The representative., 1894-08-22
SILV Err.
Written for the Chicago Times by IL.
G. Miller.

VII
Disregarding the lessons of history, our
government, whose action is stimulated by
a large and powerful class of our citizens,
persists in keeping this country upon the
exclusive gold standard--a policy which las
only been in operation about 20 years, but
which has already given retrosrade
movement to our industries and the indus
tries of all the commercial nations which
have adopted it, and seriously threatens
them with the general disaster so forcibly
predicted by Senator Hunter.
The foremost of this class are the leading
bankers of our principal commercial cen
ters who, by a concerted effort, deli5er-
ately initiated financial stringency in the
early part of 1898, for the purpose of bring
ing about repeal of the purchasing clause
of the Sherman act, and which resulted in
the monetary panic of that year. The CT
fects of this panic, which caused a sudden
retirement of large portion of our cir
culatng medium, thereby dislocating our
industries, suspending large part of
them, and threatening the banks them
selves with insolvency, still continuing,
and they will not be overcome SO long as
this baleful policy is pursued. The bus-
keep the cash accounts of their customers,
and in prosecuting it they acquire control
of the circulating medium of the country.
The money Of their patrons, which they re-
ceve on deposit, furnishes them with a
credit which they use as a substitute for
the circulating medium by lOaning it, GEd
upon which they receive interest, and the
checks drawn against it are used as a sub
stitute for money. A least so per cent of
the funds they daily receive on deposit are
,1,0 n,,6 h lie of OHyftc
Owing to the present chaos of our none
tary system, as all currency passes
through the banks they are enabled to Sc
lect and do select and retire from the
currency paid into them, that which they
esteem most valuable, and discharge their
own obligations by paying out that Which
they regard as least valuable.
In this way they demonstrate the truth
of Greshams law that poor money will
always drive good money out of circulation.
Today silver currency and paper money
redeemable in silver are practically our
only circulating medium. They are striv-
ing to drive this money out of circulation
in order that it's place may be taken by
proper issues of the banks. AS custodians
of the money of its patrons, these leading
bankers have acquired an influence over
the legislation of our country and the ad-
ministration of it's government that is
truly alarming. Strange to say, they
largely dictate the sentiments OF our
business men upon all financial subjects.
METROPOLITAN newspapers, with a few hon
orable exceptions, of which the Chicago
Times is a conspicuous example, are their
obseouous servants. Arguments are not
replied to, but those who favor the use of
both metals as standard money, and who
insist that the same consideration and
treatment should be given to silver that is
accorded to gold, are denounced as SILVER
cranks" and victims of the "silver craze.
Hamilton said in his mint report: But on
the whole it seems most advisable not to
attach the unit exclusively to either metal.
because this cannot be done effectually
without destroying the character and Of
flee of one of them money, and reducing
it to the situation of mere merchandise,
To annul the use OF either OF the
metals is to abridge the quantity OF the
circulating medium, and is liable to all
the objections which arise from compari-
son Of the benefits of a full, with the evils
of a scanty circulation Was Alexander
Hamilton a ''slver crank?' Jefferson In
returning to Hamilton his mint report,
said: Il concur with you in thinking that
the unit must stand upon both metals.
Was Thomas jefferson, the founder of the
Democratic party-was he "silver crank?'
George Washington signed the bill which