Phillipsburg herald. [volume] (Phillipsburg, Kan.) 1882-1905, 1894-06-21
The Topeka Convention.

There is no two'faced ambiguity
about the platform adopted by the
peoples party Of Kansas in state con-
veution. Its demand for financial re-
form on foundation Of silver and
gold, to be coined without limit at
the present American ratio, is direct
and hampered by no mental reserva-
tions
Its note Of warning of the danger
and insecurity Of the present national
banking system and its call for one
that will better promote the interests
Of the masses of the people are point
ed and timely. A system under
which 1853 national banks went down
with train of ruin in 1893 in a panic
designedly precipltated for base
purpose by the controllers of that
system is not adapted to the require.
ments Of the American people. Too
much stress cannot be laid upon the
dangerous power that is vested in our
national banks, a power they are now
seeking to multiply by capturing
from the government the right to is
sue all currency and thus completely
control the circulating medium.
1t is only necessary to recall some
incidents Of last year, showing how
absolutely business interests are sub
iect to the concerted action Of the
banks, to justify the vigorous Ian
guage of the Topeka convention and
It's special appropriateness on the eve
of the election Of new congress.
A. little more than a year ago it
was decided by the associated banks
to force special session of congress
to stop the purchase Of silver by our
government. 10 that end it was de-
termined to make money scarce and
precipltate hard times, the result to
be charged TO the silver purchasing
law, the object being to manufacture
public sentiment against the law and
influence congress-. This was the or
igin of the business wreckage of 1853.
The pane, deliberately planned by
the banks, got beyond their control
and they had to share freely in the
ruin impelled by themselves. When
the conspiracy was shaped In New
York the following was sent to every
national bank, in circular form. 1t Is
we'll worth reperusal and preserva-
ton:
Dear Sir: The interests of national
banks require immediate financial
legislation by congress. Silver, silver
certificates and treasury notes must
be retired and national bank notes
upon a gold basis made the only
money. This will require the author
ization of from $500, 10000 to ST., 000,-
100000 of new bonds as basis Of
circulation. You will, at once, re-
tire one-third of your circulation and
call in one-half Of your loans. Be
careful to make a money stringency
felt among your patrons, especially
among influential business men. Adj
vocate an extra session of congress
for the repeal Of the purchase clause
Of the Sherman law, aud act with the
other banks of your city in securing
u large petition to congress for its I'M
conditional repeal, per accompanying
form 4 The future life
of national banks as fixed and safe in
vestments depends upon immediate
action as there is an increasing senti-
ment IN favor of government legal
tender notes aud silver coinage.
The foregoing was reproduced in
an tr,lcle by William Knapp of Den
vpr in the June number Of the Amerj-
can Joundtof Politics. 1t discloses
the objects of the money power as au
thoritatively expressed 1t is dated
New York. March IL, 1893,
Is it right that professional money
dealers should possessthe power, by
contracting or expanding the cur
rency at will, to tamper with the
business Of the country and set III
motion forces too sweepingly destruc-
tive for control2
Did not the Topeka convention
touch the core Of live subject in ar
raigning the national banking system
and demanding something better2-
Rocky Mountain Netcs.