The farmers' union., 1894-02-15
pendix page 53 and 55, Feb. Eth,

The question remains, who shall
Issue tins paper-the government or
the banks? answer tue government.
| say the government and not the
banks. should issue that paper. for
all the reasons and upon all the con
siderations which can influence the
decision Of the question. The gov
ernment should issue that paper be-
cause 1t is for its own use, and he.
cause, also, let who will issue it, the
government must furnish the means
for taking il up. II the banks issue
1t, they will simply loan it to the
government upon its promise to pay
that amount in given period with
interest. The banks viii loan the
government one hundred Of It's prom
ises each to pay ten dollars on de
mand, without interest, in exchange
for the government promise tc pay
twenty gears. No man believes that
those one hundred promises can ever
be redeemed until the banks have
raised the money upon the govern
ments promise. Until that time the
people must hold the bank notes, and
pass them from hand to hand as
money. and must pay interest up
on the note Of their own government.
/ the government should issue that
paper, because its promises are safest
to take, and surest to hold. 1t is the
only party Ultimately liable for their
payment, and it is the only party able
to pay What We call the Treasury
note is equivalent to Il note signed 10y
ever individual in the Unitc'! States
and 10y proSterity 1t has these al
vantaSes over Ii, other securities; !;
the holder always knows how much
OF that paper Is cXtaEt, which is
rarl y known OF that paper issued by
an individual or by Il company. Ii
has the largest estate pledged to its
redemption; its obligations dcties all
statutes OF limitation, and survives
the death of generations.
Sir, we hear Il great deal s:.il aboa;
the monied power Of our country
the capitalists, and OF their iiHpor-
tance to the country. Daily we are
pointed to them, and we are told they
hold the purse string to the na-Ion.
Daily our IiaancierS. our observing
men, rush to the columns OF our com
mercla! organs TO see 'how the
credit Of the United States stands in
| Wall street or State street.
Mr. President, those who use such
language, terrlabIy and almost fatally
mlaapprehend where lie the wealth
and the strength OF the nation. 1t is
not piled up upon the few insiynif
icant acres composing YOUR grea'
cities swollen and distorted as the,
are. 1t lies in the productive it,
dustri.s and the productive sell OF
the country Within the last siS
months YOU have gathered from tn.
ranks of that hardy industry tho
magnificent host which, now encir
cling the monster rebellion, preparln.
generous soil your hoast is fed an'
furnished. The daily pay and til,
daily feed of that arm would, in 81,
months, empty your banks 50 cleal
that every vault in tie country worl'
collapse.
While tie army remains in the iiel,
YOU need not resort to Wall trcet t,
have the credit of the nation endorsed
Ard should that army leave the iiel,
before the rebellion is destroyed
which it never will-all the endorse
ment you will get in Wall stree
would not enable YOU to carry on
country tavern for twentyfour hours
In the land and labor of the coun,r,
consists the nations wealth. Let th'
country make note of that fact.
10 talk of borrowing Of your bank
the money to support your army an'
your navy is rs idle as for Eng gla,is
TO talk of borrowing from her nations,
bank the money to pay her nation;,
debt. There is but one fund ade
quate to supply the national finances
and that is the property Of the nation
There is but one guarhtec upon whlci
the national credit can securely rest
and tia. is the national faith.
On the 27th day of February, 1897
Il Cabinet council was convented u
White hail. 1t was Sunday. Th
: kin. attended. 1t is said to hay,
been the only occasion upcn whici
he attended Z meeting OF the Cabine
Oh the Sabbath day. The ..ircctor
OF the bank were ordered 10 pay on
no more specie "un,il the sense o
Parliament could be taken. From
that time until lSl5-more thai
eighteen years-tl,e trade OF Eug!an(
vas supplied BY the government in ;
great measure sustained by the US,
of an lrredeemable paper currency
In fact. the bank did not fully re