The Black Hills union. [volume] (Rapid City, Pennington County, Dakota [S.D.]) 1889-1904, 1895-10-11
a FOUL CONSPIRACY.
PLAN OF BANKERssToDEsTROY
GREENBAcKs.
Bank Notes That Draw = Double Rate
OF Interest Is the Kind OF Sound
Money shylock Wants Boycott Their
Notes.

The New York Voice, Aug. Is.
Little by little it becomes apparent
that the associated bankers of this
country are gathering their forces for
a mighty struggle during the next ses-
sion Of congress.
No public proclamation has been is
sued and no brass bands are being en-
plOyed; but unless all indications are
misleading there is on foot a definite,
concerted movement that is likely to
change the whole line of battle on the
currency. question.
The purpose Of StheAbankersi is this:
To- strike with all their power for a
law that shall put out of existence once
for all the entire issue of United States
notes known as greenbacks.
The plea which they will make will
De the highly patriotic plea that this
action is necessary to. rescue the treas
ury from its perilous position and es-
tablish the nations finances on a firm
basis.
a plea will be a false one, the pat
rlottc professions will be delusive, and
the result of the action proposed will
be a far-reaching disaster whose ulti-
mate consequences are incalculable.
Here are the facts. There are in
circulation to-day about $34O, 900, 900 of
greenbacks. Those greenbacks repre-
sent a policy in direct antagonism to
the policy underlying the national
bank system, and they have from the
beginning been regarded by the bank
ers With hostile eyes. They insisted on
their retirement as part of the plan of
resumption twenty years ago, and this
retirement was actually begun. So i'm
mediate and stern was the popular pro-
test, however, that that provision of the
law was repealed and the greenbacks
preserved as a part of the national cur
rency. From that day to this the bank
ers have sulkily watched for their op-
%portunity and they think they have it
now. Whether they have it or not they
cannot safely wait any longer. The
national bankers convention held a few
weeks ago took steps to urge upon con-
gress the zstirement of the greenbacks.
The journals that best represent the
thought of the organization have been
for six months with infinite tact end
skill, testing the public temper OF the
subject. The public has not taken
alarm. The time seems suspicious.
The plans have been contaminated.
The bill is already being prepared for
eHecting the desired end.
What is the motive behind all this?
The ostensible motive is this: The
greenbacks are exchangeable on demand
at the United States treasury for gold.
They are the vehicle by means of which
the gold reserve has been taken out of
the treasury. On the face of affairs
they are to blame for the treasury's re-
cent troubles. What more plausible.
therefore, than to say, as the bankers
do, that the real remedy is to retire
these greenbacks az fast as redeemed,
destroying them at once instead of re-
issuing them and thus putting a stop
to the "endless chain of buckets" that
is carrying away u gold?
This is the argument. 1t is plausible.
Is IL sound or sincere!
No. On the contrary it is impossible,
when one is acquainted with the facts,
either to believe that the proposed ac-
ton will remedy matters or to believe
that the bankers believe it will.
In the first place the greenbacks have
not caused the t%reasury's troubles, for
they have, circulated for twenty years
without trouble of any kind, and condi-
tons, SO far as they are concerned, are
the same now as heretofore. The gold
drawn from the treasury has been
drawn for export. Destroying the green
backs would not destroy the demand fol-
gold for export o render it any more
difficult to obtain 1t. The situation
would be- as Matthew Marshall, the
financial writer of the Sun, a y il
would:
.If the legal tenders were retired al
debts including bank deposits would
become really payab,e4in gold, though
nominaliy in silver. also. The exporter
OF gold would demand 1t from the bank.
and the banks would have either t.
pay it or to refuse to pay it. If the.
paid it the country would lose the golt
just the same as it is losing it now; an
il they refused to pay it we should com,
to the suspension Of gold payments, t
avoid which we have for the last stw,
I, years made, such strenuous efforts"
The treasurer now reissues tn
greenbacks in payment Of govern
mental expenses. II he is, instead &