The Louisiana populist., 1895-12-13

y
ness on tho money OF depositors, will
not DO interfered with; in fact, will be
facilitated by the bank OF issue, which
is always ready to become a pur-
chaser OF commercial paper.
The great central bank with its nu-
merous branches throughout the coun-
try would have no need of deposits.
The provision for its supply of fund,
is the most ample that can be i'm
agined.
An issue OF a million dollars ia
notes, would draw from the treausury
million dollars in money, and this
money becomes a reserve, on which
the issue of at least three million dol
lars Is authorized.
When this Is exhausted the opera.
ton can be repeated indefinitely so
long as there is a dollar in the treas
ury, or while the taxing power of the
government can secure money.
Gould any scheme for obtaining cur
reucy te more perfect.
Note the fact that it is all based on
subscription Of twenty million dollars.
No provision requiring any actual
capital.
The reserve is to De money drawn
from the treasury with notes issued
b. this bank.
For overy dollar thus drawn from
the government three dollars is to he
used in rediscouuting the commercial
paper by the ordinary banks OF the
country.
Under these circumstances, OF
course 1t is easier to have the govern
ment furnish new notes than 10 ac-
cept deposits. So the old plan of or
dinary bankers doing business on the
funds furnished by depositors will
continue.
This settles contention which has
long existed in banking circles.
Every one now will conduct his dl-
clustering unrestricted aud unre-
strained.
There will be no national banks
skirmishiug for deposits under the
false plea OF being more safe than
others.
There will be no trouble at any
time to rediscount all the notes OF
hand that can be secured from the
farmers aud business men.
These and various other reasons
viii guarantee the endorsement Of
bankers everywhere.
Mr.. Rhodes in his argument favor
ing the plan says:
s'Such an institution would at once
relieve the government and reform
the currency. The bank would re-
guire a large portion OF the legal ten
der and treasury notes as reserves"
1t is simply astonishing that any
man. in apparent candor can urge
such an infamous proposition, much
less cali it reforming the curreucy.
He further says:
1.-The silver certificates could be
made exchangeable for the bank notes
aud thus aztec the withdrawal OF the
other government notes they would
always remain at par. Eventually the
bank could take in hand the silver
bullion now owned by the govern
ment.h
Now il our readers will just go over
this carefully they will gather an
idea OF what congress will have
on hand this winter under
the pretense of currency reform.
1t might be well enough to take
into consideration what the probable
outcome will be when all tho coins,
legal tenders. treasury notes and ever
the silver bullion has passed. from the
treasury into the. hands os Wall
street gang whose basis Is merely q
subscription OF twenty million dollars
capital stock.
Could a more infamous scheme be
concocted?
1t contemplates the must gigantic
robbery that has ever blackened the
pages OF history.
This scheme OF knavery as infamous
as it is, will receive endorsements
from the subsidized press OF the ma
tion.
Tho presentation of the matter a.
given BY Mr.. Rhodes in his journal
will reach very few outside OF the
press or those engaged in banking.
A majority OF these viii SEQ per-
sonal advantage to accrue from its
adoption, while millions of voters will
continue to regard finance US too in-
tricase . problem for the ordinary
mind.
As it looks now the plan will likely
go into history rs an accomplished
fact and will be the beginning OF the
end.
No republic can exist under such
condition.
1t will be legalized system of plum
der.
The result cannot even be imagined.
A people enslaved by poverty and
schooled to vice are in no condition
to restore liberties once lost.
Interest and taxes will absorb the