The Southern Mercury. (Dallas, Tex.), Vol. 13, No. 22, Ed. 1 Thursday, May 31, 1894 Page: 3 of 16
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WHAT IT COST TO BURN GREENBACKS
The supreme court, in 12th Wallaoe,
and in all decisions on the eame line
since, has held that congress can coin
money out of any thing it sees fit, and
make it a legal tender for all debts.
The legal tender money made of
paper, known as the greenbacks, after
the close of the war in 1865 was $710,•
000,000, besides $830,000,000 of 7-30 legal
tenders, making a total of $1,540,000,000.
See report of Hugh McCulloch page 63.
After the close of the war the money
power found it could not control this
currency, so it ordered congress to re-
deem, call in and burn this greenback
money. Did congress obey the money
gamblers and proceed to burn the green-
back money? A reasonable conclusion
would be that congress would do no such
a thing, but it did it all the same. Con-
gress did actually begin in 1865-6 to
call this money in and convert it into
ashes, consequently in 1873, there was
only $380,000,000 of it left. In response
to the English gold gamblers, the
Rothchilds and the Ikelheimers, con-
gress actually threw $1,150,000,000 of
this money in the fire, thereby taking
that amount out of circulation.
The men who did this were the rep-
resentatives of the people of the United
States, elected to congress from the
several states, and must have known
that they were committing robbery on
every one of their constituents.
This action of congress created the
panic of 1873 which lasted until 1879.
This panic was as unnecessary as the
one the country is suffering from now,
and was caused by the same action of
contracting the currency. Prices be-
gan to fall, wages were reduced and
strikes took place all over the country.
The great railroad strike caused the
destruction of much property; includ-
ing the railroad car shops at Pittsburg
which alone involved a loss of $6,000-
Prices fell with the shrinkage of the
volume of money as they always do.
The corn crop of 1867 was 788,000,000
bushels and brought over $610,000,000,
nearly 80 cents a bushel, while the
crop of 1878 was 1,388,000,000 bushels,
nearly double the crop of 1867, yet it
brought only $441,000,000, being less
than 32 cents per bushel, a larger crop
but $150,000,000 less money. No wonder
there was a panic! This robbery of the
farmers by direct action of congress
was done in response to the demand of
the money gamblers.
But let us look farther! The wheat crop
of 1867 was 212,000,000 bu. and brought
$412,000,000, or about $1.90 per bushel.
In 1878, by ten years of burning up
greenbacks the crop was 420,000,000
and brought only $326,000,000! Eight
million bushels more wheat brougt
$86,000,000 less! This was another
robl ery of farmers by burning up the
currency of the country. Keep on vot-
ing for the same old parties forever!
for they tell you the money must be
Now let us follow this rascally busi-
iness of burning up the peoples' money
a little farther:
Rye in 1867 was $1.4® per bushel.
Rye in 1878 was 52 cents per bushel.
Oats in 1867 was 61 cents per bushel.
Oats in 1878 was 24 cents per bushel.
Barley in 1867 was 88 cents per bushel.
- Barley in 1878 was 58 cts per bushel.
Buckwheat in 1867 was $1.09 per bu.
Buckweat in 1878 was 52 cts per bu.
Hay in 1867 was $14.00 per ton.
Hay in 1878 was $7.00 per ton.
Pork in 1867 was $22.00 per barrel.
Pork in 1878 was $9.00 per barrel.
This radical decline followed every
article of production. No wonder
farmers failed ai d could not pay their
debts. Interest did not decline. Taxes
remftined at the same old figures, and
finally congress passed the bankruptcy
law to grind out the grist.
But let us look at cotton, and see how
this making a conflagration of the
peoples' money, affected that staple.
In 1867 cotton was 31 cents per pound,
and in 1878 it was 11 cents per pound.
Standard sheeting fell from 24 cents
per yard to 7 cents per yard; drilling
fell from 18 cents to 7 cents per yard;
bleached sheeting fell from 35 cents to
11 cents per yard; standard prints fell
from 16 cents per yard to 6 cents.
Thus manufacturers were forced to
shut down or reduce the wages of their
labor, which threw thousands of men
out of employment. The cotton planter
could not make cost of production, and
poverty settled down upon the country,
all a result of the gold bugs ordering
the greenbacks thrown in the fire!
In 1867 fine wool was 68 cts per pound.
In 1878 some grades of wool was only
32 cents per pound.
Pig iron in 1867 was $44 per ton.
Pig iron in 1878 was $17 per ton.
There wns a heavy protection on
these iron products, but the destruc-
tion of the circulation destroyed its
effect. A money stringency defies
tariff or the laws of supply and demand.
It sets aside every commercial law or
statutory enactment. When the cir
culation is contracted nothing on top
of ground can prevent its evil effects.
Coal in Philadelphia, right in the
Schuylkill valley, where the price de-
pended upon the wages paid, was in
1866 for anthracite $5.80, which in 1878
fell to $2.55, Bituminous coal in 1866
was $5.94 and in 1878 only $2.86 per ton.
In 1879 there was a change visible.
Times began to improve and prices to
advance. What was the cause of it?
The very reverse of the cause of the
panic. The circulation had been in-
In February 1878 congress passed the
bill, over the president's veto, remon-
etizing silver, and ordered its coinage.
In 1878 it also repealed the resumption
act, and ordered a permanent circula-
tion of greenbacks to the amount of
$346,000,000. This turned the tide,
and in the next two years our exports
exceeded our imports $167,000,000, and
our mints gave us an increase of $480,-
000,000. Prices went up, the demand
for labor increased, and a season of
peace and plenty ensued.
If the present congress had passed
the silver bill and increased the per-
manent issue of greenbacks,established
in 1878 at $346,000,000, to correspond
with the increase of population from
that date, the same results would have
followt d. There is not the least shadow
of a doubt about it.
Good times continued until the cir-
culation was decreased again. The
following table will show how the cur-
rency was contracted from 1882 to
Prom 1882 to 1883, 16,000,000
From 1883 to 1884,net increase,24,000,000
From 1884 to 1885, 15,000,000
From 1885 to 1886, 56,000,000
From 1886 to 1887 50,000,000
From 1887 to 1888, 16,000,000
From 1888 to 1889, 22,000,000
From 1889 to 1890, 5,000,000
Then the gold redemption policy
caused the collection of a large amount
of this greenback currency in Wash-
ington. The bankers desired the Sher-
man law repealed; so they prooeeded
to force their demands by calling in
their circulation and compelling every
person who owed them a dollar to
make payment. The English Jerusa-
lem agents began to draw gold out of
the treasury and ship it to England,
and Anally there was such a shrinkage
of the currency circulation that the
panic of last year came, bringing a
much heavier decline in labor and pro
duction than the panics of 1873, and
resulting far more disastrously to the
Congress was called in extra session
and proceeded to further decrease the
circulation by repealing the silver
purchase law, and stopping the month-
ly issue of silver certifiates. Instead
of doing as congress did in 1878, the
present congress utterly refuses to fur-
nish relief; hence the panic continues
and the pauperization of American la
boring men goes on. The present hard
times can be appreciated by every one.
Panic confronts almost everyone in his
own household. If you like it go up to
the polls this fall and vote for one of
the old parties. It don't make a part
icle of difference which one you vote
for; the hard times will continue under
either one of the old parties.—The Ad-
«rover's last will and testa-
"In the name of democracy, so mote
I, Grover, the First and Only being,
in my own opinion, of sound and well
disposed mind, and, in the opinion of
the republicans and not a few demo-
crats, being politically "in articulo
mortis,'1 do hereby and now, in the
presence of friends and enemies, make
my last will and testament.
To David B. Hill I bequeath my
mantle, whatever its texure, quality
and uselessness may prove to be; which
like charity, will at least cover a multi-
tude of sins.
To Walter Q. Gresham, who, at my
instance, stepped forth with such alac-
rity from the ranks of g. o. p. to join
the ranks of the unterrified, and be-
come my right hand man in the cabinet,
I bequeath my benediction, it being the
only one he is ever likely to receive.
To Commissioner Blount of para-
mount fame, who hauled down the
Stars and Stripes at Honolulu, I be-
queath my congratulations that Gen.
Dix was noi present, who uttered that
abominable sentiment, "If any man
hauls down the American flag shoot
him on the spot."
ToPresLent Dole of the Hawaiian
provisional government, I bequeath my
commiseration, for when a dusky
queen of a volcanic monarchy, and a
president of the United States,sit down
on him, something unpleasant is likely
To the Hawaiian provisional govern-
ment I bequeath sentiments of decided
opposition because it was recognized,
aided and abetted by my immediate
predecessor in office.
To Queen Lllluokalani I bequeath
whatever influence, presentor prospec-
tive, I may have to restore her to a
throne that she disgraced by her vices
and her recreancy to her subjects.
To Claus Spreckles I bequeath the
immediate care of Queen Liliuokalani,
who needs the fostering support of his
money bags and commercial influence.
To the manufacturers of the United
States whose mills are partially or
wholly idle, I bequeath the satisfaction
of knowing that their markets, at the
best under a protective tariff, were
"narrow" and that if they cannot make
goods under a low tariff at home,
somebody else will matee them abroad.
To the thousands of factory opera-
tives, now and for£long out of employ-
ment, or working on short time and
reduced wages, I bequeath the pleasant
memories of other days.
To my own party I bequeath my un-
ceasing dislike of the republican party,
which prevented the disruption of the
Union, and by wise, progressive and
patriotic legislation during thirty
years has placed an undivided country
in the front rank of nations.
To subjects of foreign governments
who may contemplate immigration to
this country I bequeath my advice to
stay at home, for democratic rule is
very rapidly bringing European nations
•up to a level with ours—or, which is
the same thing in my estimation, sink-
ing this country down to a level with
them as regards wages and prospects;
so that boast, so unpleasant to the ears
of foreign rulers and aristocrats, that
the United States is "an asylum for the
oppreseed of all nations," can no longer
To those who in the late war fought
from preference under the Confederate
colors, and who yet may be grieving
over "the lost cause," I bequeath the
dishonored U. S. flag recently hauled
down at Honolulu by Commissioner
Blount of Georgia.
To Great Britain I bequeath the
Hawaiian Islands which came so dan-
gerously near falling into the possession
of the United States, but were happily
rescued by me for the possible aggrand-
izement of British power.
To the country at large I bequeath
my theories. If these theories do not
work well in practice, or even in antic-
ipation, I am still satisfied of their cor-
rectness, because they are mine and
those of the bulk of my party.
To the many who have of late, met
with business reverses through the ag-
tation of the tariff question, I bequeath
the philosophic sentiment, "Grin and
bear it." Grover.
prejudice vkr8us facts.
Now and then a man will get a no-
tion that he knows a thing is not so,
because he does not kuow it is so, and is
not willing to be shown he is wrong.
Last week one of Emerson, Talcott &
Co.'s men was at Columbus, Texas, with
a 6 ft Standard mower. Having it set up,
he was explaining its construction, and
making the usual talk in favor of wide
cut machines—that they required no
more team, were therefore more econom-
ical than the narrow machines. Several
farmers in the crowd, of course, knew
that it would be impossible for a ma-
chine cutting 6 ft. to need no more
power to drive it than required in the
same grass for an ordinary 4 fr. ma-
chine (not a Standard mower.)
The result was that the crowd went
out into a field of Johnson grass, and
with a very small pair of mules hitched
to a Standard 6 ft mower, cut two acres
in one hour, which, the grass being
yery thick, was equal to four tons of
In this short time the prejudice of
years was removed, and facts estab-
lished that no amount of fluent talk
would have done.
E erson, Talcott & Co. have a house
at Dallas, Texas, and will be glad te
furnish further iniormation on appli
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Park, Milton. The Southern Mercury. (Dallas, Tex.), Vol. 13, No. 22, Ed. 1 Thursday, May 31, 1894, newspaper, May 31, 1894; Dallas, Texas. (https://texashistory.unt.edu/ark:/67531/metapth185563/m1/3/: accessed May 23, 2019), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; .