The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1894-06-19

actor IN Gl0 SGaG0 TO 40 SOOO Gu0
best way to those who, without it's
benefcent influence, would bring dis
honor instead of credit.
ANOTHER BANKER CIRCULAR.
We have published three Infamous
circulars issued by the English and
American Bankers Associations, show
ing how they got certain legislation
detrimental to the interests of the PEG
pie at large. The first was the "Haz
zard Circular, " sent out in 1862, relative
to a bond issue. The second was the
''Buel Circular" dated Oct. 7th, 1877.
The third was the Panic Bulletin"
issued March 18Th, 1898, calling on the
bankers to take steps to call in their
circulation for the purpose of bringing
on the panic to get the Sherman law
repealed, thereby demonetize silver
and get a new issue Of bonds, all of
which has been carried out to the let
ter. The fourth will be found below:
TOriginal copy of this letter is in pos
session Of the Express, by kindness of
Geo. @. Ward.
THE AMERICAN BANKERS ASSOCIATION,
No 2 Wall ST. and 1904 Broadway,
Room No. A.
NEW YORK, Aug. 10, 1898
To the Bankers of the United States:
GENTLEMEN: The extraordinary mon
etary crisis through which the United
States are now passing, which involves
the banks of the country to an extent
that compels their officers to remain
constantly at the post of duty while the
danger is imminent, has constrained
the American Bankers Association to
indefinitely postpone it's annual con
vention called for the 9th and 7Gh prox.
at Chicago. Tnis will prevent such
expression upon the part of the Asso
citation as the financial situation de
mands, which otherwise would be made.
1t thus becomes the duty of the officers
of the Association to speak for it at this
time, and suggest what seems to be the
proper action for the bankers of the
country to Immediately take with a
view to obtaining speedy relief from
the continued and disastrous strln
gency.
1t is manifest that the immediate
cause of the prolonged stringency is
the fear and apprehension of disaster
engendered In the minds of the people
by the continued purchases of silver by
the government, and by its ~unceasing
issues of it's obligations therefor, re-
deemable in gold, which fear and ap-
prehension can only be removed and
confidence restored by the removal of
the cause. It is believed that the
bankers of the country will unC erstand
and realize this to as great, if not to a
greater, extent than any other class of
citizens, and it therefore becomes the
duty of such of them as fully real
ize this to urge upon their fellow
citizens, and upon Congress, the great
necessity for the Immediate and uncon,
ditiOnal repeal Of the purchasing clause
of the Sherman silver act.
The repeal of this clause is demanded
in the interests of those favoring a gold
standard, and of those ~favoripg the use
of silver with gold, as the continued
purchase of enormou quantities of
silver with gold obligations can only
result to the final inability of the gov
eminent to redeem such obligations in
gold, and in the continued over pro-
duction and consequent further depre-
citation of silver, thus rendering the
prospect Of any international agree
ment for it's more general use through
out the world more hopeless than at
present.
The President Of the United States
having convened Congress in extra
session and recommended to it such
repeal, the power of public opinion
should be brought to bear upon Con
gress, to induce favorable action there
on. This may best be done by invok-
ing the aid of the press, and by citizens
writing to their Senator'S and Represen-
t~atives, and by sending to them petit
tions urging such repeal; all of which
should be done to the fullest extent
possible, and without delay.
A blank form Of petition is enclosed,
to be circulated among merchants,
business men and others for their sig
natures, TO which additi nal sheets
may be appended. Act at once in the
| matter and secure the intelligent CO.
operation Of others, providing them
with printed Or typewriter copies Of
! the petition for the purpose,
WILLIAM II. RHAWN,
! President.
E. H PULLEN, Chm'n Elk Council.