The representative. [volume] (St. Paul, Minn.) 1893-1901, 1893-05-31
GOLD is KING.
/ What Idiots We Are to BOW Down Before
an Artificial Value We Ourselves Create

W08t 1O1OC0 We AxO 90 Bow OOW0 001O3O
an Artificial Value We Ourselves Create
BY Law.
Confidence isrestored, SO say the press
dispatches from the east, regarding the
financial situation, and what does it all
mean, only that the president, through
Secretary Carlisle, has said that the adj
ministration will do all in it's power to
maintain the gold basis and repeal the
silver laws
And why should there be any lack of
confidence in the centers of gold-bug-
ism? Has not Mr.. Cleveland done all
in his power and left no stone unturned
since his election to secure the repeal
of those same silver laws and fix the
gold basis humbug so firmly that it can
never be shaken off?
But this announcement means more;
it means that the power of the admins
tration to issue bonds to secure gold
will be used if it becomes necessary to
do so to maintain the gold basis.
We are also treated to another spec
tacle. The announcement is made that
Chicago has become the gold center,
and Secretary Carlisle is rushing west
to consult with the Chicago bankers re-
garding the situation.
How humiliating the thought that
the financial head of this great nation
of 100000 of people must bow down
and worship the whims of combina-
ton of gold-bugs who never did and
never will do anything to increase the
wealth of the nation, but always have
and will do all in their power to rob
the masses for their own selfish aggran-
dizement.
And yet, under the present financial
policy, we are in this position. Millions
of certificates, notes and greenbacks
are payable in gold on demand. We
have probably $3.50, 100000 of gold in
the country at the present time, and
there are outstanding $347 100000 of
legal tenders redeemable in gold on de-
mand; there are in round numbers
SITS, OOO, 900 of national bank notes, also
redeemable in gold and guaranteed by
the United States, and there are also
many millions of gold certificates paya-
BILE in gold only.
Now it is safe to say that under our
present business system nearly every
dollar in the country passes through
the banks at least once per week, thus
giving them an opportunity to select
such a portion of it as interest may de-
mand. Suppose that combination Of
the banks of few of the money centers
be formed to secure the redeemable
notes and draw the gold from the govern
ment. The banks of the country, under
ordinary circumstances, have on hand d
cash reserve of in round numbers $780,
100000. Within three months every
dollar of this may be held in gold, leav
ing but 5000, 900, 900 in the country be-
side, then by concerted action the banks
of Boston, New York, Philadelphia and
Chicago can within sixty days call in
sufficient loans to control every avail
able dollar of gold in the country, and
in this way force the government to
issue bonds for gold at a premium to
secure gold to pay the interest on the
bonds already issued.
Humiliating, isn't it? But it's fact,
and here we are nation of $4,000, 600
people forced by pernicious system to
rob the masses to satisfy the abnormal
appetite of this great financial octopus
which feeds on nothing but gold.
Then away with such system. Coin
all the gold, all the silver, and enough
paper to do the business of the country
Make enough of legal tenders for all
debts public or private, and redeem
able by the government by acceptance
in payment of taxes of all kinds, and
in no other way, and we will then have
destroyed the club with which modern
fnanciers continually threaten to beat
out the brains of civilization.-Farm
and Labor Review.