THE COLUMBIAN. BLOOMSBURG, PA. riNASClAL HISTORY. A Glimpse at Congressional Legislation Since 1860. I have been asked to express my views regarding the currency question. It looks very much as though the peo ple must submit to become hewers of wood and drawers of water. Make them poor and dependent, and they will become humble and obedient servants. As it is in Europe, so shall it be and will be in America. While I am radically opposed to the financial views which some ol my friends are said to hold, yet I am conscious of the tact, that I am not opposed to reasoning with the advo cates of the other side. Therefore I feel at liberty to make an argument in behalf of a liberal use of silver as money of redemption. We know what the condition of the country is to day. We know that prosperity is not coming. We know that a high tariff alone can not bring prosperity among the people. We know that an increase in the volume of money is the one thing that is necessary to a restoration of pros perity. n e know that sucn an in crease would have a tendency to cheapen all other money, and that holders of the latter would speedily invest their holdings to catch the resultant rise in prices ot labor s pro ducts. So tar as the necessity of an increase in tne volume ot money is concerned gold and silver men ajiree. But as to the means they are at wide variance. The gold men believe that the increase should come through the National banks. The bimetallists con tend that it should come through the government by free and unlimited coinage of Silver and government paper money, nithin the hmits of our present administration a move in one direction or the other will have to be taken. Which is the better p'an ? Let us take a brief glance at our financial legislation since i860. Let it be remembered and never be for gotten, that when the war of the last rebellion broke out in 1S61 the treas ury was left empty. The bankers of that day came forward and offered to furnish the government all the money it wanted, i. e. of its state bank notes, and take government bonds at So cents on the dollar in exchange lor these notes. Salmon P. Chase the Secietary of the Treasury, thought the government of all the people would be better than any banker's bank notes, who had not one dollar in coin back of every ten, and in many cases twenty paper pro mises to pay, which they put out, so congress passed an act, Aug. 5, 1861, to issue $5o,coo,ooo demand notes, which were paid to soldiers, officers etc. The bankers, however, would take them for only 80 cents on he dollar, as they lacked the legal tender quality of money. Congress Act of Feb. ii, 1862 issued another $10, 000,000 and likewise $50,000,000 already issued without the legal tender quality of money, and called in the first issue of demand nctes. This sixty million never depreciated one cent after being made a full legal tender by act of March 17, 1862, but . 30on disappeared from circulation, just as did all the metal money. This money lasted but a few days. Con gress was about to issue another batch of $160,000,000 and that greatly alarmed the bankers, for they saw that their craft was in danger. They dispatched their most polished lobby ists to Washington to advise the mem bers of Congress what was best to do incase of issuing paper money as they cauea it. men the house ofrepre scniauves passed an act to issue $130,000,000 ot the same kind of legal tender paper money, making it legal tender for all debts public and private : while Mr. Belmont and others were laboring with the Senate, saying mat they would have to issue bonds and that Mr. Belmont had been authorized to say that Baron Roth child would take three or four hun dred millions of our bonds if they would make the interest payable in coin. Now my friends don't you see wny England does not want silver to come into circulation. Should silver become a legal tender to pay public and private dets, money would be tome pienty. At present we can not pay a debt with silver money if tne debt exceeds $500 if the party we owe objects to silver. Salmon P. Chase remarked : How could we pay me interest in coin, tne treasury is empty at coin, and likely to be? "That is a very easy matter," re marked Belmont : Make your import duties payable in coin then you will nave tne coin come in the treasury with which to pay the interest. You connot expect England, or Rothchild 01 r.ngianu :o take your paper money for the interest when it is only another promise to pav." The house bill provided for the issue of $150, 000,000 01 pure, absolute, constitu tional money, with the fiat of govern mem upun paper wnicn is just as good upon metal if the people have confidence in the stability of their government and have the taxing authority to tax the money back into the treasury which issued it. It should be impressed upon every n telligent mind that the material upon which the fut stamp of the govern ment is impressed does not change the representative value of the dollar. It is the number of dollars in circula tion that gives it a high or low pur chasing power, take away half the i money in circulation and all products of labor would sell for only half as I much as when there was double the amount with which to do business. When this bill passed the lower house, and was sent to the Senate for its approval and ratification, the bill was amended by the Senate and made to read, "This is a legal tender for all debts public and pnvate except duties upon imports aud interest up on public debts," Belmont's tamper ing with the Senate had had its de sired effect, to the great approval of the money power and the oligarchy of the country. The bill was sent back to the House in that crippled condi tion, and that grand old Commoner, Thaddeus Stevens of Pennsylvania, made a speech objecting to the Sen ate amendments, and explainsd to the House of Representatives the effect that would follow if the amend ment crippling the legal tender quality of the money was allowed to be attached to the bill. The news came to Washington of the Bull Run dis aster, indicating a possibility that the confederates might march to Wash ington, and money was needed and there was no time to parley over the exception clause, so the act was passed as it came from the Senate providing for the issue of money at once, and in that crippled condition. Immediately Mr. Bellmont wired Drexel, Morgan & Co, of Phila delphia and the leading bankers in New York and Boston, to hold on to their coin, that now they had a bonanza etc. Gold and Silver made a leap from a dollar to one dollar and half. At that time State bank cur rency was m circulation, and when this crippled government money was put into circulation, gold and silver, with the first issue of $60,000,000 of demand notes, went out of circulation ; was hoarded by bankers and specula tors, for they could plainly see that it would go to a premium, as importers would have to have it to pay import duties, which, at that time or soon after amounted to $250,000,000 per annum. Soon after this another batch of currency was issued with the ex ception clause on the back. Impor ters had to buy coin to pay import duties and had to pay $1.50 of 'crip pled paper money tor every $t.oo of coin. Following this the national bank act was pissed which enabled those who bought bonds to pay for them in greenbacks, and by depositing them with the treasurer of the United States could go into the banking busi ness. The government would issue to said bank 90 per cent, of currency signed by the Secretary of the Treas ury of the United States stating on said currency that this note is se cured by the deposit of government bonds with the treasurer of the United States, which made the cur rency good. At about the same date the government passed an act stating that all private or state banks issuing notes and putting them in circulation should pay to the said government a tax of ten per cent, annually on such of their notes as were in circulation. The act virtually compelled all banks of issue to go out of business. State banks were turned into national banks or had to bank on what genu ine money they could command, As the war progressed and the large volume of currency increased in circulation, prices of everything in creaseo, prices went up. it was a great time then to make money for labor and the products of labor were going up in price. Shrewd people got out of debt and had plenty of money to do business on a cash basis, About the year '63 or '64 Mr. A. T. atewarc, mat great importer, had a great cargo ot costly goods come to New York from Europe, the import duties upon which was $100,000. Mr. btewart took $300,000, in creen backs to buy metal money with which to pay import duties, as the govern ment would not accept the same kind of money that it had paid to the gun holder and plow holder. Mr Stewart went straignt to Wall Street to that great bank, Smith & Co., and they asked him $2.84 in greenbacks for one of coin. Stewart said he thought he could do better with Gillman & Co. All right, Mr. Stewart, that is your privilege. When Stewart le.'t the office of Smith & Co., Smith wired Gillman & Co., : "Stewart" is coming, I asked him $2.84." Stewart stepped into the bank of Gillman & Co., just as Mr. Gillman turned from the instrument. Good morning Mr, Stewart, Gillman said Mr. Stewart I want $100,000, of something the government will accept for import duties, you can have metal money for $2.85 on the dollar. Let me have it sas Stewart, I see you gentleman nave in your power to put it up or oown at your pleasure. Gillman said to his cashier : "Charlie you may let Mr. Stewart have $50,000 of the first issue. All right sir. So he counted oui $50,000 in 2o.oo gold pieces and $50,000 of the first issue of de mand notes. Remember I have ex plained the first issue of demand notes. Mr. Stewart asked why he had to give them $2.85 of one kind of paper money for $1.00 of another kind both issued by the same govern ment. "Why Mr. Stewart " answered the cashier, I give you this sir, as a courtesy, so you will not be hampered with the heavy metal money. Turn ing over one of the demand notes, he continued, you see, Mr. Stewart, this the government will accept for import duties, as there is no exception clause upon the back of it." Stewart said he could not see why the government did not issue all that kind of money. The cashier replied if they had, we could not have sold you this kind of money stamped upon 25 8-10 grains of gold for $2.85 of other government money. This is an honest confession, what some of our Wall street bankers did in those days of 1861 & 65 and they are doing it to day to a more or less extent. Stewart then remarked that he would have to charge up to the stock goods or con sumer, $285,000, with profit and inter est and said it would all come out of the consumers of the goods, the government gets $100,000 and you gentlemen get a profit $185,000 (meaning the bankers,) who pays for this profit, the poor people or con sumers of goods, and the government is robbed. This is only an illustration to show what a speculation there has been going on, with the bonds, that have been issued, to keep up the gold supply in the United Slates treasury and Mr. Cleveland who served as president of the United States for eight years with a salary of $200,000, for term of 4 years and in S years he owned $400,000 allowing nothing for his expenses. We will now say, and estimate that it cost him $200,000 for expenses, he should have had $200, 000 at the end of eight years. But wait, let us see what Wall street quotes Mr. Cleveland's wealth, any ways from $7,000,000 to $14,000,000. One of our Congressmen, whom we pay $5,000 a year salary, an ! afterwards became United Slates Senator at a salary of $6,000 per year for 20 years he has served the government, which make his salary amount to $120,000. Again look, see and listen, what Wall street quotes this Senator's wealth, anyways from $20,000,000 to $40,- 000,000. It looks to me very much like some speculation either in bonds or like Mr. Gillman & Co. bankers in New York, when they sold Mr. . T. Stewart $100,000 of metal money, for $285,000 in greenbacks and demand notes. I am sorry that the consumers, and the tax payers have to help make such men rich, but it is not only so in National Legislation but it is so in our own state, I am glad that the people get to know more what is going on at Harrisburg. It seems to me that a fire was necessary at Harrisburg to destroy the bad accounts and records, made at the capital during the last few years, I say this regardless ot either political party, what I want to see, and what the people want, is an honest expenditure of the public funds, so the tax payers will not be taxed to death. Wc will now return to the National Legislation. Few people have any conception how millionaires have been made at the expense ot wealth producers, who are the con sumers, by that exception clause on the back of the greenback which, in that ciippled condition, saved the country in the time of' need, when gold and silver hid in Shylock's coffers. What chance has the wealth producer, (the common laborer I mean) to com pete with those who have been given hundreds of millions of national bank currency as a pure donation. The national banker secured his bank notes from the government by deposi ting bonds paid for with greenbacks which did not cost the first purchaser over 4octs. on the dollar in coin. Besides he being allowed the privilege of drawing interest, and all exempt from all taxation, except having to pay 1 per cent on such of the bank notes as are kept loaned out. All the notes or bank currency in the bank are exempt from taxation. I am op posed to the policy and practice of surrendering to the holders of the ob ligation of the United States the option reserved by law to the government, of redeeming such obligations in either silver coin or gold coin. We should all be opposed to the issuing of inter est bearing bonds of the United States in time of peace, and condemn the trafficking with banking Syndicates, which, in exchange for bonds and at an enormous profit to themselves, supply the Federal Treasury with gold to maintain the policy of gold mono metallism. ( I ruly, can Win. T. Bryan say that we want a change in the bank ing system.) Congress alone has the power to coin and issue money, aud President Jackson declared that this power could not be delegated to corporations or individuals. 1 therefore contend that the power to issue notes to circu late as money be taken from the na tional banks and that all paper money should be issued directly by the 1 reasury Department. "Washington once said never let T rusts and monopoly, come in your country. In the year i860 the bondholders and national bankers needed a little ANDY fO)) CURE CONSTIPATION a so' "-Viiiir Wn""" drusgists I DC AT TlTPf V PniDIHTFrn lcnr any cm of mnitlpntlnn. Crrti arc tht Ural Laxa BOOILU iCiUl UUflunP. 1 LCiU tlTC. n.trr trip or trtpe.tmt run "7 nutnrnl rnlti. Mm loin booklet 1W. 14. RTKRMXfl IIRVt'ltT -Q.. fhlrwi. "nrl. r"-. "fJV'!A"r "Thrift is a good revenue," Great saving results from cleanli ness and APOLIO STOVE NAPTHA, the Cheapest and Best Fuel on the market. With it you can run a Vapor Stove for one-hali cent per hour. Give us a call and be convinced. W. O. Holmes, Eshleman & Wolf, L. E. Wharey, W. F. Hartman, legislation, in regards to the five twenty bonds, these bonds were pay-. able in five years or which might run 20 years at the pleasure of the govern-1 ment. The five years were up Jan. : ist., 1869. The holders of these, bonds called a conference of them-' selves, as they saw clearly that the ! government had reserved the right to pay off said bon is after five years, ' to pay off with the same kind of money that it had received for them, which was greenbacks, and the gov- j eminent had a large amount of them on hand piled up in the treasury, the same having been received in pay- ' ment for these said bonds and which was afterwards ordered by congress ! to be destroyed, lhe conference came to the conclusion that as an in ducement to the govern mi; nt to refund said bonds into long time bonds and make the new bonds payable both principal and interest in coin. A bill was introduced called the credit Strengthening Act, which was a mis nomer. I could not understand why the government wanted its credit strengthened after the war was over. The fact of the matter is the Act was so named purposely to deceive the people. This bill provided for the refunding of the five-twenties bonds into a new issue to run thirty years, draw 4 per cent, instead of 6 per cent., and to be paid interest and principal in coin. The-bill provided for payment on or before thirty years, but the words on or before were erased and the word after inserted, before the bill was enrolled. Then in 1873 there was an Act passed to revise the coinage laws. In said re vision the silver dollars of 41 2 J grains was dropped out of the coinage Act, and the coinage ot a trade dollar pro vided for to contain 420 grains of Silver and was made a legal tender for $5.00 only, it being claimed that said trade dollar was coined for the china trade. What did congress want to coin such a dollar for when at that time the dollar contained 41 2 grains of Silver, and was worth 103 cents in gold in Liverpool or London ? It was to deceive and rob the people by making the bonds payable in gold. That was the aim of the tools of monopoly which makes up the Ameri can Congress, ine Silver was the unit of value from the foundation of this government until 1873 when it was changed to gold, Gold being the only money of final redemption to day. The Silver dollar is to-day a legal tender and the greenback is nothing less. There are very few outstanding bonds to-day, but what are payable in Silver dollars. Why not pay off the bonds which are pay able ? I tell you why, this govern ment is in the hands of a few, and it would put too much money in circula tion and would make money, cheap. Pay them off in Silver dollars. The treasurer's report says there is about 400,000,000 Silver dollars and bullion piled up in treasury vaults. Why is it there ? Because the money Oligarchy, (the government in the hands of a few) controls a majority of the mem bers of Congress. You will find that the next scheme will be to retire the $346,000,000 of greenbacks by issu ing $5 00,000,000 new fifty year bonds and on said bonds let tbe national bankers draw the full face value of the bonds in national bank currency, Will the people submit to it ? It looks very much as though the people must submit to become slaves. Make them poor and dependent, and they will become humble and obedient CATHARTIC Bloomsburg, Pa. servants. The great coal strike that is existing to-day, shows, to the labor ing class of people, what the great money power, trusts and monopoly, is doing for our country. It seems to me that the best place for the people to strike and especially the laboring class of people is at the polls or ballot box. If this State of affairs is to continue, we will have land owners landlords who will own all the land, and the farmers will be tenants. The clutches of the finan ciers must be loosened. "Jefferson has stated that one of the main duties of the government is to prevent men from injuring one another." Never has that duty been more important than it is to-day. It is not strange that those who have made a profit by furnishing gold to the government in the hour of its extremity, would naturally favor a financial policy which will keeD the government dependent upon them. A wise hnancial policy administered in behalf of all the people would make our government indeoendent of anv combination of financiers, foreiun or domestic. I would like to say some thing on the income tax, but will do so at some future time. Again Dollars, to pay debts with, must be made easier to get. The farmers are op posed to the gold standard because they have felt its effects. Since they sell at wholesale and buy at letail they have lost more than they have gained by falling prices, and besides this, they have found that certain fixed charges have not fallen at all, for instance the taxes. Yes as it is in Lurope so shall it be in America. If we could call on our Continental Fathers and explain to them our con dition, they would say to us you must stop the great trusts and monopolies, or all the barracks, garrisons, and arsenals, and great addition to the army will not keep down the strikes. Then good-bye Liberty the doors will be closed and never can be opened. T. C. Harter, M. D. Wise Men Know It is folly to build upon a poor founda tion, either in architecture or in health. A foundation of sand is insecure, and to deaden symptoms bv narcotics or nerve compounds is equally danger ous and deceptive. 1 tie true way to build up health is to make your blood pure, rich and nourishing by taking Hood's Sarsaparilla. Hood's Pills act easily and prompt ly on the liver and bowels. Cure sick headache. Pill-Fame 10 cents a vial for Dr, Agnew s Liver Pills would not make them the fame they enjoy to-day if the curative qualities were not in them. Worth will get to the top and that ac counts for the wonderful demand lor these little gems. They positively cure Constipation, Biliousness, Sick Headache. Sold by C. A. Kleim. What do the Children Drink? Don't give them tea or coffee. Hav$ you tried the new food drink called Grain O ? It is delicious and nourish ing and takes the place of coffee. The more Grain O you give the children the more health you distribute through their systems. Grain-0 it made of pure grains, and tastes like choice coffee but costs about the price. All grocers sell it. 15c and 15c. Fine PHOTO GRAPHS and CRAYONS at McKillip Bros., Bloomsburg. The .best are the cheapest. THE MARKETS. BLOOMSBURG MARKETS. COBSSOTIDWIIILT. BIT1U UIOII. Butter per lb $ Eggs per dozen Lard per lb Ham per pound Pork, whole, per pound Beef, quarter, per pound, . . . Wheat per bushel Oats " " Rye " " Wheat flour per bbl Hay per ton 12 Potatoes per bushel, new,,. .. Turnips " " Onions " " Sweet potatoes per peck Tallow per lb Shoulder " " Side meat " " Vinegar, per qt Dried apples per lb Dried cherries, pitted Raspberries Cow Hides per lb .18 M ,c3 .11 ,06 .07 1 00 .39 .50 4.80 to $14 .JO S 1. 00 .20 S .08 ,c8 .07 ,os .12 .11 3, 0$ .80 75 45 '50 5 5 85 .12 .10 .10 .cS Steer " " CalfSkin Sheep pelts Shelled corn per bus Corn meal, cwt. Bran. Chop Middlings Chickens per lb new " " "old Turkeys " " Geese " Ducks " " COAL. No. 6, delivered 1.60 " 4 and s 3 8$ " 6 at yard t .35 " 4 and 5 at yard. 3 60 The Leading Coimnratorf of America 1AM. FAILTBN, UlHClOT. FooulMlimiaMby jSflv.""'iriZ:ng full infnrmatiAiL. rANK W. Hale, General Manactt, NEW DINING ROOflS. A LARGE and well furnished dining room hns heen opened bv TJITJDV ITTDIUn onthe second floor of his "AMI AUKMIU, r e, . taurant. Meals will he served nt the regulsr dining hours for 2Sc. and they can also t obtained at any lime. The table will be sup plied with the delicacies of the season sod the service will be first-class. Entrance by door between lUstauraat u lialfalera'i rjneery store. VD II 1 uwoaenna Cures Lumbago by touching the SPOT PATENTS Caveats and Trade Marks obtninod, and U Patent biulueus conducted lor OUH OFFICE IS OPPOSITE THE C. 8. PAT ENT OFFICE. We have uo sub-aKi-ncles, buslneaM direct, nonce can transact patent W1 anna In to) time and at Loss Cost than tbow rt inotelrom Waslilnguui. Send model, drawing or photo, with desortP tlon. We advise it patentable or uot, (reeM charge. Our fee not due till patent 1b seourea A book, "How to obtain Patents," wltn re enoes to actual clients in your btate.Couut, 0 town sent free. Address 0. A. 8NO W CO,, Washln?ton, D. C. (Opposite U. H Patent OQlce.) EXCHANGE HOTEL, G. Snydkr, Proprietor, (Opposite the Court House BLOOMSBURG, FA. Large and convenient sample rooms. JM rooms, hot and cold water, and all moder conveniences Wanted-An Idea Srif Protect your IdMwj th. may brlug you .w?fili Write I0HN WfcUDEKUUHN CO., PUnt AJJ Bay. Wellington, D. C . fur their si.MJO prist o" and list of two uoadrwt lut rollout wautsu . For sit Bilious and Nsavous I Diseases. They purify lh PILLS Ulood and giv hhalthv ..nn tn K lira an) mm Cjir DYSPEPSIA, HCADACMEt CONSTIPATION and . PlMPti 5.2 7-6 in- V I
Significant historical Pennsylvania newspapers