St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-08-02
THEY CRY FOB SILVER.
Continued From First Page.

L EOkHL IFSG Il
affairs is directly pointing to this
direction, l most firmly believe, for if
the people keep paving the national
debt at anything like the rate they have
been paying Ii, our national banks. as
banks OF issue, will have to go out of
existence. Now do they want this TO
come about? Not by any means, and
While it is true that of late years, ON ac-
count of the high premium on govern
ment bonds. little If any profit has been
made upon the circulation, yet in the
long run the profits upon it have been
immense; and if they can succeed IN
persuadInG congress to issue more
bonds bearing low rate of interest so
they can buy them at par the profits
VIII again DE tremendous. With these
banking corporations, therefore, the
question is fast resolving itself into
"Ground Hog Case.''
no bonds. no banks. To carry out this
scheme of paper money, every argu-
ment will be used to try and deceive the
people. Soon again you will hear the
WORKOUT plea that banks are best fitted
to supply the circulating medium of the
country because they alone can regulate
Its volume according TO the demands of
business. This plea thev have always
made. and never once lived up to it.
Certainly they have had an opportunity
to do this OF late. when every business
man III the country knows that there
has been a scarcity of currency.
Have these banks, during this time,
with but few exceptions, by
increasing their circulation expanded
the volume according 10 the demands
OF business? No. and this theory being
based upon false principle from begin
ming to end, lG can never be carried out.
Then next. if they succeed III uncOndi-
tIonally repeating the Sherman law, you
will hear the demand made that the
government issue other bonds upon
which these banks may supply the de-
hciency in the circulating medium
which will be brought about by the gov
ernment ceasing TO Issue tine coin certiti-
Gates under the Sherman law: ana
finally should there at any time be
falling Otf of the gold in the treasury,
which is sure to come sooner or later.
you Will begin to see editorials by the
score pointing out
what Menace
to the business of the country are the
outstanding S346. 600. 600 OF greenbacks:
and that unless they are retired, the
treasury will soon lose all OF its gold.
ana the country will be brought TO a
silver basis; and then the further de-
mtnd will be made that these green
banks be retired with longtime bOrd.
upon which more promises to pay can
be issued by these banks. In fact, 1t
viii not be many years before they
demand the retirement of all forms
OF paper money other than
their own notes. which the people
Of this country will then be compelled
70 accept as money. When this comes
about land unless it is stopped now it
Will come aOOuD the victory or the
ShylOckS will be complete. for il these
banks can now not only prevent the ma
tIOnal debt from being reduced. but on
the contrary can make congress increase
IL SO they may p6rpetuate themselves.
when ana where Will their power end?
Now. when the people of THIS country
awake 10 full realization of
this, as we mean from now
on they shall. does any sane
man believe they VIII pass under
that yoke that viii agree to increase
their indebtedness Just for the purpose
of giving those who control national
banks the privilege OF supplying them
with the circulating medium? Will
they thus place in the hands OF a few
men the power to absolutely control the
destiny of this mighty republic? No,
they will not do anything OF the kind.
and more, they viii demand that what
remains of the national debt be paid
Just as fast as possible: and more. l be-
ieve they Will demanu that their paper
money be based upon gold ana silver,
and not upon gold and debts.
First, let our adj ersaries agree to the
free coinage OF silver at either the ratio
OF 10. or Is TO L. prefer the former.
III they 40, we will agree 70 the uncOn-
dil1OI1aI repeal OF The Sherman law.
Next, amend the national banking
laws so as TO permit any national bank
to Issue It's notes up to the face value
OF 100 per cent upon the deposits OF 90
per cent with the United States treas
urY IN either United States gold or sill
yer coin other than subsidiary silver.
Further, amend by repeating the tax
on national bank circulation Ii this
can be brought about. am sure that
not only confidence will be instantly
restored, but that this country viii
have raised alOft the beacon light which
Will lead the world towards prosperity
for half century TO come. Applause.