Iron County register. [volume] (Ironton, Iron County, Mo.) 1867-1965, 1894-12-13
CarlisIe's Banking Scheme.

CaruSles BANKING Sc0eme.
The new banking scheme promulgat-
ed by Mr.. Carlisle very likely conceals
a woodchuck. The friends of the plan
are trife too loud in their praise OF
it, and several shades too earnest In
their denunciation of a currency based
upon government Indebtedness, which
has seemingly had their en-
tire approval. Condemnation OF the
treasury note is very recent thing
with these parties. Like Jonah's gourd,
it has sprung up in a night; so sudden
has been its growth that Democrats
are suspicious of it. The indications
are that its roots are watered by the
fountains of Wall Street. There is
such footing of horns and beating OF
tom-toms in it's favor, and so much
racket is being raised in certain quar-
tiers, that it looks like an attempt to
stampede the common herd before they
have had time to reflect.
Take the two morning papers OF st.
Louis, both of which dance whenever
Wall or Lombard Street jerks the
string: The Republic is bowling itself
hoarse in favor of the scheme. Such
headlines as these appear from day TO
day: ..Friendly Sentiment Growing;
eastern Flnanciers Generally Pleased
with the Recommendations to Reform
the Currency ..Sympathy for the
Plan Growing;" ETC., etc. The dtooe-
Democrat has less to say about the
matter, because it understands that the
Republican party is chattel OF wall
Street. and because it's advocacy OF
nlan put forth by Democratic admin
istration would be taken as additional
justification of the suspicion growing
I'D in the minds of the people that both
parties are practically under the same
management and controlled by the
same men.
Democrats should recollect that the
same crowd that accomplished the de-
monetization of silver are backing this
scheme, and should give it the most
careful investigation before endorsing
it. The indications are that 1t Is
scheme to draw attention away from
the Free Coinage agitation.
There are several things to consider
in looking the scheme over. In the
first place, it does not propose to add a
single dollar to the money of the coun-
try. By the term money, we mean
money of final payment. All that Is
proposed by it is that the promises to
nav of banking institutions shall be is
sued and circulate as money-these
promises to pay being ultimately secur-
ed by the government.
Second, that it proposes to expand
the credit of the nation, but does not
propose to expand the basis on which
that credit rests.
Third, that these promises to pay
must be redeemed in cash some day.
If there is no provision for this, then
the notes put forth are fiat money Gre
ated by banks of issue.
Fourth, if these notes are to be re-
deemed in gold, as is evidently the in
tention, the government will eventual
ly prove the paymaster, and bonds will
be issued to borrow the gold, if the
government does not happen to have it
on hand.
The machinery is cumbersome, and
in all probability is framed to cover up
the Interior designs of the men who are
pushing it.
In view of the fact that Democrats
have been humbugged and swindled in
the matters of Tariff Reform and Free
Coinage, it will be we'll to keep in
mind the story of The Spider and the
Fly, as told in McGuffey's Fifth Reader
of a quarter OF century ago:
"'WiIl you walk into my parlor?'
Said the spider to the fy'
The fly walked in, against his better
Judgment, and that was the last of the