The Caucasian. (Clinton, N.C.) 188?-1913, 1895-10-10
CONSPIRACY Or
THE BANKERS.
Thsk- Purpsss 70 Have ell the
Greenbacks Destroyed-sud
Gold Bonds Issued Instead.
"THE PANIC CIRCULAR"

ofIsSs ne s,Haks vast Five Hundred
Auusss q BssAs - which Isssrsss
Must BE- Paid BY the People Cleveland
Has Promised L.
Washington Cor. Caucasian.
wAsnISaroN. Oct. sth.-The govern
ment's expenditures exceed its receipts.
The Democratic tariff Law does not
yield sufficient revenue by many mil.
lion dollars 10 meet the ordinary ex-
peeses of the government. Since its
enactment IL has only produced grow
ing monthly deficits. There is no ex-
pectation that its operation will ever
reach the revenue point-wifhout radi-
cal change and improvement. How
will the administration run the gov
eminent without the aia Of the gold
spectators in New York and London
The termination Of the bond 81 indicate
contract leaves the government in help
less and, apparently, inextricable bank
ruptcy. The situation has but one So
luton. The retirement of the legal
tender notes is inevitable. 1t il the
avowed policy Of the national banks TO
force the retirement Of the greenbacks,
and further restrict and contract the
currency nearly $4,000 0OO The banks
express a readiness TO continue the
syndicate protection to the gold re-
serve on this one condition. The ad-
ministratiop must accept the banks
terms or continue to issue bonds, at the
peril Of Cleveland's impeachment by
the next Congress. The national bank
policy demands the retirement Of the
greenbacks and what is known as the
kNxnps L.:
was precipitated, an extra session of
Congress was convened and silver was
demOnetized. The scheme was exposed
vt the time through the unintentional
publication Of the national bankers
association confidential circular.
dated March Sd, 1893. 1t is interesting
and instructive to recall il now in con.
nectiOn with the gold policy of the
bOnd-issuing Democratic administra-
tiOn. Here is the circular.
NATIONAL BANKS DEMAND.
"The interests OF national bankers"
says the circular, "require immediate
financial legislation by Congress. Sill
yer, silver certificates and Treasury
notes must be retired, and the national
bank notes, upon gold basis, ade the
only money. This will require the
authorization of from $500, 0OO, 900 to
81 600 100000 of new bonds as a basis of
circulation. You will at once retire
One-third of your circulation and call
in One-half Of your loans. BE careful
to make money stringency felt among
your patrons, especially among infiu-
entail business men. Advocate an ex-
ira session of Congress for the repeal
OF the purchase clause of the Sherman
law, and act with the other banks of
your city in securing large petition to
Congress for its unconditional repeal.
per accompanying form. Use personal
influence with Congressman, and par
ticularly let your wishes be known to
your Senator. The future life of ma
tiOnal banks as fixed and safe invest
ments depends upon immediate action,
as there is an increasing sentiment i'm
FAVOR OF government legal tender notes
and silver coinage"
THE CONSPIRACY SUCCEEDS.
The scheme found an ally and pro-
mOter in the Cleveland administration.
without this cooperation and endorse
ment failure was absolutely certain.
In his message to Congress January %,
1890, the President recommended the
issue of $5OO,0OO,OOO interest bearing
bonds with a view to the cancellation
and retirement of Sac, OOO,OOO green
backs and $l5O,OOO,OOO Sherman notes.
1t was further recommended that ma
tiOnal banks be allowed to issue notes
up to the par value of these and exist
ing bonds, and to make the bauk-Of.
issue-system of currency permanent.
he recommended that the new bonds
run for fifty years. Compare the Pres
ident's message with the panic circular
OF the National Banking Association
of New York, issued the day before his
Inauguration to its 1856 subordinate
banks: The charge of collision and
conspiracy IS unanswerable. The dam
ming evidence of Democratic seryiIity
to the national banks and gold specu-
lators is irresistible. The administra-
ton is in the merciless clutch of these
money sharks, and the Democratic
party is prostituted to their base, de-
grading service.
/ MORE BANNING PROOF
is found in the history of the gold SYM