The farmers' union. (Memphis, Mo.) 1891-1895, 1895-01-03
AN INFAMOUS SCHEME
CARLiSLE'S CURRENCY PLAN
NOW BEFORE CONGRESS.
Currency Is to bc National Bank Notes
Guaranteed bv the Government II
Security Deposit of Only Thirty Per
CCnt-ConVic:IGnO of DcLs.



The most Infamous banking scheme
ever proposed is now being considered
III Congress aud it is IL plan by which
national banks are expected to supply
the entire currency used in the busi-
ness Of the country. This currency is
to be national bank notes and is to he
guaranteed by the Government. Pre-
postcrous as it may heeM, the PROPOSE
ton W hicll Is being considered and TO
which no banker nor Old party editor
las yet objected, is that these bankers
shal! deposit only 80 per cent. Of sccur-
ity with the Government.
l udcr our present national bank
law 1t deposit OF Government bonds %
the amount of ten per cent. more than
their circulation is required. They
deposit a bond with the Cnitcd States
Treasurer and draw interest on it a,
gold every six months, and for every
hundred Thousand dollars 80 deposited,
are furnished ninety thousand dollars
of national bonk notes guaranteed by
the Government. Tue Government
holds the bond to max" good the guar
antee. Under til" new plan the Gov
eminent will hold only thirty cents on
every dollar of circulation. Many of
our readers viii think this il too
absurd to be trI.. it is astounding
that serious consl ,,eration be given
such q proposition, nevertheless such
Is the case.
Along with the bill rs now present.
ed, Is coupled Il scheme for state
banks. This, along with som" minor
details. WAS inserted merely to provide
IL fighting ground. old part nrws-
papers are preparing for the fray. No:
one word II SAID about the most I'M
-portant and lamnahly infamous fea-
TIRES Of the plan, bat they are dancing
around with their War PANT on swear
ing that ihcy see d great lag 1--we Will
cat. They wri'c long editorials and
make iierv spec,.i.r, drnounciuE safe
banks. and with i,5.tcu breath t.tl.;rc
that they see the CLEAN Of Il Wild cat $
eye. Their intention Is too rla in
They will insist on eliminating every
thing abb:: state banks and rush the
Baltimore plan through with q "hoop.
We have killed the wild cat ani saved
the country. will u. their cry, a',l
there are thousands who viii look no
farthc than TO be fooled 10y their
ilims,y pretense.
more infamous than the bankers assr-
ciatton planned for the national sys-
tenn No banker III the country desires
state hanl; system. nor IS ii seriously
considered IL any u,.ar.cr. but Was put
in the Carlisle bill merely to attract
attention from the main issue. The
painiicst days OF will cat state bank
money never approached tn" pcrin. OF
prosperity that will be ushcred III by the
new ,,lan. Money will be plenty and
it will bc good 1t will he guaranteed
bv the Government and tiat will make
il good. The banks will draw interest
ON every dollar of 1t and gradually
absorb every dollar produced in the
country. Interest Is Il never failing
worker. 1t keeps up It's pace night
and day, every day Ill tie week. 1t
has no holidays nor periods OF rest. 1t
eats continually Every dollar that
circulutrs VIII be accommodating in
tcr.>t for the national banker.
When tue final vlni up comes what
security has the Government? For
every bank thNt fails the Government
MUS, sell bonds to get gold to pay off
seventy per cent. OF tine circulation.
Only thirty ltr cent. will he secured
by n deposit with the Trcasurcr Of the
Uu;:cd States and the remainder Will
be paid 10y the people. Criticism hy
the oil party leaders is confined 10
minor and IL most cases uui;uportAEt
details.
TIE intention is tina. this nctarions
scheme will he rushed through while
the whole sang q. pirates entertain the
people with a ghost lante over Il dead
wild eat. Swearing tina; they see the
CLEAN Of light in lis eyes. Chicago
Express.
Deb. tct.ltEttti.