The Caucasian. (Clinton, N.C.) 188?-1913, 1892-09-22
MIR. CLEVELAND.

NIX. CLEN ELAND.
Why The Farmers Do Not and
Why Business Men Should
Not Support His Candi-
dacy.
Th9f he country Is suffering from
contrIctIon OF the currency seems 70
be admitted by all. Those who have
aided in this contraction are censur-
able fog the condition. When Mr..
Cleveland was inauguraied, IT, aw
required the coinage Of not les han
two, nor more than four millions of
dollars per month. He kept the
coinage at the lowest figure and
thus deprived the people of an in
crease Of two million dollars per
month during the four years of his
administration. Not only this; he
advocated the discontinuance of sill
yer cOiriage entirely; and, could he
have forced his wishes on the coun-
try, he would have deprived it of
what was coined. If any one, who
is fortunate 70 have any paper cur
rency oa hand, will examine the
kinds of which it is composed, they
will be apt to see that at least two
thirds of the bills are "Silver Ger
tificates.' Deduct these, and see
what proportion is left for use, and
you have some idea of the reduction
he would have made in the curren-
cy, If he could have had his recon-
| ~, oti nnanfnI snf0
He admits that the evils he feared
and prophesied, have not been real
lied from the continuance of silver
coinage; yet, he persists in his
course, ard insists that he sis the
people and wisdom will die" with
him.
He would also have contracted the
cnrre0ry 10y the retirement Of the
treas - notes, or gree backs. The
comptroller of the currency (Mr.
Trenholm) under his administration
recommended the refunaling of all
these ,oves three hundred aud fifty.
six million dollars) into interest
bearing bonds, and to turn over. to
the national banks the duty of fur
nishing the people with money to
transact business. Now take out
the greenbacks from your bills, and
have only national bank notes, and
you can form some idea of what this
would have brought US to, We
would indeed have been placed more
platalZ1 IN the power Of Wall
Street than we now are. When have
Jeffersonian ideas been more viola
ted, and where is the plank which
the Democrats, up to 1860, always
inserted in their platforms against
national banks? The farmers not
only object to his views on contrac-
tion, but the means he uses to put
money in circulation.
When the taxes accumulated in
the treasury beyond the needs OF
| the government and the ''surplus''
was over one hundred million dol
lars, there was likely to be financial
panics from contracted currency.
Under the law which allows him tt
use national banks as repositories OF
U. S. money, he transferred from
the treasury to certain banks, Sc
lected by the secretary of treasury.
from forty-seven to sixty-Oue mil
lion dollars The banks he selected
were required to deposit US. bonds
as security for the loans, and re-
ceived loans for face value of al pei
cent. bonds; and one dollar and ter
cents for every dollar of four pei
cent. The banks paid no Interest
on the loans, but the Q. S. pait
them interest on the bonds The
banks loaned the money to the peo
pie at such rates Of interest as tht
law allowed, or they could exact
There was no order issued that any
national bank depositing bonds
should have money but the secre
tary selected such as he chose. Near
ly all the loans were to the larg,
cities in the East. The South gav'
Mr.. Cleveland her solid vote; he
people needed the money, yet in {
} list of the 'depository banks'' made
to Congress in February, 1891, W,
found but two surplus banks in al
our territory.
Mr.. Cleveland seems fully in &C.
} cord with the Republican idea tina
all money must be furnished tn
country by the Eastern bankers
When the government collects mil
lions from the people of Nortl
Carolina through the internal reve
nue., he lets the Eastern banker hav
, it free of interest to loan the none,
, in North Carolina that he may stil
farther impoverish her by COLLECTING
. interest off her IF he had loaned
to bank in n. G., although th
, interest charged might have bee
the same. yet, the property woul'
have been to the wealth of the State
When these things are published
: the Democrats who tell them, al
accused of "cussing" Cleveland an
aiding the Republicans. If this
"cussing' Cleveland it is ''cussing
, him for entertaining Republica
: notions on questions of moment t
) the farmers. They are matters {
public reward and will certainly
; heard from in the campaign
4 Persons who may wish to examin
C the statements herein set forth ma
a get executive document No. 10
!, End session 51st Congress vol. 1
report of comptroller Of currenc.
: 1890; report comptroller, 1883; r
e ports of secretary of treasury. Isl
r and 1899; wherein every word WI
be stablished.-Wm. A. Graham
Ell
81 A Spring Medicine.