The Goodland republic. [volume] (Goodland, Kan.) 1891-1907, 1892-11-18
Fnr rsyuE OF MONEY,


The democratic platform contains
plank proposing 10 repeal the 10 per
cent. tax on money issued by,ssate
banks Prior to the war there was no
uniform system Of banking and no
generally accredited security for cir
aulation. Under state laws and vary
ing degrees of confidence all kinds OF
banks were established, and pushed
upon the commercial world certain
promises to pay, called bank notes.
The system was an acknowledgment
Of the fact that there was not in circu-
lation and could not be a sufficient
amount OF gold and silver to do the
business of the country, and was an
attempt to supply the deficiency by
paper promising to pay coin. 1t was
based on necessity but it was ex-
tended and fostered because of the
advantages it gave to men who had
money, or were supposed to have, TO
increase their profits. When actually
and honestly conducted q man who
had thousand dollars In coin which
he could loan only at per cent. by
using this coin as q basis for redennp-
ton he could issue 1900 of notes be-
ing an equivalent to IS per cent. inter
est. The element of speculation in
the public necessities was the fonnda.
ton of the private and state banking
system.
The opportunities of the war en-
abled far-seeing hnanciers to take
advantage of the necessities and blind
ness of the people, and by substituting
the confidence of the whole nation for
the limited and obscure confidence Of
the local community the same incsn-
tive and privilege to obtain inordinate
profit was transferred from the private
to the national banking system. This
has made the redemption Of the ma
tional bank note secure, and made 1t
therefore universally current and
apart from the folly and injustice in
herent in both systems, the national
bank Is incomparably superior TO the
system which Is superseded.
But both are wrong. Neither should
be permitted to continue. They are
founded upon the utterly vicious prac.
tice of permitting part of the people
to use the common property to OPP
press the other part. II Is the prac-
tice of allowing private citizens to
make profit out OF opportunities Great
ed by the compact of society, Tho
demand Of the Peoples Party Is that
all banks of issue shall be abolished
and the entire needs of business shall
be met by the government issuing the
only circulation in the form Of o legal
tender medium Of exchange. The OBJ
jective point Is to supply this medium
without Intervention of banks or
bankers, q safe, sound and flexible
medium for exchange of real value,
but in itself of no value and subject to
neither corners nor speculation. In
this plan there is no DISCRIMINATING
war on either gold or silver They
are perfectly welcome to exist as
part of the circulation as long as bust
ness has q department for them, but
they must not be the measure Of
value. There ia crisis approaching
very rapidly in financial affairs. The
end OF the national bank circulQtion
Is ut hand, because national bonds on
which 1t Is based are exhausted. The
bankers OF both old parties are doing
their utmost TO prevent discussion and
agitation because deep waters run
still. But they are not Idle. The only
issue with Wall street Is the money
issue. They have Harrison and Clcvc-
land securely bound to inaction until
they have matured the details Of fur
ther operations. They agree that the
further issue OF currency shall rest
upon bonds and that these bonds shall
rest upon gold. In their cOsmogony
the earth rests on the back OF tor
toise; the tortoise on the head OF a
snake, and the snake Is wriggled by
the Wandering jew. Non. Con, a,