The weekly democratic statesman. [volume] (Austin, Tex.) 1871-1883, 1878-01-17
HOW To RELIEVE OURSELVES
OF THE BONDHOLDERS DES-
POTIsM AND MAKE THE UNION
PERPETUAL.

HOW To RELIEVE OURSELVES
OF THE BONDHOLDERS' DES-
POTIsM AND MAKE THE UNION
PERPETUAL.
Dispatches of yesterday state that
the bankers and bondholders are en-
tering into a combination to keep up
the price of gold as compared with
that of silver. They do not intend
that the government shall be of the
people. They confess that the people
and taxpayers will control the action
of Congress and nov propose to organ
iZe a system of peculstion by which all
bills ard NOES which they discount
and all their own obligations shall be
payable in gold alone. Even here In
Texas we have seen results of COM
binRtions among bankers. While
Mexican silver dollar Is worth in
trinsically more than two American
halves the bankers, in order to make
silver "dollars unpopular and drive
them out of circulation, combined to
depreciste them. They have sbso-
lutely succeeded in repressing, to
very great extent, the circulation
of Mexican coined dollars. We are
told that the banks made a most profit
able business of it in some of the
States. They first buy up these depre-
ciated Mexican dollars, hoard them and
then send them to correspondents In
localities in which they are still re-
ceived at par. Then again the bankers
agents, after the local banks refuse to
receive the silver dollars on deposit, buy
them up at ten Eer cent. discount.
Everywhere bankers, having discred-
tied this currency, are boarding it.
They will be first at the mints, when
the silver bill becomes the law, to have
these Mexican dollars recoIned and
their profits will be twelve or fifteen
per cent. We advise people to hoard
Mexican dollars. They have an in
trinsic value which bankers cannot
lessen or regulate when BANDS
silver bill, as it will, becomes
the law of the land. This organiza-
tion of the $500 national banks into a
mighty ring, and their proud resolves
about making people pay in gold, will
only end in the aggrandizement of the
private banks and final destruction OF
these national bondholding institu
tions. They cost taxpayers, as such,
more than twenty millions annually
and do nothing for the country that
cannot be more cheaply and less dan
gerously done by the government it,
self. Ia fact, every movement of these
selfish monopolists of wealth and pow
er, who have used tie Federal system
simply for the purpose of creating ter
rible corporations and banks, and in
securing contracts and in organizing
syndicates-eyery recent movement OF
these monopollsts of wealth and po-
Iitical power has resulted most un-
fortunately for themselves. They
opposed the silver. bill. This only
impels- the people to demand more
than the silver bill promised.
Next will come the demand for the ex-
tinction of national banks. The bank
and bond owners may combine as they
will. They have grown rich and pow
erful enough. The people have been
victimized unthinkiugly for seventeen
years past. But the end has come.
The Federal government was instl-
tuted for the benefit of the many and
not of the few. The interests of the
many are to be first consulted, and not
the wishes or interests of bondholders,
whether American or European. II
contracts have been executed requiring
the people to pay in gold, thus will
payment be made; If in silver or gold,
the people, having the moral and legal
right to use silver, will surely do so.
Submission ID robbery is not sugges-
tive Of patriotism or good sense, or of
decent self,respect, and the people will
no more be wrongfully plundered.
Syndicates should be abolished, and
American bends, naming sums of ten and
one hundred dollars, bearing five per
cent. interest, now that the savings
banks reuntrustwoTthy, should be sold
as in France among the people. Moth
ing would give such infnite strength
and durability to the Union as the distri-
button of American ''consols" among
the American people. Our COVER oment,
too, would be paying out to those who
paid taxes into the treasury and not to
| syndicates or Europeans, and the soon
er we reduce the value of our bonds
by making them payable In silver and
to our own people the better for the
government and taxpayers, snd the
worse, We are happy to say, for the
syndicates and bankers and present
bondholders who have robbed the peo-
pie mercilessly for fifteen years past.