The representative. [volume] (St. Paul, Minn.) 1893-1901, 1894-03-28
GOVERNMENT CURRENCY DOOMED.
Wisconsin State Banker Talks Freely
and Sounds a Warning.

A Wisconsin State Banker Talks Freely
and Sounds a Warning.
notice you published my letter as a
communication from "Our Banker
Brother" / hardly thought you would
represent me in that role, but as you
have l want to express to your readers a
few facts in regard to banking and
money interests generally.
In the first place, my feelings and
sympathies are wholly on the side of la
Dor, and if it is within my power to in
fuence legislation in its behalf I shall
do so, but if in the next two or three
years the people still despise the prin-
ciples formerly advocated by the Green
back party then shall bid them a sor-
rowful goodby and plan only for my
own comfort in the years to come l
shall convert my means into interest
bearing obligations, shall work not,
neither shall spin, and those who are
in debt to me will be required annually
to pay their rate Of interest regardless
Of what their income may be.
The closer the financial interests the
greater the rate of interest, and the
gold basis is the leverage that controls
it. I believe the gold basis cry is the
greatest humbug that was ever raised
against the people; but, my dear broth
er, we have not seen the whole financial
scheming which lies beyond this basis.
Government currency is doomed. The
edict has gone forth, and unless the peo-
pie awaken to the real danger that is
before them they will find that all paper
currency issued by the government will
be withdrawn, and state banking under
government supervision will be estab-
lished. Better that system than the pres
ent corner that controls our finances
"Other good bonds" than the national
issue is the Cry. The south and west are
dying for money, and adoption of state
banking under such a system will bring
relief i'll many places
As I said, 1 shall protest against this
privileged form Of legislation, but if it
comes our state bank in Mukwonago
will double it's capital stock, we will Or
ganize under the new requirements, buy
"other good bonds" bearing or per
back i'll this new national currency 90
per cent of the face value of the bonds
deposited and with this new currency
continue our loans to the people. Can
any reader of The Referendum see the
magnitude of this scheme? If we loan
at 6 Or Z per cent and the basis of our
currency, the bonds at Washington,
r, q
rate Of profit? 1t is the only business
in the world that draws interest on it's
own Indebtedness, for if these bonds are
not debt what are they? Every dollar
Of such stock is worth from 10 to Is per
cent, according to its business.
remember few years ago the words
of a prominent Greenbacker, who la
bored and pleaded for the cause, but only
received form Of abuse. 1t was at the
last Greenback convention | attended in
Wisconsin. This party passed around
among us, shook hands and said: Good
by, boys. I cannot stay with you any
longer-my interests are now banking.
tried to hold up your cause, but 1 saw
Twas working in vain. You are right,
but am working for the money advan-
tage it gives me. 1 now close my asso-
Citations with you. Goodby." 1 have
followed this man, and find him an
honored member of the bankers union.
He meets with them annually, although
he knows in his own heart that he is in
privileged class. Yet he will work to
sustain it, for where a mans, interests
are there is his heart also.
A. H. CRAIG.
P. 81 can stand it if you CAN
Mount Pleasant Ga Referendum.