MONOPOLY OF EXCHANGE. 427 



vanquished on the field of battle. - Lexington, Bunker 

 Hill, Monmouth, Yorktown and New Orleans awakened 

 no pleasant reflections in the minds of the British capital- 

 ists, who beheld with greedy eyes the fertile resources of 

 America; but, who, on account of the freedom of our 

 institutions, and our independence of British tyranny and 

 British trade, could not fatten off of the profits of Ameri- 

 can industry. It was their golden opportunity. Immedi- 

 ately they laid their plans and formed their conspiracy. 

 But it was necessary to have help; to secure the 

 co-operation of traitors in our own land. They did not 

 falter at this. As their ancestors had bribed Benedict 

 Arnold nearly a century before, so these conspirators 

 expected to find aid on American soil; men who would 

 sacrifice the interests of their own country for the sake of 

 gold. Well knowing the treachery which had always 

 characterized the capitalists, when the safety and welfare 

 of the nation was threatened, they issued the following 

 circular to the bankers of America. 



* ' Slavery is likely to be abolished by the war power, 

 and chattel slavery destroyed. This, I and my European 

 friends are in favor of, for slavery is but the owning of 

 labor, and carries with it the care for the laborer; while 

 the European plan, led on by England, is capital control 

 of labor by controlling wages. This can be done by con- 

 trolling the money. The great debt that capitalists will 

 see to it is made out of the war, must be used as a measure 

 to control the volume of money. To accomplish this the 

 bonds must be used as a banking basis. We are now 

 waiting to get the secretary of the treasury to make this 

 recommendation to Congress. It will not do to allow the 

 greenback, as it is called, to circulate as money for any 

 length of time for we cannot control it." HazzarcPs Cir- 

 cular of 1862. 



They had not lon<j to wait for the secretary of the 



