do they pay one; cent ot in
country was in their posses terest, but are, ana nave Deen,
sion and it would not serve for the last twenty-nve years,
their purpose unless they could loaning it at from 8 to 12 per
loan it to the government at cent., or using it for 'effecting
ovrirhftant ratAa nf interest. corners on the necessaries of
But Lincoln read in the Con- life.
qiitution. "Congress shall have " I can better illustrate by
nowertocoin money." Then quoting from the lion.- S. S
to the World he declared inat Aiarsnaii,oi jinnois, in a speecu
Congress would coin money and on the floor, of Cougress, July
that thA trovftrnment would not 21st. 1868, when he mentioned
aiihmit to the infamous de-1 the ioiiowing mstanca
manda of the capitalists. . Fol
lowing this declaration came
the enactments of July 17,
1861, and February 12, 1862,
authorizing the issue s of 60,
000,000 treasury -notes, not
bearing interest and payable
for all debts, public and private.
These first issues of greenbacks
constitute the demand ) nates,
which, unlike all' subsequent
issues, did not contain the ex
ception clause ; consequently
they have always been at par
with gold and established the
fact that had it not been for
the exception clause on - the
greenback they would have tH
ways remained at par with
Mrk y m it is especially the
agricultural and religious. press
through which the Secretary
design working up the preju
dices of the people."
The third scheme of robbery
was thar of contracting the
currency by destroying the
greenbacks. In pursuance of
this plan the act of April 1.1th,
1866 was passed, whereby it
was provided that a regular
and. systematic pimmKIuu ut
grriboHs tafce place.: Let 4 it
t e remembered that iipon this
government money, the green
backs, the people did not pay
interest. It. vas backed by
tho government which made it
safe and reliable and issued iu
sums convenient for small as
well as large business -transac
tions. ;
The money king "with one
thousand in greenbacks, had
found it necessary to loan or
employ that money in Order to
derive any profit from it. This
added to his care which ap
parently was the very thing he
sought to avoid; investment In
commerce and manufacturing
required hi3 personal supervi
sion; investment in houses and
land incurred taxation, risks
and often loss, but .'inyestm.emt
in bonds seemed quite suited
to his tastes, for they returned
a rich. golden harvest' without
any of the annoyances, of taxa
tion, insurance or eveh the
care of looking after . his in
vestments. It is no wonder'he
sane building, Hion policy and gladly gave ms
a national bank, one in greenbacks (to Jbe con
their 300,000 in' signed to the furnace) in ex
: "An
association of gentlemen in an
Eastern State raised 300,000
in currency. They went to the
office of the Register of the
"Treasury and exchanged their
curre icy for 300,000 in. six
per .cent, gold bearing bonds.
They then went to the office of
the Comptroller of the Cur
rency, in the
interest on his bond but he has
no employment for It. While
.his- one thousand was in
government money it could
have given two men employ
ment in some profitable busi
ness. out with his money in
vested m bonds he kicks labor
into the street and growls about
cue memciency of tramp law.
He does nothing whatever to
advance the interest of labor.
but drains its life-blood in
payment of his everlasting in
terest, uy investing the one
thousand in bonds it is taken
from circulation. There is one
thousand less for the people to
do business with and on
thousand more for them to pay
interest upon. Again by con
trading the volums ef money
it lowered the prices of other
property aud added that much
more to the burdens of the
labor class. l ean better ex
plain by quoting from a Geor
gia editor as follows :
"In 1868 there was about 40
per capita of money in circu
lation, and cotton was about. 30
cents a pound. The farmer
then put a 500 pound bale of
cotton on his wagon, took it to
town and sold it. Then he
paid 40 taxes, bought a cook
ing stove for 30, a shit of
clothes for 15, his wife a' drestj
for o, 100 pounds of meat for
18, one-barrel of flour for 12,
and went home with 30 in his
pocket. In 1887 there was
about 5 per capita of -money
in circulation, this same farmer
put a 500 pound bale of cotton
on his wagon, went- to town,
sold it, paid 40 taxes, got dis
couraged, went to the saloou,
spent his remainiug 2.50, and
went home dead broke and
drunk."
I will now give some statis
tics, snowing mat our govern
ment circulation was reduced
nearly one billion four hundred
millions. On the 12th day of
April, 1866, Congress -passed a
law authorizing the Secretary
of the Treasury to sell 5x20
bonds and with the proceeds to
retire United States currency,
including greenbacks.
On December 4th, 1866, E. G.
Spaulding, a Buffalo, N. Y.,
banker, a member of Congress,
wrote to Secretary McCulloch
asfollows :
"You no doubt, no, to a certain
extett, have control of rue curren
cy oft ie country, and I thinfc that
you ""will, of necessity, contract j
modfrately, so as to preserve a
tolerably easy money juarket.
There may be Decisional spasms of
tightness for uion -y, but g'-uerally
1 shall look for plenty of .nouey for
at least one year to come."
When this letter was written
the country was - in possession
of one billion nine hundred and
ninety-six million six hundred
aud eighty-seven thousand
seven huudred and seventy
dollars in currency.
During this year there were
but 520 busiuess failures in the
whole country, involving a
loss of but 17,625,000 dollars.
Labor was well paid and fully
employed.
1867. This year the work of
ou'-raction was vigorously
pushed and there were 2,386
failures with a total loss of
86,218,000 dollars.
1868. During this year the
437,000,000 dollars were de
stroyed and failures increased
to 2,608, with a loss to creditors
of 63,774,000 dollars. Money
began to be tight and financial
spasms were frequent.
lby. During this year over
500,000,000. dollars I passed into
the. CrAma tinn.iuau.cKn;, -JxuOUO-
ing 2,790 busiuess failures and
a loss of 74,064,910. Money
was growiug tighter and wages
lower. -
1870. This- year 67,000,000
dollars of money was destroyed
and 3,651 failures took place,
involving a loss of 88,242,000
dollars. Money was very
scarce and wages of labor were
reduced all over the country.
1871. Thirty-five million
dollars of money this year was
retired. 2,915 failures and a
loss of 85,250,000. More men
were thrown out of work and
wages were cut down.
1872. Only about 12,000,000
dollars were destroyed this
year, but such had been the
strain upon the busines of the
country for the past five years
that this proved the last Etraw
to 4,069 business Anns, involv
ing a loss of jl 21,058,000 dollars
More cutting of wage3 and
strikes talked of. t?
1873. This year the storm
reached its climax. Business
had hoped that with svery
returning season, prospects
organized
deposited
bonds, aud received for them
270,000 iu national currency.
They had let the government
have 830,000 in currency more
than they received for banking
purposes and had on deposit
300,000, on which they re-
change for a one thousand un
taxed 2 interest-bearing bond.
But what of labor seeking em
ployment ? The money king
has invested his property in
bonds as he has no need for
labor; true labor must pay the
would brighten and money
would become plentiful. In
stead of this, however, not
Withstanding bat 1,609,000
were p destroyed, the people
became ' panic stricken, and
7,153 business nrms were
precipitated with a loss o
228,499,000. Five hundred
thousand men were thrown on
of employment, wages were
cut down all over the 'country,
and strikes were frequent
occurrences.
1874. . Notwithstanding the
terrible results of the last year,
(the wine press of contraction
still creaks in its hinges of
death) as at ound and around it
sweeps out of circulation
75,484,000 certificates of
indebtedness, which have been
made legal tender monev.
85,760,000 treasury notes,
6,335,045 legal tenders, 3,000.000
fractional currency, and 1,000,
000 bank notes, prodncintr
5,832 failures and a loss of
155,239,000 to creditors. A mil
lion idle men began to tramo
in search of work. Wages still
declined and strikes were more
numerous. .
1875. The volume of currency
this year was contracted 40.8 17.-
418 dollars and the failures reached
7,840 with loaa to creditors of 201.-
060.COO. Two million of laborers
were throw oat of work. Famine
and buuger began to stare them in
the face and 'tramping" became a
profesaion. .
1876. According to the most
reliable estimates the contraction
of the currency this year in the
destruction of greenbacks and the
withdrawal of bank currency
amounted to about 86,000,000 with
9,092 failures and 191,000,000 loss
daring the first quarter of the
year. The aggregate failures for
the year reached over 10,000, with
losses net less than 300,000.000.
This does not include losses to
stockholders Sb'v foreclosure and
sale of railroads.
1 have no statistics for later
years, but contraction has gone
steadily on. Who wondv rs, then,
that times are hard aud money
idle 1 Three million men are out'
of em ploy men.
Bankruptcies re multiplying
wiih gre-c rapidity. The iratup
uuisance continues. Wages are
cut down to starvation prices. All
this to please the money kings and -;o
make them still richer.
- The next scheme to rob the per
nio is know as the Uredit Strength
snmg Act, by which the 5-L'O
)onds were made payable in coin."
This act, approved March 18 b,
1869, added to the burdens ot ih"
jeople more than six hundred ml.
ion dollars. Having purchased their
bouds with government money,
depreclnted from 38 to 60 per cent. ,
(on account of the exception clause)
and having exempted them from
taxation, with advanced interest
payable in gold, ought to hivebeen
sufficient t) satisfy them. But no;
they refuse to take the same kind
of money tUey paid for them claim
ing the credit of the government
must be kept up by gold. Hon.
Thad Stephens said; "We were
foolish enough to grant them gold
interest and -no w they unblushing
ly demand farther advantages; the
tru'h is th.it we can never satisfy
their appetite for money." Later
Stephens said: "Yes, we had to
yield. The Senate was stubborn.
We did not, however, until we
found tbe country must be lost or
the baukers gratified." Hon. John
Shermau, in a speech Febiuary
27tb, before he became so corrupt,
said : "Equity and jistiee are5.
amply satisfied if we redee u these
bonds at the end of five y ais, in
the same kind of money, -f tbe
same intrinsic value it bore ut the '
time it was issued.'' Later, this
same John Sherman, tnen a mil-
tonaire, m a speech made in 1879,
said : "To refuse to pay tbe bonds
in gold would be repudiation an 1
extortion and would be scoffing at
the blessings of Almighty God
Thick. of it. A mau become a
millionaire out of a 5,000 dollar
salary and then talks as if he had
anything to do with Almighty God.
bat as John Shermau crew rich
tbe country grew poor au f farmers
were diven into debt.
The next scheme to rob the peo
ple was the Refunding Act, passed
July 14Mi, 1870, which provided
for thattn-ic ttic national
debt. In other words it was a
scheme to perpetuate the debt and
plot against tbe people to keep
them lorever urfder tbe yoke of
bondage. This act' provided that
the Secretary of tbe Treasury is
hereby authorized to issue in' sum
or sums not exceeding in the ag
gregate $200,000,000 cnupon or
registeied bonds of United States
in sach forms as may be prescribed
and of denominations of fifty dol
lars or some multiple of that sum,
redeemable in coin at the present
standard value at tbe pleasure of
the United States after ten years
from the date of their issue, and
bearing interest payable semi
annually in such coin at tbe rate of
five per cent. pr annum : $300,000,-
000 of like bond, bearing 44 per
cent, interest, redeemable after 1
years; al-o a sum of bonds, hearih.
4 per cent interest, redeemable
after 30 years in all not to exceed
$1,000,000,000.
Tho . Secretary of the Treasury
was'uutuorized to sell these bonds
at. pir for coin and with the pro
ceeds to redeem any of the bonds
of the United States outstanding
or exchange the same par for par.
Act of January 20th 1871, was
amended so as to increase the
amount of 5 per. cent, go'd bonds,
authorized to be issued to $500,
000,000, interest on the bonds pay
able at tbe discretion of the Secre
tary foar times per year. The re
funding ot this bonded untaxed,
interest-bearing debt is a calamity
upon the people, for it has placed
tbe burden beyond tbe control of
tbe generation that create it. We
have already paid interest enough
to have twice paid tbedebt, Jand
Continued on 4th pagtfl, '