Washington standard. [volume] (Olympia, Wash. Territory) 1860-1921, 1894-03-02
One Analysis of tho Crisis.

IN 'AANOAhD' IN order that the
people may better understand the
present financial crisis, or at least the
, causes that produced it, call your
attention to the following private cir.
cular sent out to the bankers of the
country by their Secretary, James
. Burl:
dear Sir--lt is advisable to do all
{ In your power to sustain such daily
and weekly newspapers, especially the
agricultural and religious press, as
; will oppose the issue OF greenback
, paper money. Let the government
issue the coin and the banks issue the
paper money of the country, for then
we can better protect each other. To
repeal the law creating National
banks, or to restore to circulation the
government issue of money, will he to
provide the people with money, and
Will therefore seriously affect your in
dividual profits as banker and lender.
See your member of Congress at once,
J and engage him to support our inter
ests that we may control legislation.
JAMES BURL."
Again, We have nearly 200 bankers
in Congress. 1t is human nature for
everyone to work for his own interests
and it is expecting too much to sup
pose that bankers will work for the
masses of the people and against their
own interests. By reference to the
Congressional Record you will find the
following resolution passed by the
Senate of the third Congress OF the U,
s.. Dec. 23d, 1893.
Any person holding any office or
any stock in any institution in the ma
ture of bank for issuing or discount
ing bills or notes payable to bearer or
order, cannot be a member of the
House whilst he holds such office or
stock" The resolution was signed by
George Washington.
At that time there were only three
banks in the whole country. Yet
Congress thought even at that time
that the bank influence was such a
standing danger to the maintenance
OF legislative purity that it deemed it
necessary TO provide against it by
special legislation. The three banks
OF 1893 have grown to over 5000, most
of whose interests are represented in
Congress, while the industrial classes
are, comparatively. without any rep
resentation.
And further: / assert, without fear
of contradiction, that the contraction
OF the currency by legislation has
been the cause of more misery, degra-
dation and poverty than anything else +;
in support of which | call your atten-
ton to the language of the Money
Commission, created August Is, 1876,
consisting OF three U. S. Senators,
three members of the House and three
Secretaries who made report March
3, 1877, as follows: "That the dark
ages were caused by decreasing money
and falling prices, and that the recov-
cry therefrom and the comparative
prosperity which followed the discov-
cry of America were due to an unceas-
ing supply of the precious metals and
rising prices will not seem surprising
or unreasonable when the noble func.
tons OF money are considered.
Money is the great instrument OF
association, the very fiber of social or.
ganism, the vitalizing force of indus
try, the protoplasm of civilization and
as essential to its existence as oxygen
is to animal life. Without money, civ
ilization could not have had begin
ming and with diminishing supply it
must languish and, unless relieved,
finally perish. Falling prices and
misery and restitution are insepa-
rable companions. 1t is universally
conceded that falling prices result
from the contraction Of the money
volume. The highest moral, intellec-
tual and material development of ma
tions is promoted by the use of money
unchanging in its value"
Notwithstanding these facts, the
congress OF '62 created money, and,
as Thad Stephens said, by its very
terms declared it q deprecated cur
rency. 1t made two classes of money ::
one for the bankers and brokers and
another for the people. 1t discrimi-
mated between different classes of
creditors, allowing the capitalists to
demand gold, and compelling the Or
binary lender OF money on individual
security to receive notes which the
government had purposely discredited.
To further confirm the facts set
forth, call your attention and espe-
cially that of your readers to the fol-
lowing confidential circular issued in
1862, by English capitalists, to the
bankers of this country, with view OF
having the financial legislation Of Con.
gress pave the way for its final adop-
ton as the settled policy Of the ma
ton. The circular shows how we'll
they succeeded. Here is the docu-
ment, and 1 hope every paper not sub
sidized by the money power will pub
lish it in large type, SO that he who
runs may read it.:
slavery is as likely to be abolished
by the war power and chattel slavery
destroyed. This I, and my European
friends are in favor OF, for slavery is
but the owning of labor and carries
with it the care of the laborer; while
the European plan, led on by Eng
land, is capital control of labor by con.
trolling wages. This can be done by
controlling the money. The great
debt that capitalists will see to it is
made out of the war, must be used as
q measure to control the volume Of
money. To accomplish this, the
bonds must be issued as a banking
basis. 1t will not do to allow the
greenback. as it is called, to circulate
as money any length OF time, for we
cannot control that"
In the name of common sense do
the people require any further evil
dence OF the causes that have brought
us to our present condition? In the
language of Patrick Henry" Shall we
lay supinely on our backs, hugging
the delusive phantom of hope till our
enemies the money kings) have
bound us hand and foot?"
Respectfully,
]. G. Cos.
THE SCHOOL TEACHER WON.-In
Justice Rathbun's court Wednesday,
John Lowe sued the Yelm school dis
trict for $45 salary and one months
board, and the decision was favorable