Shoshone journal. [volume] (Shoshone, Idaho) 1884-1931, 1896-10-02
A FINANCIAL SCHEME
Sovereign Calls Attention to a
Proposed Law.
If it Passes. National Banks VIII
Greenbacks and Substitute Notes.

St. Louis. Sept. 29-Chairman James
w. Jump of the Commercial Travellers
association of this city received COM
munication tonight from James R. Sow
ereign of Chicago, grand master of the
Knights of Labor and manager of the
Bryan free silver campaign labor bureau.
In part the letter says:
On December 6, 1895, Congressman
Walker of Massachusetts,, chairman of
the committee on banking and currency,
introduced bill in the lower house of
congress which is now on the calendar
of the house. This bill provides for the
destruction of all government money,
except gold, by authorizing the banks of
the country to resume current redemp-
ton of all government money and to
issue their notes in lieu thereof.
Continuing, he quotes section 4 of the
bill and adds;
It should be observed that this section
practically provides a transfer of the
monetary prerogative of the govern
ment to seven bankers, whose decision
shall be final, thus taking the control of
the finances of the country out of the
hands of the government.
In the American Banker of New York
of January s, 1896, appeared a communi-
cation from the house committee on
banking and currency which fully ex-
plains the context of the BILL the mo-
tives that actuated its introduction, and
describes the power that has stood in
the way of the bankers in their per-
sistent efforts to dominate the finances
G this country. The communication
of the American Banker has been print
ed in circular form and sent out to all
the bankers and financial centers of the
country.
Here Mr.. Sovereign quotes the article
from the American Banker, and con-
tinues
The bill and circular referred to en-
phasize two points which the American
people should seriously consider in this
First, that the agitation for
the so-called gold standard is only nu-
cleus around which to crystalize the de-
mands for a bank autocracy, and il the
light of pending legislation it must be
that those who are now fore
most in the agitation for what they call
"sound money" are in favor of destruc-
ton of all government money and the
issue of bank paper based only upon the
assets of the banks, which is the most
lnsound that any country ever had.
Second, that the money pjwer fear
he people; that twice since the war they
made determined stand to destroy all
Government money, and both tim
heir schemes have been frustrated by
he demands of the people. 1t is dis
inctly noticeable in the communication
n the American Banker from the com
nittee on Banking and Currency that
hev stand in fear and dread of the
American voters, and that because of the
opposition of the people
hey are shut up to what they call the
hird method of correcting the evils,
amely, to authorize the banks to take
p and destroy the United States Gov
rnment paper and issue their own notes
4 lieu thereof, and in concluding the
it will be noticed that
ne Banking and Currency committee
oes not appeal to the American people,
oes not ask that the question be dis
used on it's merits and submitted to
lie voters by allowing them to decide it
the ballot box, but they appeal to the +
lost experienced bankers of the coun- h
y in devising some plan for the accom- II
lishment of result, and then they ex e
lain why they appeal TO the bankers )
I'D not the people by saying that they p
, it in view of popular opposition to S
lie obstruction of Government paper, j
acknowledging that in order to accom- d
ish their purpose they are compelled Il
enter into some sort of a scheme to
Iwart the popular will.
J. r. SOVEREIGN