Daily Texarkana Democrat., 1893-09-19
THE FINANCIAL PROBLEM.
The Present Financial Situation Dis
cussed by Col. s. W. Peel.

The Present Financial Situation Dis
cussed by Col. s. W. Peel.
In response to a written request for
his views of the financial conditions
now existing throughout the nation,
aud, to a greater or less extent, weigh
ing like an incubus upon the COM
mercial and industrial interests of
every civilized land, Hon. S. w. Peel,
of Arkansas, has submitted the fol-
lowing open expression of his views;
Ed. DEMoCRAT:-At your request |
give you my views on the present fl
nancial condition of the country.
There has been a continuous, con-
centrated effort by bond-holders and
capitalists of London and this country
to force the United States to single
gold standard and to reduce tie cir
culating medium or standard of val
ues, called money to gold and nation
al currency, and when accomplished,
to control the money of the world.
This would enable them not only to
control the money of the world, but
the labor product of both farm and
shop-in short the destiny of men and
nations
TO perpetuate national banks in
this country, more bonds must be is
sued by the United States, The pres
ent panic or stringency in the money
market, in my judgment, was brought
about by the national banks, (princi-
pally Wall street, hoping to force the
Government to issue and sell more
bonds to protect our gold reserve.
Through the manipulation Of these
banks with their allies in London,
gold was exported in large quantities
from this country. This run upon
our gold soon reduced our treasury
reserve below the minimum, when
the hue and cry was raised and her
aided all over the country that cheap
silver was driving the gold out OF the
country. The object of this was two
fold both in line with the common
object: First, to demonetize silver
and bring this country to single
gold standard. Second, to force the
Government to issue and sell more
bonds under the pretext to protect
our gold reserve and maintain the
credit of the nation, when IN fact the
main object was to procure more
bonds in order that the national banks
might continue forever.
This effort brought alarm to The
mind in a greater or less degree to
every one, caused depositors to with
draw their money from the banks,
prevented others from depositing, inn
ports were cut short-in fact the
scare kept money from circulating
and performing its Legitimate func-
ton. This feeling Of distrust has
doubtless gone farther than the origi-
nators expected or intended, but like
a contagion, it is much easier to start
than to stop.
The kind, quality and volume Of
money should be at all times nnder
the control of the Government. No
individual or corporation should at
any time have power over any part Of
it. individuals and corporations
should only be allowed to use their
fair share in the course Of legitimate
trade. Our constitution wisely con-
fers the power Of coming and regulat-
ing money upon the Congress Of the
United States-which indirectly
means the people. Gold and silver
should be coined on equal terms and
kept al a parity. All paper money
should be issued by the Government,
limited in volume, so that all money
gold, silver and paper would be Of
equal value, both in purchasing and
debt-paying power, each exchangeable
and redeemable with the other, as
convenience might require,
Respectfully
S. w. PEEL.