Eureka daily sentinel. [volume] (Eureka, Nev.) 1871-1887, 1885-11-19
THE ANrI.sILvER CRUsAD DE.

hLaV6 Ill WulCn i hCSbCh awning ea0
loud are its wailings and unreasonable
are its arguments. 1t is willing and
anxious that the public should accept
any money but silver. Its arguments
are all from the standpoint that the
standard dollar has an intrinsic value OF
only SO cents. 1t acknowledges that the
coin has conferred upon it by the Gov
eminent the same face value as the green.
back of a like denomination that has no
intrinsic value whatever, but it wants
the people of the country to accept the
latter in preference to the coin; and
why? The leading answer is simple and
ought to be readily understood by even
the most obtuse. For many years past
the national banks Of the country have
controlled the currency in circulation and
have received interest on nearly double
the capital invested. How? A national
bank with a cash capital of 500, 900
buys United States bonds for that full
amount. The bonds are placed in the
vaults of the Treasury Department at
Washington, and, by virtue of an Act Of
Congress, currency notes are issued on
the banking institution for 80 per cent
of that amount. This gives the bank a
capital, which it handles and on which
it draws an interest, of $3.50, 600,
or almost double the amount it is
entitled to. Moreover, this arrange.
ment gives these national banks the con.
troll of the currency of the country,
which, If silver coin should displace-
and that is what they are afraid of-their
large profits are imperiled. These ma.
tional banks combine an immense capital,
and it is against this that the friends OF
a money that has intrinsic value and a
money that is properly that of the Ameri-
can people has to contend. Were gold
SO plentiful that it might become our
only money the same warfare would be
waged against it as is now against silver,
for it would in like manner threaten
the great gains of the institutions that
are favored above all others by the Gov.
ernment. The New York Herald is I'M
deniably a mouthpiece for these banks.
In some respects it is one of the greatest
journals in America, and that is saying a
good deal. It's editorial as we'll as it's
business management is supposed to IN.
body the best brains and talent for the
purposes purchasable. But listen to its
wailings, and remember that it wants
paper money that has no intrinsic value
and thatthe standard dollar has the same
face value as the paper one. the value
OF neither of which can be changed ex.
cept by Act of Congress, and that is not
at all probable. We clip the following
from last Thursdays issue.
Ii the eighty.three cent silver dollar
coinage is continued six months longer,
or even three months, the Treasury will
have to pay the interest on the debt in
these eighty.three cent silver dollars, be.
cause it is by the Bland law forced to
take these eighty-three cent silver dol.
lars for customs dues. What it receives
1t must pay out. Further, as these
eighty.three cent silver dollars accumu.
late the Treasury will have to get rid OF
them by calling bonds and paying them
OFT in silver. When it begins to pay out
silver for these two purposes, which it
has never yet done, the banks will have
to take these eighty.three cent dollars on
deposit, and will have to pay them out
to their depositors, which they have
never yet done. The savings banks will
also pay out eighty-three cent silver dol.
lars to the industrious working men and
women who have put in one hundred
cent dollars, and this these savings banks
have never yet done. When the Gov
eminent begins to pay the interest and
principal of its debt in eighty-three cent
dollars there will be o rush to stand from
under, and the bonds will fall in price,
because they will have fallen in actual
value; and that will lessen the security
of all those who have insured their lives
for the benefit of their wives and chill.
dren and Of all who have money in trust
companies.
True. there are other aspects Of the sill
yer question than these mentioned above,
but here in America the warfare is no
doubt waged almost entirely by the
bankers mentioned. By the recent &C.
tion of the Latin Union its principal
members, France. Greece, Italy and
Switzerland, have agreed to suspend for
five years longer the coinage of silver,
which they suspended eight years ago,
and to redeem in gold their existing sill.
YER issues. This leaves gold as the su.
preme aud only standard Of values in
those countries, and practically in the
whole of Europe. for Great Britain and
Germany recognize the gold standard and
nothing else, while Austria and Russia,
though nominally using silver, long ago
suspended specie payments, so that their
fore;on trade alone is conducted upon a