The midland journal. (Rising Sun, Md.) 1885-1947, 1894-11-23
The New National Banks.

'"rhe impression here wall street.
seems to be that the influences which flow
out of the election of last week will be
such as to array in one party those who
oppose national banks, who favor larger
issues of Government currency and upon
less stable security, who insist upon free
silver; and it is hard to see how that can
be anything else than an organization
bnilt upon the ruins of the Democracy,
for the Republican party, as whole,
favors national banking system, opposes
free silver coinage, although not hostile
to proper use of silver, and is opposed
any issue of Government currency which
may not be instantly converted into
money whose value is recognized and
accepted the world over"
There you have Wall streets latest
utterance from one of the plutocratic
organs which doubtless speaks by the
book. They have no further use for the
present democrat party of the Cleveland
kind. Wall street claims to think and
speak for the republican party and pro-
claims the party all enemy to silver ex-
cept as a subsidy coinage for the use of
poor people and trades people, who have
use for only five or ten dollars at time.
Silver will answer as a legal tender for
these scurvy folks, but not for the great
bankers and gamblers in stocks and pro-
duce, who call themselves business"
people. The greenback, too, is the peo-
pies money. They want no more of it.
National bank currency only and gold.
And they are already writing the repub-
lican party's next platform, which con-
tains but ones sound money -plank,
and that plank National Banks, to issue
all the currency OH basis of security of
their own choosing,
A $50, 900, 900 gold bonds" loan is
called for this month, and already the
advanced rumor comes from the temple
of Mamnon, that early in March, after
congress adjourns, or expires, still another
issue of bonds will be called for. In con-
nection with this pleasing news-pleasing
to Shylock's ears-the opinion is adj
vanced by the same Wall street authority
that not less than $3.50, 900, 900 gold should
be kept on tap by the Treasury to Gre
deem" the 5000, 900, 600, of paper money.
this suggestion is accompanied with the
further momentous fact that when the
greenbacks and legal tenders are snapped
for gold they are again issued and can be
traded ad libitum, or as long as the Adj
ministration will sell bonds to replenish
the Treasury. This national bank advo-
cate or herald rather, i'll making its mas
ter's orders known to the public concludes
that such fnanciering will not do and that
the government must get all of its cur
rency issues out of the way, which it can
accomplish by funding" that is issuing
interest bearing bonds and burning up its
paper money, which consists of 346, ooo,-
900 greenbacks. 100, 900, 900 of legal ten
ders and in round numbers 400, 600, 900 of
silver certificates, which Shylock assumes
is all pledged to be redeemed in gold.
In place of this new order of national
banks is to be established, not based on
government bonds but any other sound
security, and they to issue all the currency
in future, redeemable at the pleasure of
the banks, not as they construe it for the
government, redeemable at the pleasure
of the note holder and in gold at the note
holders option.
This is the work to which Wall street
has already pledged the republican party
and the new Congress. Their plan of the
new national bank was sent to Baltimore
to be made public by the bankers con-
vention held in that city, which was ell
dorsed and praised by all of their papers.
And Mr.. Cleveland has word passed to
him to launch the new scheme iii his
Message to the present Congress, and the
"man of destiny" is writing out his
financial policy" message.
This conspiracy of the money power
has been incubating for thirty years, and
is now ready to break from the shell, and
the republican party is engaged to act as
midwife at the ACCOMPLISHMENT. The PEG
pie have enjoyed their fun voting now
they can prepare their necks for Shy
locks yoke which he has fitted in accord
ance with their demads as he interprets
them in the election