The representative. [volume] (St. Paul, Minn.) 1893-1901, 1893-06-07
4 GoLDBUG SCHEME.
a Western Democratic Newspaper Says
Means Ruin For the South and West.

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4 Western Democratic Newspaper Says It
Means Ruin For the South and West.
The financial policy which would be
gratifying to those who believe that the
Democratic party ought to be conducted
in the interests of the Standard Oh COM
pany and other corporations whose lead
ing stockholders may have contributed
to individual campaign funds is gradual
" taking shape so that it is possible to
understand it clearly.
The attempt is to be made to maintain
single gold standard at all hazards,
and as a means of doing this the people
who are .'bulling" gold will seek to es-
tablish under national control state
banks of issue which will be national
banks in everything but the name, AND
in fact that if the attempt to perpetuate
the national debt fails almost any sort
of collateral will be used as the basis for
bank notes.
The whole issue here turns on single
point-that under the federal constltu-
tion the state cannot make bank note
legal tender.
It is intended to issue flood of bank
notes under alleged state authority, but
really under q national banking act,
which. however, will not make these
notes necessarily current outside OF tho
state in which they are issued.
While the single gold standard is main
tanned for the national currency the
necessary result of the issue of bank
notes, to be ultimately redeemed in gold
If redeemed at all, will be to increase the
demand for gold and thus to further in
crease the already exaggerated and ruin
Gus premium on it.
Under this beautiful arrangement the
same people who control the immense
mortgage debt on the farms and homes
of the south and west would come out
here and through their local agents start
estate banks and food us with wild
cat currency issued on the stock Of trust
companies or on the mortgage bonds
held on our own farms and homes. And
not dollar of this stuff would we be
able to pay in discharging the immense
mortgage debt we owe them. They
would hold the federal treasury to the
gold standard, and their own conduct in
causing local imitation with their bank
notes would furnish them additional
arguments against "cheap money" and
against relaxing the gold standard in
national finance.
If this plan could be put in force, if we
could be subjected to this local initiation
accompanied by national contraction, it
would increase the price of all we have
to buy from the northeast, while the in
creased demand for gold caused by the
issue of bank notes redeemable in gold
would surely and swiftly decrease the
price of all our exports. Our cotton, our
wheat, our corn and our provisions would
be forced down as gold was forced higher
and higher by the conspirators.
Unless the south and west stand to-
gether to resist this Infamous attempt,
unless they speak out to open the eyes
of the good but ignorant men who are
being used as the tools of these Shylocks
we will be ruined. No greater danger
ever threatened the country than is
threatened by this conspiracy to force
silver out of the national currency and
to supply it's place with local notes re-
deemable in gold.
The attempt is made to turn the flank
Of the advocates of popular rights, to di-
vide the south and west. to scatter the
forces which have made the stand for
free coinage and to assure plutocratic
control of the national finances for many
years to come. It believed that all this
can be done by this seductive scheme of
plenty Of wildcat bank notes.
For our own sake for the interest of
people, for the maintenance of the rights
of the earners of the country, we must
insist that the sovereign power of issu-
ing all forms of money belongs only to
the sovereign people and is not to be
delegated to any banking corporation,
national or state.
The issue is distinctly made between
the free coinage of silver as national
money, good to pay all debts, and the
free printing of unlimited wildcat paper
as local currency good to pay nothing.
The ''Napoleons of finance" who are
behind this impudent and indecent
scheme know that it would ruin the
country, but they know, too, that there
would be immense profit in it for the
gold manipulators and for the capital
lists who through such local agents as
Zimri Dwiggins would be the sleeping
partners in the banks founded to ssmake
money plentiful. st. Louis Republic
Radical vfou