The weekly intelligencer. [volume] (Lexington, Mo.) 1891-1901, 1894-12-22
THE NEW FINANCIAL SCHEME.
To the Editor of the Intelligencer:

To the Editor of the Intelligencer:
We are threatened with a new iinan-
cial policy. Incredulous of belief, an
administration elected by democratic
votes proposes the establishment of a
national banking system, aud that, too,
the most objectionable, from a demo-
cratic standpoint, ever suggested in our
national history. Nothing could more
forcibly attest the utter political demon
alization of the party-not even tic
recent overwhelming defeat-than the
silence of both press and public men in
the face of this threatened danger. No
sooner was the message of the presi-
dent delivered, urging the establishment
of this national banking system, than
every democratic senator and repre-
sentative should have repudiated the
plan as treason to the party. A demo-
cratic president and a democratic con-
gress fasten upon the country a national
banking system, and especially one of
the character proposed, and ! venture
there is not a state in the whole Union
excepting, possibly, New York; would
VOtC tuC CthOCloiIC tiChCt III Ic'O.
God knows we are low enough politi-
cally, when In 1892 a president and
congress is elected by a majority al
most unprecedented, and in 1894, after
two years of democratic administration
of national affairs, states like Missouri
and Tennessee go republican. \ ust
democrats further stultify themselves
and sink politically still lower in order
to merit deeper humility? Nay, must
they foreswear every political creed of
the party and forsake every cherished
doctrinep
l write on this subject with hesitancy,
but 1t is no time for any man who cher
ishes the doctrines of the democratic
party and who believes in their per-
petuity as the only hope OF preserving
our liberties under constitution and
form of government, to remain silent.
As the .'plan" originates with one
country lawyer and is espoused by an
other, 1t may not be regarded as wholly
presumptuous IN a third to question the
ssplan," viewed either from a party or
business standpoint.
What arc the facts which have called
forth from a democratic administration
the espousal of a national banking
systenP These causes should be con-
stantly borne in mind. Silver has been
demenetized and gold made the unit
the republicans were unable
to accomplish, through democratic OPP
position, for twenty years. The banks,
treasury notes to the treasury,
demand their redemption in gold,
the law under which they were
issued declares they shall be redeemed
IN COIN, and the act of March 18th,
1869, ssto strengthen the public credit"
is to the same effect. The government
accedes to this demand, and to get this
gold, Mr.. Cleveland's secretary of the
treasury is compelled to sell bonds to-
day, in return for the same gold that
these banks withdrew from the treasury
but yesterday. Tomorrow tn treasury
depleted of gold in the same manner.
This process goes on without end, I'M
til the president and secretary cry out
il despair, and as a relief propose a
complete surrender Of the government
and Of the people to gigantic banking
corporations. Wisdom would seem to
that under these circumstances
he president should seriously inquire
whether or not the existing condition
II things Is brought about as a result
# the laws as they exist, or Of his pecu-
lar mode Of interpreting and enforcing
hem.
As q democrat, / oppose the plan.
As q democratic policy it is treason to
he name, and as a business '.plan," If
he welfare of the people is the end in
rev, 1t is the most absurd ever pro-
The ssplan," briefly stated, is this
The creation of national banks, TO
whom the government shall issue in
Totes se%venty-fve per cent. of their
the banks depositing thirty per
'ent. in treasury. notes or greenbacks
With the government; these banks are
be exempt from taxation of every
lind except a nominal sum to pay the
'xpsnses of carrying out the system.
The government Is to guarantee the
,ayment or redemption of these bank
totes, and is to have a first lien On the
assets.
This, in brief, is the system pro-
'osed, and from which it can be seen
t q glance it creates a more gigantic
monopoly and far more Objectionable
han the old national bank or the OK
sting system.
First-For q lifetime the democratic
'arty has opposed national banks of
II descriptions. From Jefferson until
every prominent democrat,
rom party and public reasons, have
opposed the creation of national banks,
nd every party declaration on the sub
ect has been against their creation.
his is a historical fact, known to all
men. But now we have a
resident, elected by democratic votes,
rho not only proposes a new system of
uationsl banks, but they are to be
reatsd as q permanent feature in our
ational finances. Shades of Jefferson
nd jackson!
The first national bank was created
a 1891. II originated with Alexander
Hamilton, then secretary of the treas
ny, It caused great dissensiOn in the
abinet of General Washington, and
the primary and final cause of its
Jefferson and Madison,
rom this cause, finally Withdrawing.
)ne of the latter's biographers, speak
ng Of this very subject, says: 1.-THE
Id friendship between him and Ham,
ton gave way to mutual distrust and
islike." In 1900 the principal issue
bat entered into the first election of
fr. Jefferson was opposition to national
anks aRd the policy of Alexander
Upon this issue the old
ederal party was defeated, and it was
he cause of its death. The charter of
he bank expired during the second
rar with Great Britain, when the ex-
of the country were greater
han ever before, and the government
cling in the complete power of the
ank, it WAS re-chartered as n matter
{ necessity. But when ITS charter was
bout again to expire, General Jackson
enewed the democratic wal upon ma
i0nal banks 'as gigantic monopolies,"
nd upon this issue in 1888 Jackson
Tas elected, receiving the enormous
ote- Of two hundred and nineteen in
he electoral college to bare forty-nine
Or Mr.. Clay, the idol of the wing party
nd the special champion of national
anks. In the succeeding election
'apBursD. though personally unpopu-
AZ rAceixad one nndre aud ~sevenfr