"But had the process of funding the legal tender debt paying medium of
the country into bonds ceased at this point, the international gold
power of the world would never have been able to financially subjugate
the people of this country, as under the law creating the bonds, the
debt was payable in legal tender paper money. So another step must be
taken. The debt had been created and a large portion of the money had
been burned, but the bonds did not call for gold, except for interest.
Hence a law was enacted resuming specie payments, and the bonds were
made payable in coin, and now the people who had taken paper dollars
for their services in saving the union, were taxed to pay gold dollars
to the money kings for the paper dollars they had received.
"We can scarcely conceive at this distant day, how it was possible
for our ancestors to have been so stupid, as not to see through this
outrage that was perpetrated upon them, but nevertheless, history
records the fact that for thirty odd years after this bare faced
legalised robbery had been committed, a vast majority of men were
voting their approval, which was proclaimed throughout the world as the
triumph of patriotic statesmanship.
"As the direct result of this kind of financial legerdemain,
which converted the DEBT-PAYING medium of the country into an
INTEREST-BEARING DEBT, the wages of labor and the prices of products
steadily declined, business enterprises were wound up in bankruptcy at
the rate of more than one thousand per month and millions of workmen
were forced into idleness and thronged the highways in all parts of
the country, demoralized, degraded and becoming a sure menace to
civilization.
"As a result of the war between the states, chattel slavery had been
abolished, but another form of industrial servitude, the wage system,
had fallen heir to all of its worst features. The owners of the
chattel slaves had the power to be oppressive and cruel, but personal
interest demanded that the slave should always be provided with food,
shelter and raiment, while the wage slave could be turned out to starve
when from sickness, age of any other cause it was more profitable to
dispense with his services. The wage slave, who must work or starve was
serving a much more exacting and cruel master than the most heartless
owner of chattel slaves ever could have been. In the great sphere of
human servitude the tables had been completely turned. While the slave
owner had always been very careful not to give his chattel slaves an
opportunity to run away, the wage slave very often lived in a perpetual
dread that his master would pay him off and tell him to go.
Public-domain text, read in full here on John Shaqi.
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