The representative. [volume] (St. Paul, Minn.) 1893-1901, 1893-09-06
POINTS FOR THE PEOPLE.

POINTS FOR THE PEOPLE.
Cut loose from metallism and give
us American money for America.
Now is the time for populists to
plumb the center of the highway.
I'm the great tumult over free silver
the national banks will take advantage
of the confusion of the public mind to
enlarge their functions. Watch and
see if this prediction is not fulfilled
Political Review.
Years ago, in fact ever since specie
resumption went into effect, the banks
Of the country emphatically told the
people that the currency question was
settled. The present financial ''object
lesson suggests that somebody has
done some tall lying. Chicago Ex-
press.
When the people withdraw their
deposits from banks these ''fiduciary"
institutions suspend. The deposits are
the capital with which the banks do
business. Who furnish the capital?
The people. Why not provide the cap
ital for bank of your own-a govern
ment bank?-Chicago Express
The Sun is not gold-bug, or silver
bug, or a wheat-bug, or potato-bug,
or a humbug. It wants honest money,
but it don't want any money based on
intrinsic value other than the entire
country by which it is issued It don't
believe certificates should be issued on
gold or silver or potatoes, wheat or
pumpkins, or upon any special prod
uct, but upon the entire credit of the
country.-Tacoma Wash Sun.
The attitude in which the populists
in congress are placed because of the
demand in the Omaha platform for
ratio of 16 to 1 is amusing, to say the
least. If free coinage is secured at
ratio of 90 or 90 to the silver question
will be settled against the wishes and
without the votes of populist congress
men. If. on the other hand, all COM
promises fail by vote equal to or less
than the populist vote, the party will
be held responsible for the defeat of
bimetallism.
Says the Boston Traveller, editori-
ally: 1.-THE danger of the gold drain is
over With money at 8 per cent in
London, and 8, 9 or 10 per cent, on pre-
cisely the same collateral in New York,
we are certain to receive ample supplies
of foreign gold. Let every body look,
for once, at least, on the bright side of
the situationr' And now it is in order
for the Traveller to explain why I'VE
should pay England interest for money
when we could, as easily as not, make
our own money.
Free silver is all right as far as it
goes, but what the country needs is an
immediate issue of s25 per capita of
greenbacks. Then there would be re-
lief. Then business would flourish.
Then factories would hum. Then in
dustry would laugh. Then ''sure
enough" good times would be here.
Grand, good times, better than any peo-
pie ever enjoyed. Times that would
produce forthwith higher and nobler
civilization, under which even the rich
of to-day would be happier.
World.
Says the st. Louis Republic: Cali
members of congress have but to look
at the unemployed workingmen, the
anxious merchants and the perplexed
bankers of the country to realize that
a settlement is demanded. Hard sense,
not sentimental sympathy, calls for
action. If they would stop the spread
of socialism, they must put an end to
idleness. If they aoouM aoard off a contest
Deer printing press money, they must pro-
Wiz do ~ &1o<
will satisfy reasonable minds" And
yet the populists are battling for met
nllism
Government money and govern
ment issue and control of all money
(which embraces the sub-treasury
principle broadened into government
banks) are fundamental principles of
the reform movement. Free coinage
of gold or silver, with private owner
ship of mines, is a reversal of that prin-
ciple. The gold and silver bullionists
believe in the theory of ultimate re-
demption'' in coin. The populists be-
Geve in legal tender money receiv-
able for all Dues These theories are
exact antipodes with each other.-Na-
tional Spectator.
-Dun's Review for the week ended
August II says that, according to re-
ports of July IL to the comptroller, over
s131, 900. 900 Of deposits had been with
drawn in two months from part of the
national banks, and probably SIT, 000,-
600 from all, besides unknown sums
from savings, state and private banks,
and during the month, since July IL,
the withdrawal and boarding must have
been relatively even greater AS all
the banks, of all kinds, had in their
vaults on September 80, 1899, less than
$3.50, 900, 900 in cash of all kinds, the
burning question of the hour is "how
much money have the banks got now?"
New York banks have put in circu-
lation $40, 600, 900 of a species of bastard
currency having no warrant in law,
called clearinghouse certificates. Chi
cago bankers, also. and those of some
other cities, have followed this example,
yet we do not hear the faintest whisper
of fiat" If some one had proposed to
relieve the present scarcity of money
by increasing the issue of that blessed