The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1893-08-09


the American people and advocate that
they be deprived Of their rights under it.
The Place of Gold.
''As I said. deny that gold alone af-
fords a sufficient basis upon which the
circulating medium and credits of this
country should rest, and 1 charge that
those who know demand that silver
shall be destroyed are not true hard
money men. They know full well that
the people of this country will have in
some form or another a circulating me-
dunn, and they propose to furnish it in
the shape of a promise to pay, issued
by themselves, which they say will
try to make the people believe will be
paid upon demand in gold. That the
present state of affairs is directly point
ing in this direction 1 most firmly be-
lieve, for if the people kept paying the
national debt at anything like the rate
they have been paying it. our national
banks, as banks of issue, will have to
go out Of existence. Now, do they want
this to come about? Not by any means,
and while it is true that of late years,
on account of the high premium on gov
eminent bonds, little, if any, profit has
been made upon their circulation, yet in
the long run the profits upon it have
been immense; and If they can not sue
coed in persuading congress to issue
more bonds bearing a low rate of inter
est so they can buy them at par, the
profits will again be tremendous. With
these banking corporations therefore,
the question is fast resolving itself into
grounding caSe-nO bonds, no banks.
To carry out this scheme of paper
money, every argument will be used to
try and deceive the people. Soon again
.1faat hot
banks are best fitted to supply the cir
culating medium of the country because
they alone can regulate its volume ac-
cOrding to the demands of business.
This plea they have always made and
never once lived up to it. Certainly
they have had an opportunity to do
this of late when every business man in
the country knows that there has been
scarcity of currency. Have these
banks during this time, with but few
exceptions, by increasing their circula-
ton, expanded the volume according to
the demands of business? No, and this
theory being based upon false prin-
ciple from beginning TO end it can
never be carried out.
''Then, next, if they succeed in uncon-
ditiOnally repeating the Sherman law,
YOU viii hear the demand made that
the government issue other bonds upon
which these banks may supply the de-
ficiency in the circulating medium,
which Will be brought about by the gov
eminent ceasing to issue the coin GER
tiflcates under the Sherman law, and
finally, should there at any time be
falling off Of the gold in the treasury,
which is sure to come sooner or later,
you will begin to see editorials by the
score pointing out what menace TO
the business Of the country are the out
standing $346 900 Of greenbacks, and
that unless they are retired the treas
ury will soon lose all of its gold and
the country will be brought to a silver
basis. and then the further demand
will be made that these greenbacks be
retired with a longtime bond upon
which more promises to pay can be
issued by these banks. In fact it will
not be many years before they demand
the retirement of all forms of paper
money other than their own notes,
which the people of this country will
then be compelled to accept as money.
Danger from ShylOcks.
when this comes about (and unless
It is stopped now it will come about the
victory of the shylocks will be complete,
for if these banks can now not only pre-
vent the national debt from being re-
duced, but on the contrary can make
congress increase it SO they may perpet-
uate themselves, when and where will
their power end? Now, when the people
of this country awake to a full realiza-
ton of this, as we mean from now on
they shall, does any sane man believe
they will pass under this yoke that will
agree to increase their indebtedness just
for the purpose of giving those who con-
troll national banks the privilege of sup
plying them with the circulating me-
dunn? Will they thus place in the hands
Of a few men the power to absolutely
10 nf fCrlr
public? No, they will not do anything
of the kind, and more they will demand
that what remains of the national debt
be paid just as fast as possible; and more,
L believe they will demand that their
paper money be based upon gold and
silver and upon gold and debts.
Now / do not wish it to be considered
that L am making a wanton attack
either upon national banks or the men
who control them, for 1 believe that so
| far 1t is the best system of banking we
ever have had and upon the whole it
has been most honestly and carefully
administered. Neither can those who
| control these banks be blamed for wish
| ing to perpetuate a system in the future
| that has been so profitable to them in
| the past. but not only now has the ques-
| ton to be met whether we are now to be
| compelled to issue more bonds so that
\ this system can be continued but
| whether it cannot be carried on equally
| as we'll when it's circulating notes rest
upon another basis. Some may saw do
away with them altogether: hut we must
| all remember that as their charters do
not expire for some fifteen years to come
| they are a factor in this problem which
cannot be ignored. To my mind though
| the present system is not the best one.
/ for I do not believe that any circulation
| based upon debts can be possibly sound
| as one that is based upon gold and sill
! yer. Gold and silver has been used as
money from time immemoriaI and no
man ever lost by either of them. Based
| too. upon gold and silver its volume
| must be regulated by the output of the
| precious metals which Of itself would
| prevent any sudden period Of either in
| f1ation or contraction. This I do not be-
| lieve can be prevented when the volume
| simply depends upon debts In the form
of all kinds of corporate securities which
can be and in many instances have been
| contracted or expended simply for the
| purpose of manipulation, and unless the
| people will agree to the perpetuation Of
| the national debt to either of these kinds
Of securities or TO gold and silver must
| the national banks come for a basis
| Again the volume being regulated by tEe
! output of the mines some kind Of stabil.
/ ity to our measure of value would be in.
| sured. thing none of the goId-usine
/ countries have had for twenty years
and which is the one thing above al
others that commerce needs.
The Single Standard.
1.-THE best money, the most honest
money. is that which will give to tn,
people as near as possible stability OF
II.