The great West. [volume] (St. Paul, Minn.) 1889-18??, 1893-10-13
PEOPLES PARTY COLUMN.
DEVOTED TO THE DISSERTATION
OF REFORM DOCTRINE.
A Dissertation ON the Financial Sit
nation by Hon. Tom Watson Of
Georgia - National Bank Notes -
Stewards Resolution.

Georgia - National Bank Notes -
Stewards Resolution.
The Hon. Tom Watson, from the
! Tenth congressional district Of Georgia,
| who is laying the old parties low in
| that state by his vigorous and telling
| campaign methods, gives the following
| dissertation on the financial situation:
1.-THE country is being flooded with
| wildcat substitutes for money. Some
time ago our cars were filed with
| the walls Of these alarmists, who told
us that America was threatened by
| "a food of European silver
| That danger has certainly passed.
The Democrats and Republicans. act
| ing together in happy concert. have
| not only cut off European silver, but
| An crican silver also.
f The food, however, has come all the
| same. What sort Of food?
Clearing house certificates. corpora
| ton checks and private due bills, of
| all shapes. sizes and cOlors.
| They did not want silver money.
| Why! Because the bankers could not
| corner it, and make us pay u royalty on
| it.
| They wanted the government to quit
making moLey except for the gold-bugs
| and the bondhOlders.
| The repeal Of the Sherman law cut
! off our supply Of money based upon
silver. We were getting about $1,000
coo per month from that source, but
| Cleveland said congress must stop it.
| 1t has about stopped. Now what!
| Nobody can get the government
| money except the owners Of gosl and
the owners Of bonds.
| This is the literal fact. What fol-
lows?
| The balance of the country must
| get the money from the gold men
and the bondhOlders.
The money issued to the bOndholders
is called national bank notes.
| The money issued by. the men who
have boarded the gold is called clear
ing house certificates, etc.
| The situation, therefore, is this: The
| gold kings and the bOndholders say that
the government shall not make money
for anybody besides themselves.
| AS to the balance of the business
| world, it must come to the gold kings
| and bondholders and get such stuff
| as these favored classes choose to
issue. e..
| In other words, the bondholders and
| gold kings have monopoly of the real
money.
| The banlance Of the business world
must put up with bogus moneys
cued by the bondholders and gold
| kings.
| National Bank Notes:
''But the above is not true of ma
| tional bank notes. They are every one
| redeeemable dollar for dollar" says the
| objector. No they are not, either. On
a gold basis, not one in a hundred could
1 be redeemed. "Oh, yes, every dollar
would be redeemed, they are secured
nv governmnt bondsv' Government
hosh! What are the bonds worth on
a gold basis? Suppose the paper now
| ont the national bank notes and the
Rreenbacks, were at once presented Tor
nayment. and they are every one due
this minute, and on the gold basis they
are due in gold OF the greenbacks
there are S:346. OOO, 900. To redeem them
the government is required by law to
keep on hand $1OO,OOO,OOO. 1t has vlo-
lated it's own law, and now has only
about $4,000, 900. The first $95, OOO,OOO
Of greenbacks that got there would
strip the treasury. The other $25O,OOO,-
600. on q gold basis, mind you, would
be as fat as the paper on which they
are printed. Then would come the ma
tional bank notes for redemption in
gold. There are the bonds, but the
gold is all gone, and no chance to get
any more. The notes are not redeem
| able in bonds, they can only be re-
deemed in the gold used in payment of
the bonds The government can't pay
the bonds. it has no gold, therefore 1T
can't redeem the national bank notes,
and they are as fiat as the unredeemed
creenbacks. We are correct, therefore.
our paper money is absolutely ire
deemable on gold basis. It is con-
! fidence game all around, the only safety
| is in the fact that it will not all be pre-
| sented at the same time. If it is a
matter Of confidence, we submit if a
| patriotic people are not more likely to
have confidence in their government
than in any banking corporation, ma
| tional or state Therefore, give us gold,
silver and paper money issued alone by
the general government, all full legal
| tender, and based alike on wealth, re-
| sources and patriotism Of the people
| This is the Populist demand.-Pro-
gressive Farmer.
] Ex.Soldfers Coming Into the POpu-
| lists Ranks by the Hundreds.
The Colorado News, Denver, gives
the cheering news that there was re-
| cent meeting held in that city by ex-
| soldiers of the United States regular
army, where 233 privates, assisted by
an ex-sergeant and an ex-corporal,
drafted and adopted the following reso-
lutions:
| Whereas, The financial question is the
pith Of all social and political issues
and all other legislation is subsidiary to
| this one main question, and,
! Whereas, 1t is evident from the re-
| cent r,ti: in congress, which had for
| it's objcc! the reconciliation of silver,
! the peoples money, that it is the sin
cere belief and conviction Of the two
/ old parties. Republican and Democrats,
| that the interests Of the Eastern cOun-
! try diverge in 4 different path from the