Western liberal. (Lordsburg, N.M.) 1887-1919, 1895-01-04
AHOLY RoAsr


That staunch Irish republican, Pat.
rick Ferd, proprietor and editor OF the
Irish World, makes the following cen
ter shot at President Cleveland and
his proposed currency scheme, which
will be read with interest by those de-
sirous OF true summary Of the bottom
facts surrounding the new financial
legislation now being forced upon the
attention of congress against the
wishes and express protest Of the busi-
ness interests Of the country. lie says:
The Buffalo corporation lawyer
whom chance has pitched into the
white house, is just as con nddent that
he knows all about tie money question
as he is that he can be taught nothing
about the tariff. He knows it all, and
is determined that his views shall be
enacted into law. The truth of the
matter is that he is simply the mouth
piece OF the banking fraternity Who
take shop view Of the finances. Any
arrangement which will Increase their
profits is, in their opinion, the best
possible one. Grover Cleveland is
thoroughly in accord with them in this
opinion. lie has, therefore, recon
mended to congress the adoption OF
financial system which, If it ever goes
into operation, viii add many millions
to the PROFITS OF the banks.
This system can be summarized un-
der two heads first, the withdrawal Of
the greenbacks; second, the giving to
the banks the monopoly of the issue Of
all paper money. In other words,
Grover Cleveland proposes handing
over to a few money corporations the
governments prerugative Of supplying
the people with a medium Of exchange
which is rs indispensable to,the trans
action Of business aS food is to the
sustenance Of life. According to the
Cleveland plan, as outlinod in the re-
cent message to congress, the bankers
are To be permitted TO issue as much
paper money as it may suit their con
yenience. When they deem it profit
able to expand Che volume Of currency
they will be able TO do so. If they
should consider it more to their adj
vantage TO contract the volume Of
currency there will be nothing in the
way of their doing so.
A person who knows the a B G of
finances will see at glance the adyan-
tages the bankers win derive from
having it in their power to manipulate
the volume OF currency. Asprices are
ldetermined by the amount Of money
in circulation, the men who have CON
troi Of its supply viii practically die
tate the prices.
Grover Cleveland and the bankers
for whom he is a mUuthpiece declare
the plan Of handing over this money
monopoly to banking Institutions re-
quires the retirement and cancellation
OF the greendacks. There are only two
ways in which this can be done. Either
the greenbacks will have to be re-
deemed from surplus revenue or they
will have to be funded in interest
bearing bonds.
The tariff thinkers have taken good
care that Uncle Sam will have no
spare cash in his strong box, Conse-
Qucntly, his notes, which are issued
without cost to the people, cannot he
redeemed froin this source. The only
alternative, then, is to fund them 10
interest bearing bonds. AS there are
about $500, 900, 900 legal tenders out
standing, this funding operation would
impose on the country an annual tax
in the way Of interest Of 5i2, 100000 if
the legal tenders were funded in q
per cent b5nds..
So that Grover Cleveland's brilliant
plan Of readjusting tht currency would
come to this: The country would be
taxed twelve millions and a half
year, more than a million a month, in
order that the bankers may gain full
NOuD4bA VI NLO Out ACuNJ1 duu III bildb
way be in a position to reap a rich har-
vest in the shape OF interest for the
notes issued by them, In the role of
F." fnanciern Grover is even more ridic-
ulous thanin-that OF tariff reformer"
The director Of the mint now be-
lieves that tne gold output Of the
Omitted States for 1894 will reach at
least s43,OOO,OO This estimate is
based on returns from the branch |
mints and assay offices and on other
reports and estimates received.
The Now York Press arises and re-
marks that Grover Cleveland will 60
down to history as the man who could
crowd more space into less thought
than any man who ever faced the
a American political orchestral