The Cecil Whig. [volume] (Elkton, Md.) 1841-current, 1895-01-19

Will take care of itself, but where the mat, :
ial prosperity of the country.
THE MONEY OF THE CoNsTITuTIoN-soMET 80
OF THE PAST.
Formerly it was gold and silver and paper,
all II legal tender, and all silver coin of other
countries to 1857 The patriotism OF the
people was behind it, 1t was so closely
interviewer in our fabric of government that
it was never anticipated that Shylocks power
would be employed to discredit it in the face
of the world. In England it is felony to dis
credit her money; in other nations worse. In
Russia oblivion to the Sh, lock that dares
attempt to discredit it. The ratio of money
in Europe is l54 Of silver to 1 of gold; here,
l6 of siver to l of gold Europe meets her
obligations in silver largely, as | have pre-
viously stated, and holds her gold. But here
plutocracy rules otherwise holds the silver
and pays out the gold. and it is an undisputed
fact that plutocracy has so completely an
nuled the Independence formerly existing in
our newspapers that they with few excep-
tions all, in the interest of Shylock and gold
standard, shout us directed: 60 cent dollars,
debased money, vacuum silver, rag money,
the same veritable old greenback that the
soldier accepted rs pay in the war, when
gold and silver We're boarded and held to
finally purchase the greenbacks at sixty cents
on the dollar. will refer to this condition
of money to oppress hereafter.
The money of the bauks-what is it? Not
the money of the constitutions only the gold,
and that is held to oppress. 1t was the same
in the time of the war and has been since.
Quoting Senator Blaine when referring to our
State and Nationial bank systems, we read
that the robbery under the old State bank
system is II mere bagatellc compared to what
has been and will be under our National bank
system if continued
The whole power OF Wall ST. and the banks
have been used to its Utmost limit since the
war to discredit and annul the money of the
constitution. Before the smoke of battle had
disappeared, when the grcenbark was the
motive power and the lifc-blood Of the nation.
it was attacked and funded in interest bearing
bonds, and will venture to say that every
Soluicf 'uIStS lH'ul. iucSe hpnlS Cost on an
average about 60 cents on the dollar. Then
to make these ntercst-bcaring bonds more
oppressive, the banks in connection with
Wall street got the exception clause into the
greenbnck, depriving them of their full legal
tender qualities and their power to be used
to pay the principal and interest on these
interest-bearing bonds. Bought with 60 cents
on the do'ar, deduct the premium secured
and count the anticipated interest received.
and the cost to the banks was about 40 cents
on the dollar. Then to make this interest
bearing debt more oppressive, legislation was
secured to make them redeemable in gold.
This was called the strengthening act. Then
to make the power of money more oppressive
the banks at the instigation of Wall street
and the Jews, through John Sherman secured
the demonetization of silver, doubling the
purchasing power of gold, giving to Wall
street and the banks the control of the money.
TO quote President Garfield: whoever con-
trolls the money, controls the people and the
prices of our commodities Not satisfied
with impoverishing the people, withering
under the fire of populist condemnation. the
banks (see the Baltimore conventionD grasp
the Populst idea of II flexible and elastic
currency, Just what the Populists have inserted
in their platform, only that the banks demand
the retirement Of the money of the Constitu-
ton, to substitute in place of National Bank
notes, not legal tender. consequently would
not be current money in a crisis.
The above condition would give the banks
the absolute control of the money, and then
the power of money to oppress would be
used to its utmost limit as il has been in the
past.
The present administration proposes to give
us a still more individualized condition of
banking, the Carlisle plan. | have my own
ideas in regard to this plan, which is that If
it was introduced it would be unaduterated
robbery. Whatever opinion have is so truly
voiced in the Outlook, Of New York, the old
Christian Union, read perhaps by the most
intelligent of the Northern people, partcu-
larly through New England. The editor in
referring to the Carlisle plan Il will not give
it toto), writes that the plan is to allow State
per cent of their capital, and that the money
now issued by the government be Withdrawn
from circulation. The proposition is certainly
n startling one. In place of legal tender
money it is proposed to substitute money
which creditors may refuse in times of panic.
In place Of money the profit which goes to
the public, it is proposed that the public shall
substitute money, the profit which goes to
the banks. Two years ago Senator Sherman
estimated that the government saved on its
paper money over S10,0OO,000 yearly, which
it would otherwise be paying in interest on
bonds for Treasury notes are simply bonds
bearing no interest. Secretary Carlisle
est bearing bonds be retired, and the privilege
of issuing such bonds he given exclusively to
the banks, and that the government shall
supervise and protect these issues, so the
people shall accept them as money The
banks themselves would be put to no appre-
ciable expense. They would on their present
capital (about 300, 100000 be allowed to
issue 200, ,O0O, 900 Of paper currency on con-
dition that they keep 800, ,OO0, 900 of legal
tender money, 30 per cent in reserve. out of
circulation. Five hundred millions are there
fore approximately the net sum which thev
would receive without interest and without
cost to lend to their customers. If Secretary
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