The Caucasian. (Clinton, N.C.) 188?-1913, 1895-12-12

the President complains" that the
annual interest charge on the bond |
ed debt is already eleven millions of
dollars annually, yet he recommends
the issue Of FIVE hundred million dol
lars more Of bonds. II this should
be done and they bore the same rate
Of interest as the bonds now out
standing the annual interest charge
would be thirty one millions Of dol
lars. II this new issue should bear
only two per cent, the annual in
terest would be twenty-one millions
OF dollars-all Of which the wealth
producers Of the country would
have to pay in some way to those
who now hold and speculate in gold
and bonds.
The message leaves or seeks to
leave the impression that the much
talked of "gold reserve" is consti-
tutional or legal matter, whereas in
fact that is no kind of law for it
whatever. 1t is part Of goldbug
scheme to which we have already
referred. 1t was created by Jno.
Sherman and since then has been
used as a lever to cause a "want OF
confdence"-to impose more bonded
indebtedness on the people-but it
never could have been made effec-
tive il silver had not been surrepti-
tiously demonetized in 1873. What
a stupendous scheme these money
manipulators have established, and
oh Lord! how the people have been
cheated by it!
In this wondrous message the ma
tional banks come in for distin-
guished consideration. The bald fact
is that the plea for more bonds has
for part of it's object the perpetual
ton of the national banking system
"The aggregate capital" says the
President, cot those (banks) now il
existence amounts to more thar
1864, 100000 yet their outstanding
circulation (bank notes. based or
bond security amounts to only abou
L. $3.50, 900, OOO."
If these banks chose to do so the!
=. couM issue $597, 100000. Why d.
, they not do it'll AS clear an an
: swer as could be made to this ques
3 ton can be found in the "Three of
kind" circulars published elsewhere
but we may state that the reason
the fact that the issue and circula
ton of a large volume of none
would make money the ssrrant, no
the master of the people; and it i
: the plan of those in whom the la,
now vests the power to issue thes
notes to make the whole countr
subject to their demands, and thos
in power seem to have a care tina
only such amount of money as wi
accomplish this shall be Issued
+ Read tie "Three of a kind" circr
lars again.
l. But despite the fact that the bank
l. noso only issue third of the circuls
IS ton the law allows them, the Pies
g. dent asserts that if more bonds wer
d issued and little more favor wer
l. shown to the banks, he would conf
l. IDENTIFY expect them to fill up tn
It gaps caused by the retirement G
o the greenbacks. Well, perhaps the
d would do this much, but if they di
IS it would not put one cent more j
d circulation than there now is, and
y the Presidents scheme were carrie
It out it would give to the banks til
h dangerous whole power Of contrac
l. ing the circulation at will; and ths
1t power would be used to contin,
10 ally keep the mass of people the Sc
IS wants of the money power.
It The statement of the Preside,
10 that "Twice in our recent history v
t. have signally failed to raise by le,
islation the value of silver" is mi
g leading in fact it is .talse.
seeks to leave the Impression tn.
!, proper legislation has been had. II
- "twice" referred to, as will be see
- by a reading of the message, NEAR
:. the Bland Allison act of 1878, an
% the Sherman act of 1890. In Meth,
~ case did the law say that 4l21 graf,
~ of silrer was worth dollar, but Al:
= grains Of so much silver was worth
a dollar. When this government sha
70 proclaim to the world that it hoit
: 4l23 grams worth a dollar, it will |
worth it the world over; for no hol
~ er of silver in any country will the
O. accept any less for it. The Cover,
- ment stamp on % s. 10 grains of go
y, constitutes it a dollar and it will {
the same for 4123 grains Of silve
and when this government declar
70 this to be so without limit, other n
o. tions must follow or go to ruin. "
are sustained in this assertion
9 the highest financial authority in 8
10 of goldbug England, viz: the Lo
a dun Financial Chronicle.