The midland journal. (Rising Sun, Md.) 1885-1947, 1894-12-14
Friday, Dec. Ii, 1894.
Banks and People.


The Committee on Banking and Currency
of the House commenced operations the
first week of the session to make arrange
ments to frame bill in accordance with
the wishes of the New York bankers, a
number of whom have been summoned
for consultation by the Committee. The
Presidents and Secretary Carlisle's
clumsy plan is not acceptable, but it
served its purpose to introduce the subject
in a formal way. The plot has been pre-
pairing for long time to get a frmer
hold upon the finances of the country and
upon the throat of the people. For this
the Treasury has been looted of its gold,
for this silver was demonetized, for this
the single gold standard has been fastened
on the country, for this an apparent
necessity, or rather excuse, was made for
selling bonds, for this case was manu-
featured to order for the destruction of
the greenbacks, and all currency issued
by the government and a panic for the
repeal of the Sherman law. This plot of
the gold ring has been unfolded with
consumate skill as it progressed from act
to act and scene to scene like well COIL
structed drama in its movement. The
panic of last summer was the shock
designed to startle the country and spread
ruin far and wide. and the financial
SYSTEM was blamed by the plotters for
their own deliberate, diabolical work,
palmed off on an unsuspecting and all
too easy-going, ignorant people.
Cleveland was prepared for the work
and his nomination and election adroitly
managed by the gold ring, and then all
their batteries turned upon him and the
imbecile congress which was partly elected
and partly counted i'll, and its Waterloo
overthrow secured, to be replaced after
the 4th of March by one that is corpora
ton and single gold standard in warp and
wool
The fag end of the present congress is
to make preliminary arrangement for the
revised system of banking which is to
place the entire control of the money,
both coin and paper, at the disposal of a
class of rich bankers, with power to ex-
pand and contract at their will, the issue
of currency, while the government stands
in the helpless condition of endorser.
This, in nut shell, is the financial
scheme now incubating, to be forced
through the next congress if it is in the
power of money to do it.
This public plumber scheme of the
bankers is to be the financial plank of the
republican party in the next Presidential
campaign. A revised edition of the old
state banks with the government for
security for their notes. If the green
backs, silver certificates and other cur
rency can be got rid of by funding into
bonds the new banking system will sup
ply even smaller quantity of circulation
than we now have. The favorite issues
of banks is credit money. They give the
borrower credit on their ledgers for the
amount his note calls for and tell him to
check against it. If there is enough cur
rency to meet checks when money is
demanded, that is all the banks want in
circulation. Their credit, ledger account
money costs..them nothing. 1t is invis,
ible, it can't be taxed, and the collateral
pledged for the payment OF interest is all
they want in sight.
The question is pertinent here, if the
government is to act as security for a
class of money monopolists, hadn't it bet
ter act as principal, and be both issuer of
the currency and the banker for the peo-
pie? 1t would not cost the people one
sixth as much for the government to take
the entire business into its own hands
and send Shylock adrit.
Shylock is now about to boldly show
his hand, believing that he holds the
winning cards with picked republican
congress at his service, and man in the
Presidential chair only too glad to accom-
modate him, it is time the Populist party
presented complete financial plan with
all necessary details. Their money plank
has been an issue of legal tender currency
direct to the people, and free coinage of
silver. This is too indefinite. This gen
eral purpose must be reduced to detailed
system. We must be as definite as the
bankers and tell the people exactly how
the legal tender currency is to be issued
direct to the people and kept under their
control without the intervention of
banking corporations" and the only way
is by government banks. The Populist
party must take this definite position,
and no longer rest upon the loose plank
of the "sub-treasury plan of the Farmers
Alliance or better system" This loose
talk has had its day. The financial pol.
icy of the Peoples party henceforth must
be definite, and there is no other position
to choose in which the money can be
kept in the hands of the people except by
a system of banking of their own, which
is banks managed entirely by the govern
ment. Let the Populists nail this flag to
the mast and go into the campaign of
1896. Give the people the choice between
their own government and Shylock's
control of their money,
Trade and commerce begot credit,
credit begOt uSury, and uSury begot