The White Pine news. [volume] (Treasure City, Nev.) 1868-1906, 1886-08-14

9o4O.Vuu,uUO OI BEceuOhCkss huOS VI
course. if they are retired, they must
be brought up with bonds, for there
is not enough surplus in the Treasury
tn retire them. These bonds will then
be deposited and more national cur
rency issued. Will not such an opera
tion cost the government something
and give the bankers something for
nothing. and would you not call that
. subsidy2
Since greenbacks we're brought up
with bonds and national currency Is
sued on such bonds, the government
has paid to the national banks not less
than $25O,OOO.00O interest on bends
that need never have been issued If
greenbacks had been allowed to re-
main in circulation.
How can it he shown that the ma
tional bank currency is any better
than greenbacks, or why Congress
legislated to subside national bank
currency for greenbacks when the
former involved the payment of from
twelve tn fifteen millisns year on
bonds issued to retire greenbacks,
while the latter drew no INTEREST,"
In addition tn the scheme to retire
grsenbacks and Substitute national
bank currency therefor, the bankers
are making this war upon silver in or
der to- substitute national bank cur
rency for silver also. when they shall
have had demonetized that metal.
Why not let the people deposit their
silver in the Treasury and the govern
ment issue certificates thereon. secured
by the bullion depositedl twill cost
the government nothing. Silver GER
tiiicates secured by bullion will he the
peoples money, and cannot be con-
troiled 10y the national banks. If the
2.727 national banks now in existance
have already Sc interfered with the
administration of the laws and have
managed To SO contract the currency
as TO produce universal siagnatiOn and
depression in business. in what condi-
lion willsths country be if they obtain
absolute control of its financcsl
Free coinage of silver and the is.
suance of silver certificates on lincoln
ed bullion would be resumption on
the part of Congress of tho power del
cgaicd by the Constitution Ito coin
money and regulate the value thereof
This would relieve the people of Wall
Street rule, and furnish them with
circulating medium which could not
be expanded or contracted at the OPP
ton of the money brokers of New
York. Let Congress do its duty in
this respect and the power of the New
York rings To produce "Black Fri
DAYS" will he at an end.
Hard times. while we are Mt peace
with all the world, with no failure of
crops, with no want of willing hands
tn develop the resources of our great
country. ought not tn exist, and would
not, but for the manipulations of the
bondholders and national banks. 1t
was hoped that when the war was over
the gold brokers Of Wall Street had
inflicted upon the country by their
cruel manipulations of the money
market and the depression of our Sc
curities all the harm that was in their
power. But when we find them in
time Of profound peace able to para
lize the industries of the country and
spread gloom and despair over 60,000,-
600 of people through the power con-
ferred upon them by bonds and ma
tional banks, we say it is time for
Congress to exercise the power con-
ferred upon it by the Constitution,
and no longer delegate the powers to
expand or contract the currency to
Wall Street. Yours, very truly,
WM. NJ. STEWART.