The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1895-07-02
BANKS AND

w u are uOU AV1SOGAS0@S W. SAGA OS4N
bankers, as a business or as a class of
our citizens. But the good men IN
gagged in banking r in mighty bad
company, as we see it. We are op-
posed to special favors at the expense
of the general public; opposed to
the sharp practices engaged in by
bankers. When the bankers join
England to overthrow silver, as most
of them did in 1873, and again in 1898,
they may expect harsh criticism, and
we never expect to mince words nor
hunt for mild language when referring
to them as a class. The following from
the Chicago Dolly Coin explains itself:
In it's early days the national bank
ing system was depicted by Hon. s. s.
Marshall, a member of congress from
Illinois, in a speech delivered in the
Lower House on the 21st day of July,
1866. In the light of subsequent de,
velopments leading down to the treach7
erous assault on silver in 1873, and the
subsequent events reaching down to
the present situation, in all of which
events the controllers and manipula-
tors of the system have been the prime
movers and defenders, Mr.. Marshall's
language is as fresh and new as if de-
livered yesterday.
1--WE purpose giving our readers con
siderable Of such reading matter Is it
comes down to us from the records and
throws a world of light upon the spirit
and designs of the men who to-day lead
in opposition to the restoration of silver
to full power as money of ultimate re-
demption. Each step has followed the
other, the natural sequence, and each
step as taken has suggested and given
rise to the next one. Mr.. Marshall
said
"tAn association of gentlemen in an
Eastern State raised $500. 900 in
rency. They went to the Office of the
register of the treasury and exchanged
their currency for $500, 900 in 6 per
cent. gold bearing bonds. They then
went to the Office of the comptroller Of
the currency in the same building, Or
ganized a national bank, deposited
their $500, 900 in bonds and received
for their bank $27O, 900 in national cur
rency. They had let the government
have $50. 900 in currency more than
they received for banking purposes,
and had on deposit $500, 900 on which
they received as interest from the gov
eminent $18, 900 a year in gold land ex
empt from taxation). This was pretty
good ~fnanciering for these bankers to
receive $18, 600 a year in gold on the
$50, 900 in currency which they had
thus loaned to the government. But
this is not the whole story. They had
their bank made a public depository.
"'They soon discovered that there
was scarcely ever less than 81, 600, 600
of government money deposited within
their vaults. They did not like to see
this vast sum lie idle. They, therefore,
took 81, 600, 900 of this government
money and bought 81, OOO, 900 of five
twenty bonds with it. In other
words they loaned 81, 600, 900 of
the governments own money, and
deposited the bonds received in
the vaults of their bank, on which
they received from the same govern
ment $50, 900 a year in gold as interest.
Thus for the $50, 900 in currency, which
they originally loaned to the govern
ment, they received annually in all
$78, 900.
Men engaged in such plundering
schemes, however successful they may
be in getting money, are not likely to
be safe advisers of the people,"
A STRADDLE IN KENTUCKY.
The course pursued by the Demo
Gratis of kentucky in their State Con-
vention last week shows plainly the
plan mapped out by Cleveland, Carlisle
& Co., to be used by Democratic party
leaders in the nominating conventions
of the several States and in the Nation
al Convention of 1896
Hardin, the nominee for Governor Of
Kentucky, is a silver man, but he is to
run on a gold platform. The following
resolution was adopted by a vote of
ga to 233, and is the doctrine the free
candidate for Governor of Ken
lucky must preach in his campaign:
RESOLVED, By the Democrats of Ken
lucky in convention assembled, that
the present Democratic administration
is entitled to the thanks of the whole
country for it's statesman-like manage
ment of public affairs; and we further
declare that both President Cleveland
and Secretary Carlisle are entitled to
the unqualified endorsement of the