The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1885-02-12
rnu nANKERs' CIRCULAR.
They Want Congress to Leglslate u Littis
More for Them,

They Want Congress TO Legisiate u Littis
More for Them.
EDITOR DRM0GakTf-B16W / send you
q aerI0t GlTeayf OF the banks under date
II Dec22l, 1884. addressed c%Onadentlally
10 bankers, merchants, manufacturers
and business men. After miklng known
what they want legallz6d or Congress-
10 pay, they go on 10 say;
Geltlemen-Herein below | beg TO pre-
sent the proposition OF the bill which
Hon. o. Il. Potter. OF New York, will
offer In tho House OF Representatives,
as a substitute for that known aa the
Mcpherson bill.
In order TO convince you that this
proposed substitution would BIO wise. |
submit also q comparison OF results II
either bill shall BIO enacted.
That you have an interest nj stake In
The legislation pending aud proposed
may be made TO appear. II you discover
10 DO important, II In hoped that You will
Immediately communicate your cOnyio.
lions TO your Representatives In Con-
gress, particularly TO members OF the
Ways and Means Committee OF the
House. Their names please find below.
Appeals 10 this committee should reach
Washington on or before January 9th,
1886.
The session Ia very short; but lot Con-
gress DO assured that the mercantile
community Ia anxious for its passage,
and the Potter bill will undoubtedly be-
come a law, U
The enactment OF this Potter refund.
Ing bill would prevent undue ilnctua-
lions inItho volume Of this bank note
currency, and assure the preservation
OF lhe national banking system for 20
years or more. II this bill Ia not passed
II will compel 500 10 600 banks TO 10 In
liquidation, thereby withdrawing from
circulation q hundred millions or more
OF money.
In suggestion of public peril, should
Congress withhold the remedy, DO II 70.
memhered that highest rates Tor money
are O~blalnable away from the money
centres, In the less populOus places
country towns. II there DO no profit In
note issues, the present high prices OF
bonds considered, and We have shown
That even an additional 10 per cent OF
note Issue against the bonds deposited,
will not afford a profit where eight per
| cent. and above IL current, there re-
maine the temptation 10 surrender the
note Issues already outstanding, In
order 10 realize upon the present mar
| ket for the bonds which are on deposit
10 secure them, This may command at
tenliOn II II DO known that OF the total
$3.50, 100000 bond secured notes out.
standing, &2l5,000,000 are the Issues Of
the country tanks.
With this hint OF dangers ahead tho
banks OF the money centers Will not DO
hastily condemned for over caution, II
they continue 10 accumulate ample cash
reserves. The remedy proposed. II ap-
proved by you, II remains with tho mer'
camille community TO effect.
II under all its promise OF results You
deem the enactment OF the Potter bill
TO DO wlsc, write your Representative
and Senator at once, and urge
the passage OF the bill.
| Let Boards OF Trade and like 0rganiza-
lions OF merchants DO u~neqUiyooally
heard; specially effective should DO ap.
peala to members OF the Ways and Means
| Committee OF the HOuse,--(names are
stated belOw)--iO the chairman paTticn-
larly, and 10 reach this committee In
Washington on or before January 9TH"
The above IL verbatim copy aud
speaks for itself. Comment In quite I'M
necessary. But this will show our
danger. Here Ia on immense organized
money power seeking 10 control Con-
gress more and more. " 10 not q
dangerous power2 Dangerous 10 lib.
ertyp Was not Andrew Jackson right.
"Pay of the bonds In greenbacks and
stop the interest,"
ABRAHAM LINCOLN.
~ can never give my sanction TO any
institution which IL capable In any
emergency OF controlling The mercantile
business OF our country. | cannot re-
coghize the authority OF Congress TO
charter a bank,"-[JAMEs MADISON.
"Whoeyer controls tho volume Of cur
rency Ia absolute master OF the industry
and commerce Of the country"
-lJAMEs A. GARFIELD.
Thls 10 not all, but II IL enough 10
show the people what they have TO deal
with In the near future, and which 10
| the American monster OF the times-an
organized moneyed power.
JOHN BRYAN.
Canton, Ohio, Feb, 0, 1885.