The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1895-07-20
BANKS ARE NOW B0YC0TTED
GENERAL MASTER WORKMAN soy
EREIGN ISSUES "A MANIFESTO.

1t Has Attracted Great Deal of Attention
Has Been Discussed-It May Cause Some
Embarrassment to the Banks.
Washington, July 19.-General Master
Workman Sovereign of the knights of
Labor, in his circular letter or manifesto
to the members of that organization and
kindred organizations throughout the
country, having in view the establish
ment of boycott upon all national
bank notes. says that the national
banks are responsible for the destruc-
tion of the greenbaoks, the payment Of
the bonds in coin, the funding acts,
the demonstration of silver and all
the corrupt financial legislation in this
country for the past thirty years. They
have boycotted and Disseminated
against every kind Of money that prom
perity to the Industrial masses. They
are boycotters of the most cruel and
merciless kind.
Mr. Sovereign said it was obligatory
on every Knight to obey the order af-
ter the date named. mot only that"
he added, "but we expect similar orders
ITO be issued by the heads of sympathetic
organizations"
}. The boycott attracted great deal Of
attention here and was generally dis
cussed as to it's effect, If any, upon
the condition of the treasury and the
circulation of money and the payment
of obligations. Secretary Carlisle said
the boycott would not affect the treas
ury department or Its condition. Ma
tional bank notes, it was stated at
the department, were not legal tender
and if offered by one individual to
another could be refused without i'm
pairing the validity of the debt. The
same was true Of gold and silver GER
tificates. In case a national bank-note
should be declined by debtor, all the
creditors would have to do to make it
available for use would be to present
it to the treasury for redemption. 1t
would be Immediately redeemed by
the payment to the holder of q United
States legal tender note and the bank
of issue would be notified to either re-
coup the government by returning to
1t a legal tender note or retire the
national bank note. In case 1t should
elect to retire the note the govern
ment would be secured by United States
bonds previously deposited by the bank.
According to the last official state
anent issued July l the national bank
note circulation outstanding aggregated
s211 500, $685. Of which s1s6,o62,o9S was Sc
cured by United States bonds deposited
in the treasury. The amount secured
by lawful money was s26,69o723. The
national bank per cent. fund in the
treasury July IS for the current redemp-
tion of national notes amounted to
81, 1890, 1888.
Treasury officials expressed the opin-
ion that while a general and ironclad
boycott of national bank notes by labor
unions would, perhaps, cause tempo
rary embarrassment it could have no
permanent effect as stripped Of all
technical surroundings 1t was boy
colt against the government itself,
which was in itself, they say, an alb
surdity. 1t was pointed out that the OBJ
jections that might exist against the na-
tional bank system under the present
laws could only be remedied by a re
peal of or modification of those laws
and not by boycott.