The representative. [volume] (St. Paul, Minn.) 1893-1901, 1895-03-27
RIGHT TO THE FRONT.
a STRONG LETTER.
Let Bankers Go Out of the Gov
erning Business.

DEAR SIR:-If there is any one
thing which has exasperated the peo-
pie against the national banks, it has
been their repeated attempt to con-
troll the legislation of the country and
direct it's financial policy. Their per-
sistent efforts to thwart the wishes of
the people to repeal the ill-starred law
of February II, 1898, and by concerted
efforts to prevent all legislation favor
ing the restoration Of silver to it's
time-honored place by the side Of
| gold, was the prime reason why the
last Congress refused any concession
to their reasonable request that their
issues of notes be permitted up to the
| par value of their bonds. Nor was
that refusal to increase their powers
without cause, for the present Con-
| gress was pressed in manner most
offensive to the people to disregard
their wishes and to repeal the pur-
chasing clause of the Sherman act.
To accomplish their fell purpose pub
lie distress was deliberately precipi-
tated by curtailing the credits which
they so assiduously teach us, ninety
| five hundredths of the exchanges of
the country may safely depend upon;
| and the bankers panic was precipi-
! tated, and the Boards of Trade, un-
doubtedly under pressure from the
banks upon individual members, join
ed in the mad cry for repeal.
| Tho rnnoo1 yuoc coc11rod op6 tho 1oc ST
support knocked out from silver, by
destroying all legal demand for the
uncoined metal as they thought.
Their mistakes will be found later
on, for deep in the hearts Of the peo-
pie lies the determination to not only
restore silver, but to take from the
national banks the power to do the
| like injury to the public interests.
Their present concerted assault up
| on the national currency, and efforts
made to saddle debt upon the coun-
try Of $500, 100000, and $750,O00,000 Of
interest by funding that costless and
popular money of the people, is anoth-
er illustration.
1t is a heartless and wicked PROPOSE
tion to saddle such burden upon
posterity, and it is arousing feeling
that will sweep away their powers for
evil.
General Jackson might not have
succeeded in securing the support of
the people in his efforts to prevent
the renewal Of the charter of the old
National Bank but for it's mistakes in
the same direction. It then became
a monster in the eyes Of the people
and was overthrown. The plain peo-
pie are studing this money question
as never before, and we'll they may,
for when banks compel the people to
conduct SO large portion of the busi-
ness of this country by transfers of
credit upon which they are drawing
interest. by curtailing the volume Of
money and by persistently seeking to
perpetuate the gold standard, it is
time for them to study.
1t is safe to say that to-day among
the non-official and non-banking peo-
pie who are entirely disconnected
with boards Of trade, there are plenty
of men who have wider and deeper
knowledge of the economic and social
aspects of this money question than
any like number Of so-called finan-
ciers, who, as a class, know more re-
garding it's accumulation by cornering
money than of anything else. Under
| UhOy udtO wi Udluly Illus Y
powerfully helped to impose upon the
country, if indeed, they are not en-
tirely responsible for them, the great
industrial and commercial interests
Of this country are well-nigh paralyzed
and profits made impossible, and
bankruptcy and ruin threaten thous-
of once prosperous men to follow the
tens Of thousands who have gone be-
fore them.
Under like conditions in England,
after her resumption Of specie pay.
ments in 1892, British interests suf
fered.
In 1926 Sir James Graham, M. P.
land later member of the Cabinet
of whom Sir Robert Peel said tina
Graham was the best administrator
he had ever known), had this to say
"Whether we regard private debts
or public burdens. the effect in Eng
land, of Lord LiverpoOl's act making
gold alone legal tender] has been te
enact that for every less sum owing d
greater shall be paid; prices falling
but pecuniary engagements remain
ing undiminished, revolution o.
property and a arrangement Of the
: whole frame Of society necessarily en-
suing. It has conferred on the fund
holder benefit to the extent of the
appreciation Of the money which M
advanced; in many cases equal II
thirty-five per cent. But this rise 0
the fundlord is effected by the ruin 0
the landlord. Estates which hav
been held together from generation
to generation in the same family art
RAPIDLY changing owners, and as tn
country gentleman retires the fund
2 holder steps in: Amidst the ruin Q
$ the farmer, the distress Of the land
/ lords and the insurrection of popu
o lace without bread and employment
! one class fourishes and is triumphant
: The annuitant rejoices in the in
creased value of money, in the sacrl
: flee of the productive industry to un
c productive wealth, in the victory o
+ the drones over the bees"
; While this condition existed anon
the land-holding and industrial inter
ests the banks therein thrOve apac
: as they now thrive, not only maxim
e large dividends, but increasing thei
: surplus.
I The glaring Inconsistency Of tn
= men who have been opposing the re
storation Of silver because 1T would II
!. fate, yet who, at the Baltimore Coz
vention Of Bankers, recommended
: plan to initiate od Hbituna with currer
T. cy. can be seen by all.
And. while denouncing as unSa1
$ money the greenback, the best an
= most popular money we ever had, IL
: proposed to bank upon greenDacl
I r