Democratic Northwest. [volume] (Napoleon, Ohio) 1869-1894, 1893-11-02

the interview with Mr.. Morgan Read
Il, people Of the Great West and then
ponder on IL:
81 do not deem It my business to adj
wise legislation What you show me In
print as reported coming from me Is
nonsense. What did say will give
you to make my meaning intelligible-
/ do not wish my name brought for
ward, however, as interfering in the
public concern. Now, this is what
did say: 1t will not be enough !
said, merely to repeal the silver pur-
chase bill Four things are required
TO be done, according to my ideas, and
they ought not to be done separately,
but In one act together, so as to con-
summate and make effective financial
policy. If enacted in parts there will be
MORE POLITICAL sKIRMIsHING
And delay. First repeal the Sherman
act, and If thought proper make It take
effect at the close of the fiscal year.
This will be some satisfaction TO the
silver states and their representatives
Second, legislate to keep the one hun
dred millions of treasury gold reserve
undiminished. At present II fluctuates
and is down to-day to ss0,00000 Be-
cure It's solid and permanent main
tenance and provide the bonds to main
tain it, Third, stop the issue of gov
ernment bills below five-dollar bills.
This again would be in favor of the silver
men. The bills would be drawn against
the silver bullion. Fourth, let there be
| the power for the secretary to sell, say
| $500, 0,000, 600 of bonds at not more than
per cent. interest-bearing power, to
procure gold, and apply it Let restric-
tion also be taken away to issue bank
currency to 90 per cent. of the bonded
security, and let it be issued to the full
amount of the bonds That is what l
did say" said the banker of the great
est will and influence in the United
| States
Two hundred million dollars of four
per cent. U. s. bonds is what the bank
ers want With such power given the
president the New York bankers would
make currency scarcer than it has ever
been. They would gather the green
backs and the silver certificates and go
to the U. S. treasury and demand gold
for them. Then they would lock up
the gold and gather more paper cur
rency and make additional demands on
the sub treasury until they would
deplete it. In thirty days from
the enactment of such a law
the New York bankers would
have possession of the 100000, 900
of bonds. They would loot the sub
treasury of its gold and buy the bonds.
Not dollar of gold would be brought
| from abroad, The bankers would take
the reserve gold with the one hand by
presenting greenbacks and silver cer-
tificates and pay it back for the bonds
with the other. They would impoverish
the country Of currency The crops
would lie in the cribs and bins and
warehouses, while the bankers were
| clutching the bonds.
After expressing similar views as to
the issuing of bondsas did Mr.. Morgan,
Henry W. Canman, president of the
First national bank, of Now York,
having his attention called to the
fact that France carried s700, 10000 OF
| silver at par, SAID:
''No country is more misunderstood
than France and her currency. The
Bank of France notes are literally fiat
money They say fifty francs, 'one
hundred francs, and do not promise to
redeem the bank note in any kind OF
coin The fve-franc piece in silver is
the general legal tender of France.
They maintain the parity Of gold, sill
yer and paper by main strength. You
can not, except from the Bank OF
France, get together 100000, 900 OF
gold coin to export under two months
Now, the area of the United States is a
factor in exchange. Money moved
from New York, or even Chicago, te
Denver, loses earning power en- route
Wide differences of locality and inter
est raise complications here no nation
in western Europe encounters.
HAD WE SOMETHING
Like the Bank of France or the Banl
of England or the United States bank
we would still be straired to preserve
the parity of our money by maiI
strength, as in France, and distance
and loss of use would tell against us
Our great and steady production of sill
yer always threatens us with mono
metalism in that one standard. Upol
this subject was twitted in Brussels
and / said to the Bank of France dele
gate; 1t is by main strength, by you
concentrated bank power over a small
national area that you arrogate tn,
control of your money"
Observe, citizens of Ohio and tn,
great west, Mr.. Cannon wan tstAe oil
United States bank restored.
Are the people prepared for this?
Do you want the monster whicl
President jackson throttled revived?
Do you want a consolidation of th
money power?
Do you want the grasp of the tyran
at your throat?
DO you want the corrupting infuenc
which the old United States banl
exercised over congressional and othe
official life restored.
Do you want to be put as people q
the mercy of the money power?
Do you want moneyed aristocrac
and government administered by plu
J tocrats?
The views expressed by Mr.. Canno!
are the natural fruits Of special legis
lation. They are the outgrowth of pa
ternal legislation.
Is it not time for the people to paus
= and consider whittier are we drift
ing?" If ever defeat was deserved tn
} republican party deserves it this year
People of Ohio, are you prepared t
, hold out your limbs for the shackles?
> Have Their Fighting Clothes On.
The democracy was never in bette
! fighting trim and mood than it is thi
fall. The spirit of the old timers
thoroughly aroused. There is no fuss
ing, but thorough determination. A
the opening of the canvass the repul
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