The Hazard Circular:
” Slavery is likely to be abolished by the war power and chattel slavery abolished. This I and my European friends are in favor of, for slavery is but the owning of labor and carries with it the care of the laborers while the European plan, led on by England, is that capital shall control labor by controlling wages. ”
” The great debt that capitalists will see to it is made out of the war, must be used to control the volume of money. To accomplish this the bonds must be used as a banking basis.
We are now waiting for 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 any length of time, as we cannot control that.
But we can control the bonds and through them the bank issues.”
” Mr. Sherman declares that there has never before been such an opportunity for capitalists to accumulate money, as that presented by this act and that the old plan, of State Banks is so unpopular, that the new scheme will, be mere contrast, be most favorably regarded, notwithstanding the fact that it gives the National Banks an almost absolute control of the National finances. “The few who can understand the system,” he says, “will either be so interested in its profits, or so dependent on its favors, that there will be no opposition from that class, while on the other hand, the great body of the people, mentally incapable of comprehending the tremendous advantages that capital derives from the system, will bear its burdens without complaint, and perhaps without even suspecting that the system is inimical to their interests.” (source)