The Caucasian. (Clinton, N.C.) 188?-1913, 1893-09-07

! y
prices to suit their whims
| Speaking OF our national banking
system on this point, the New York
| Tribune said: THE machinery Is
now furnished by which in any
mergency the financial corporations
OF the East can overcome or resist
their decision
Speaking OF the old United States
bank, John Randolph said: Char
ter bank with $50. 900 900 of capi-
tai. Let it establish and learn it's
power and then find, If you can.
means TO bell the cat. 1t will be be
yond yoar power. Ii will oyerawe
congress and laugh AT your laws"
Thomas Jefferson said: II be
lleve that banking institutions are
more dangerous to our liberties
than standing armies w The is
SUNG power should be taken from
the banks and restored to the gov
ernment and the people to whom it
properly belongs. Let banks ex-
lists, bat let them bank upon coin or
TREASURY NOTES "
John c. Calhoun said: ''Place the
money IN the hands of single indl-
vldual or combination and they, by
expanding or contracting the cur
rency, MAY RAISE OR SINK PRICES AT
PLEASURE, and by purchasing at the
greatest depression and selling at
the greatest depression and selling
at the greatest elevation, may com
mand the whole property and indus
try of the community and control its
fisical operations. Never was the
engine better calculated to place the
destiny of the many in the hands OF
a few"
Thomas II. Benton, in speaking
OF the power of money and banks of
issue, said: "The people are not
safe when such company has such
power. The temptation is too
great, the opportunity too easy, TO
PUT Up AND PUT DOWN PRICES, to
make and break fortunes, to bring
the whole community on its knees to
these Neptunes who preside over the
f1ux and ret1ux of paper money. All
property is at their mercy O.. The
price of real estate, of every grow
ing crop, of every staple article, is
at their command. Stocks are their
playthings, with which they gamble
with as little secrecy and less moral
lty than common gamblers"
Andrew jackson. in speaking of
the right to issue money, said: "If
congress has the right under the
constitution to issue paper money,
it was given them to be used by
themselves, not to be delegated to
individuals or corporations"
Salmon 2. Chase, who as Secre-
tary of the Treasury under Lincoln's
| administration, recommended our
national banking system, lived long
enough to see the mistake he made;
which he expressed in the following
pathetic and prophetic words. "My
agency IN procuring the passage of
the national bank act was the great
est financial mistake of my life. 1t
has built up monopoly that effects
every interest in the country. 1t
should be repealed. But before
this can be accomplished the
people will be arrayed on one side
and the banks on the other, in a con-
test such as We have never seen in
this country"
All our great statesmen, fnanciers
and writer's ON political economy
agree that the power of money or the
money power" will own the people.
If We recognize this great fact as we
must which then is the cardinal prin-
ciple of the money plank in the Oma-
ha platform9 Is it the material out
of which money shall be made9 No.
Is it the amount or volume which is
to be used9 No. Is the sub-treas-
ury or any other better plan by
which the money is to be put in cir
culation? No. These are simply
matters of detail. The great princi-
pie underlying them is who shall is
sac the money and control its volume.
and shall this be done by bankers.
and for the bankers, or by the people
and for the people who use it9 I'm
til this question is established the
others are of little Importance. The
latter is the principle upon which
the people must speak at the ballot
box, while the former arc details
which properly belong to Congress
The people must decide the one and
the government the others. The
ways and moons by which money
can be properly put into circulation
the volume to be issued, and the ma
terial out of which it is to be made
are all mere or less debatable ques-
tiOns. But no person can occupy
neutral ground uIoa the question
who shall issue the money and con
troll is volume. Every voteris com
PEELED to either stand with the peo-
pie and for the people, or with pluto
cracy and for a national banking
oEgarchy as we have to-day. Pop
ulists can honestly differ upon mat
ters OF detail, but they cannot sur.
render the vital principle without
trailing our banner in the dust. The
logic of events has forced rhe money
question to the front because al
other reforms depend more or less
upon its proper solution. In view
of this fact it is the duty OF our press
and speakers to disrobe this qCes-
ton of all details and let the
naked principle boldly stand out iu
the full light of the sun. Let the
; battle cry be: That just as the right
to govern must be derived from the
consent of those who are to be gov.
erned, so the authority to issue mon
ey is as exclusive prerogative of the
government and must be exercised
by the people and for the people
| uho are tn uSp IT
Col. L. L. Polk, in a letter written
before his death. expressed himself
on this question in these words
"This country was swept as by cy
clone in 1860 with one single ques
ton: ''Are you in favor of or op
posed to the extension of slavery
"This was direct pointed ques
ton embracing the only great issue
and appealed directly to the mora
sense of the people for a decision