Barbour County index. [volume] (Medicine Lodge, Kan.) 1880-current, 1894-01-31
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The recent statement of Secretary
Carlisle, announcing that the govern
ment is running behind at the rate of
$4,000, 900 a month, is of suhicient i'm
portance to cause the patriotic Ameri-
can citizen to stop and think. A more
startling and alarming note could not
be sounded, and the sluggish patriotism
OF our people who have been listless
under the hypnotic power of a growing
OlIgarchy should be awakened from its
mesmeric somnolence. Men who would
shudder at the thought of resultant
bankruptcy it their own business was
in a comparatively similar condition
will say when they hear of the shortage:
Let them issue bonds to meet the de-
ficiency," and their interest in the mat
ter is then dropped. Would those men,
incomes, think of borrowing money to
make up the deficiency unless their
source of revenue was to be increased?
1t would only plunge them deeper down
the declivity of bankruptcy when the
fatal crash come. let the officials at
the head of this government are purSu-
ing this very course. With the consti-
tuition giving congress power to coin
money there is no other excuse for the
act than to do the bidding of the coupon
clippers and perpetuate the national
banks.
The sub-lettIng of the money issuing
power to the banks is subversive of re-
publican principles and there IS no nit
igating circumstances to modify the
act. A bank may organize on 500, 600
capital, exchange it for L. 5. interest
bearing bonds and then be allowed to
issue $4,000 in bank currency for
which they get any rate from II to "a
per cent. The bank is drawing interest
on $4,000 with an Investment of
500, 900. Thus instead of issuing money
itself the government delegates the
function to the banks and pays them a
premium for accepting the munificent
gift. Not even in this hour of a depict
ed treasury and financial peril to the
nation do the officials swerve from their
allegiance to the banks, after those in
stitutiOns nave been one of the prlnci
pals in contracting the currency to its
present status. The old bonds are soon
to become due and paid, and unless new
ones are issued the pampered institu-
tions would be compelled to do business
i'll some other way. Seeing this the
linancieTs have insisted upon new bonds
and the treasury department of the
United States bends to their will. To
accommodate them it proposes to issue
bOn0s upon which the people have to
pay per cent. interest instead of issu
ing greenbackS as it is empowered to
do. To accommodate them the admin
IstratiOn has cast aside every principle
of business and bOrrowS money to make
up deficiency without remedyIng the
gigantic leak. The act can be construed
in no other way than bong in the inter
est of the moneyed class, exclusively
and absolutely. Allow the nations
vital fluid to continue flowing through
the financial aperture and instead of
stopping the flow keep on extracting
from already enervated labor a suffic-
lent amount to maintain the level.
What travesty upon justice and the
cardinal principles of our republic.
The fact that Mr.. Carlisle claims that
in issuing the bonds in low denomina-
lions there will be a resultant benefit
to the masses, is not calculated to in
spire the common people with hope for
relief. How many farmers in Kansas
could buy bonds; and how many who
have few dollars beyond their liabili-
ties would invest in a 500 bond for the
purpose of receiving s. per year? No,
| the issue Of bonds IS not for the masses.
it is tor the national banks and bond
spectators. The farmers of Kansas
and other agricultural states are IN no
position to buy u. s. per cent. bonds,
nor are the two millions Of idle laborers,
many Of whom are living from the soup
houses of charity. The claim is first
impractical, then absurd.
1t has not boon very long since those
who now advocate the issuance of bonds
declared that all that was necessary to
restore confidence and bring about re-
turn of prosperity was to repeal the
silver purchase law; but here they are
with a depleted treasury, deficient
gold reserve and staggering industry
asking for loan at 5 per cent. interest
Is this the prosperity brought by repeal!
1t is such financiering that has brought
this country to the verge of financial
ruin and thrown millions out of employ
ment, and IS part of the great con
spiracy to enrich the few at the expense
of the many. Nothing but blind part
isanship or lack of patriotism can lon
ger prevent tho people from seeing thu
truth.
y DISPATCH from Berlin, Germany