People's Pilot, Volume 4, Number 33, Rensselaer, Jasper County, 9 February 1895 — THE PUBLIC DEBT. [ARTICLE]

THE PUBLIC DEBT.

A MOST STUPENDOUS FRAUD AND SWINDLE. The American People Have Drank Too Deep at the Fount of Liberty to Submit to Emlavemnt by the Bond Schemes of Europe. The interest bearing public debt is a burden which never ought to have been imposed upon the nation. It is the most stupendous fraud and swindle ever perpetrated upon a free people. It was conceived in fraud, and brought fourth in iniquity. It was a scheme to rob 40,000,(nt0 of people after they had emancipated 4,000,000 at the sacrifice of rivers of blood and millions of treasure. Before the legal tender act bad passed the threshold of legislation, it was met by the money sharks of Wall street. * * * We will show you how and why they opposed it. We are told that on the 11th of January, only four days after the introduction of the bill, the wolf-howl that had during the time, echoed from bank to ban:;, culled to Washington a convention of the money power, consisting of four delegates from New Y’ork banks, three from Philadelphia and three from . Boston. * * * What arguments were used, or what undue influences were brought to bear upon the law-makers of the government will probably never be known. Every greenback that went out to fight the nation's battles was accompanied by a bond shark, to gobble it up, as soon as it uad performed its service. The act of 1862, athorizing the issue of the first 8150,000,WO of greenback*, authorized $500,’XX),OOO of bonds to absorb them.

There was never a dry day, after the passage of the first legal tender act, but what the government was in poslessiou of all the money it needed, of its own creation without borrowing a dollar or selling a bond. The only object of the bond was to enable the money sharks again to get eontrol of the money of the country, which they never could do without the bond. The government established the fact that it could meet all its obligations. purchase all its supplies and defray every' expense by its own legal tender; and if so, what wliat was the necessity of borrowing?

You answer that the bonds were lecvsaary -to absorb the excess, occasioned by the extraordinary demands of Wav. : I deny that there was an excess. Let only him dare ussert it who had more than be had use for. Even if ’there was an excess, thi bonds did riot (lhninish It.' The excess' has only'been 1 ia'aferred from the l ocke-s of laborers ' and wealth pro lucth's. .to those of usurers, importer, indf international dealers. Every bond is u.-ied as money. The;. *re used by English capitalists to bui American 7 eott’ rn and bread stuffs, ami by ueu.ora to purcuusu im _ ports.- ; ■ . Just m the proportion as t he people's money bits been Coritracti d. that of the money king trts been inflated. That their inflated paper bond money may.be current all over the wprld, they require it to druw interest, and that they .maybe relieved of the burden .of ‘.such interest they compel labor anxl ils . 'pioducers to pay all the takes. :•

The difference -to the people’of Ann-r-ica >.etween the greenbacks before tiiey were ’.cimyerted into bonus ind the bonds, is as follows; The fiftet-a.hbfadred million dollars of greenbacks eai-ueo their owners nothing while lying file. ' In bonds they earn their owners fully as much, wlril j ’ resting in their safes. The people and taxpayers got tired of this. If they me to be taxe/l to support the government they ehiim the benefits f the government and taxa tion. \ 1 hen bunds arc given for he loan of money, and <hut money ciicu* la ted among the people, they euu aiti.ru to bear the burdens of .he debt; but when such bonds are given, to absurd snd destroy the p ie's money, thi s creating new Luiuvua, by ucstroying the very m«*ans necessary to bear those already exi-ting, the sufferers will refuse to suomit to the outrage. It matters no what the resi It might be, the American people have drank too deep at the fount of Jberty, to submit to be enslaved by bond fraud schemes of Europe.—Labor and Finance Revolution Give the people a vote on the dertrucii n of irreenbacks an.l t.iey will not be uestroyed.