Twice-a-week plain dealer. (Cresco, Howard County, Iowa) 1895-1913, 1895-12-20
BANKERS BANQUET EcKELs.
He Endorses Cleveland's Currency
Recommendations.

He Endorses Clevelands Currency
Recommendations.
NEW YORK, Dec. 12.-Ex-Comptrol-
Ter A. B. Hepburn, Of the Third Ma
tional bank, of this city, gave a din
ner tonight at the Metropolitan club
in honor of James H. Eckels, comp
troller of the currency. There were
but twenty guests present, most OF
whom were local bankers. Comp
course of which he advocated the re-
tirement of the credit currency issues
of the government, with the proceeds
of bonds on the lines laid down in the
presidents message.
The Associated Press dispatches
brings the above choice morsel for the
delectation of the bankers of the
country, and to the common people
tidings that ''the powers that be-" are
striving for their enslavement, to a
monied arjstocracy of national bank
ers and usurers.
A national bank note is the promise
to pay of national bank, based up
on the promise to pay issued upon all
the people. The promise of the peo-
pie to pay is q United States bond
which is debt, and the bank note is
a debt; therefore the money advoca-
ted by the administration is evidence
OF debt based upon debt.
Again, on the United States bond,
the people pay interest 10 the bank
which owns it, and then with the
bond as basis, the bank is author.
lied by a law of the people to use the
credit of the people in bank notes to
the extent of 80 per cent of the face
value of the bonds and receive from
the people another interest on the
notes thus issued. The people collec-
lively pay interest on the bond, and
individually the people pay interest
on the bank notes, based on the bond.
The people owe the bond and pay
interest on 1t, and the national bank
owes the notes based on the bond and
collect interest on both of them, fur
nishing an instance of class living
on the interest of what it owes"
The people were thrown INTO debt
at the close of the war by issuing
bonds in exchange for the war money
which was burned, and this policy
was entered upon to create the ma
tional banking system, which would
provide the people with currency
based upon these bonds. And to per-
petuate the system the administra-
ton proposes to burn 34G-millions
more of war money, and 190-millions
of the Sherman notes, making their
sum an interest bearing debt for q
special class, which has been benefit
ed for years by the priyi!ssge given it
ofus iaafgs tie g e: e " 5ple and
taxing the people fpr its ice.
The scheme originated with the re-
publican party, but has been taken
up by the present administration,
which is striving to make the demo-
cratic party over to its support and
the leaders in both are its champions
to day.
The Peoples party and nine-tenths
of the lay members of the democratic
party, and large share of the rank
and file of the republican party, pro-
test against the issue of bonds in time
Of peace, and the Peoples party
against their issue in peace or war.
The government is the people, and
can issue money which is better than
national bank currency. Money from
the government to the people comes
into circulation free from interest tax;
currency from the banks does not go
into circulation until the interest is
paid in advance, and this Interest
charge for the benefit of the banks, is
tax upon all the people.
The only really good feature of the
national banking system is, that,
though the bank has failed, and the
men who had control of its affairs
may be in voluntary exile or in the
penitentiary, its currency remains I'M
changed in value, and is as current as
ever; not because of confidence in the
promises of the bank to redeem its
notes, but because the people-tLe
tax payers are pledged to their pay
ment. With this pledge of the peo-
pie no person cares a fig for the prom
Use of the bank corporation, or for it's
solvency. Though the bank has not
one dollar of assets, it's notes pass at
their face without question, though
they amount TO thousands, because of
confidence in the public pledge of the
people to redeem them on presenta
ton at the peoples treasury. But its
objectionable and dangerous features;
dan yerous to the safety and perpetu-
alton of the liberties of the people,
overcome all these benefits. An in
surmountable objection to the system
is that it presents unity of interest
which extends into every town and
city capable of supporting a national
bank, and which controls the express
sion of every business community on
every question affecting trade and
finance. A merchant might as well
go out of business as to antagonlze
abe national banks. His line of credit
would be SO speedily contracted that
he could see ruin staring him full in
the face.