The farmers' union. (Memphis, Mo.) 1891-1895, 1894-03-08
BANKS MAKE A PANIC.
HOW THEY CONSPiRED TO DE-
MONETiZE SILVER.
An iowa Paper Says That When a Man
Becomes National Tanker He Ceases
to He q Good Citizen-TraitOr to His
Patrons.


Patrons.
A Menace to Prosperity.
The Referendum, of Mt. Pleasant.
Iowa, goes for the National Banks and
bankers without gloves, and shows
how the banks of Iowa aided the re-
cent bankers panic. 1t says:
I'VE have no quarrel with individ
long as they follow recognized honest
commercial usages, but we have ser
ious difference with certain institu
tions of law. prominent among which
are the national banks. Mark this
assertion. When man becomes a
national banker he ceases to he a
good citizen. He becomes a traitor to
his patrons and to the community at
large. and is a positive menace to
prosperity. In this unreserved charge
we do not exempt the national bank
ers OF Mt. Pleasant. They were part
and parcel of the foul conspiracy to
demonetize silver, and did, at the
command of the National Bankers As
sOciation, retire large amount OF
their circulation to help precipitate the
panic that was falsely attributed to an
over supply of silver. One of these
banks alone sent So, 900 of its money
to Washington and took up the bonds
held there for their security; the
other bank probably did the same.
And this was done when our business
men were pleading with them for
money TO save them from bankruptcy,
offering the best security, unques-
toned by the banks. One of these
banks is recognized as democratic
institution, the other as Il republican.
and representative from each Of them
went together among our business
men and prominent citizens, and So
licited them to sign a petition to Con-
gress to repeal the purchase clause in
the Sherman law. They represented
to those they asked to sign the infa-
nous document, that silver was caus
ing the hard times and panic, when
they knew it was false, for with their
own hands they had helped to produce
the money stringcncy by Withdrawing
their circulation. They were the con-
spirators, and every business man in
Mt. Pleasant, and every farmer in
Henry County. every producer and
consumer, every citizen in fact. except
the taker of usury, has these same
home banks to thank for large part
of this local depression. They are Iii
rcctlv chargable with much of the
suffering III our midst from lack of
employment of laborers, the natural
consequences of privation, inadequate
food, clothing and fuel, added to the
mental tortures of restitution, being
sickness and death.
Every business man who is Dor
rover Mt these banks knows that his
line of discounts was arbitrarily re-
duced or entirely cut off. but he was
not told that it was part of conspir-
acy to make him bankrupt. He was
not informed that the National Bank
srs' Association, whose power extends
without question to every national
bank in the Union, not Il member of
which dares disobey it's mandate, had
ordered uniform retirement Of nat
tlonal bank notes, the proportion of
which for such banks a. those ut Mt
Pleasant was $25. ZOO. No, the cause
of the ''stringency" was kept pro
found secret, and the lamnable false
hood constantly reiterated that it was
silver, too much silver, repeal the
Sherman law and money will reap
pear like a jack-in-thebox. Silver
was the cause of the panic in one
sense. Silver in a measure was the
friend OF the people, and stood in the
way, slightly, Of base financial
schemes, and to destroy the white
metal the panic was ordered on. And
it is still largely ON. though large
list of accounts have been balanced al
ready by change Of ownership Of
property, and the panic is going to
stay on until those 100000, 900 Of
bonds are issued. 1t will come of of
its own accord then and wait for the
proper conditions for another squeeze.
We are told that our home bankers
could not safely disobey the orders OF
the National Bankers Association
that they would have been boycotted
and compelled to redeem their notes
in gold and greenbacks rs provided
by law; that their credits would have
been repudia,ed and line of exchange
cut of. Perhaps this is true. We
presume it is. We would rather be-
lieve so than to think our own
townsmen guilty of willingly partici-
rating i'll the infamous conspiracy.
But nevertheless the fact remains that
these same banks--the national banks
Of Mt. Pleasan.-are curse to the
community, and the managers. com
PEELED in self defense. to be traitors to
their patrons. They are. by force OF
circumstances. enemies to prosperity
and :.isloyal citizens.
Barter and Sale of O!:icr.
There are in all the Washington pa