The representative. [volume] (St. Paul, Minn.) 1893-1901, 1896-06-03
BANKERS SCHEME EXPOSED.
Hill and Sherman Make a United
Effort to Defeat Bill Prohibiting
Further Issue O! Bonds With.
out Consent OF Congress
GOLD MEN BACKING MCKINLEY WITH A BIG
DOODLE CAMPAIGN FUND.
Sherman to be His Secretary Of the Treasury
Butler Making Strong Fight Against Bond
Jobbers-Populists Voted Right-Democratic
Troubles Thcken.
Special to the Representative

| Special to the Representative
washington. d. c., June 2, 1S96.-One
OF the shortest as we'll as one OF the most
important bills ever introduced in congress
is now before the senate, and will probably
pass in few days. 1t was introduced by
Senator Butler, and is as follows:
BE it enacted, etc., that the issuance of
interest bearing bonds of the United States,
tor any purpose whatever, without further
authority Of congress is hereby prohibited -
This single sentence hits at the very
root of the evil which has piled up a
large debt in the United States, contracted
the currency Of the country, lowered pric-
es, and brought hard times upon our peo-
pie. For years congress has set still and
seen the president issue millions and mill
ions of interest bearing bonds without a
word of protest or any effort to stop such
criminal wrong. This bill was intro
duced by Senator Butler on January g. be-
fore the last issue of bonds. He made re-
peated efforts to bring it to vote before
the last batch of bonds were issued, but
without success. He has made repeated
efforts since to get congress to take acton
showing that each senator and congress
man was equally responsible with Presi-
dent Cleveland for the issue of these bonds
90 lOA6 oo luCy iOIuSeU W Idhc all elliott
to stop such terrible folly. On last Thurs
day Senator Butler having secured the as
surance of a majority Of the senators to
stand by him moved to take up his bill and
press it to a final vote. AS soon as the
gold men saw that majority of the senate
would support the measure they began
to filibuster to defeat the motion to take
up the bill for consideration; when at last
the filibusterers were exhausted the mo-
ton passed by vote of "a to 20. Senator
H.ll, of New York, and Senator Sherman
OF Ohio, have led the fight against the BILL
which is still before the senate and under
discussion. They have taken the position
that the honor and credit of this country
was safer in the hands of the president
than in the hands Of congress; that is, that
the bOndholders and the gold trust could
rely on the president to issue bonds when
ever they wanted it done, but could not
rely on the senate, in which body, unfortu-
nately as they claim, the Peoples party
holds the balance of power. Senator Butler
| replying to them in support Of this bill
said that the gold trust was putting up
big campaign fund to control both of the
old party conventions and to make the
election of goldbug for president GER
tain; that the gold men were not sure that
they could control both houses of the nexa
congress, but that they felt absolutely GER
tain that they could control and own the
| next president. In the course OF his
speech, Senator Butler produced copy of
letter which IS being sent out by the
American Bankers Association from Wall
street, New York, under date of March %,
1896, to all Of the banking establishments
in America. This letter Of instruction to
q ho nj in ctotn tot, NO. ~
lowing:
The Executive Council of the American
Bankers Association declare unequivocal-
~ IN favor of the maintenance of the ex-
sting gold standard of value and recon-
mend to all bankers and to customers of all
banks the exercise of all of their influence
as citizens in their various states to select
delegates to the political conventions of
both the great parties who VIII declare I'M
equivocally in favor of the maintenance of
the existing gold standard of value.''
The circular goes on to say: "Your in
fluence is earnestly requested to give prac-
teal effort to this action. The association
seeks to unite all banks and bankers N
one efficient national organization, etc.
This letter was signed by Eugene H.
Pullman, President; James R. Branch, Sec
rotary; Joseph G. Hendrix, Chairman of
Executive Council.
Senator Butler then proceeded to show
that this bank circular was proof positive
that the banks were putting up big cam
paign corruption fund to nominate and
elect a gold-bug this year, as they did to
nominate and elect Grover Cleveland in
| the last campaign and turning to Sena-
tor Sherman, he said eff the Republic
ans should elect Mr.. Mckinley, or any
| other gold-bug for president, you expect
to be called to the cabinet as secretary of
the treasury, and In that capacity you wish
| the present law to stand as it is
so that you can continue to issue bonds as
MIR. Carlisle is now doing. Mr.. Carlisle is
| carrying out the Infamous policy that was
| commenced under the Republican admin
| istratiOn, and you desire to succeed him to
| consummate this policy
| The presentation of this secret circular
by Senator Butler created no little sensa-
ton N the senate, and it was passed over
| that body from hand to hand, each senator
| being DESTROYS of seeing and examining
| with his own eyes that las termed by one
| of them) secret and criminal missive."
| But, strange to say, the Associated Press,
| in their report next morning, failed to say
| anything about this most important feat
| IRE OF the whole discussion; but this only
| goes to show how much the money power
| fear that their games will be exposed; and
| it shows further how the Associated Press,
the mouthpiece of the money power, try
! to suppress all information concerning the
schemes of this combination.
| This bill will be discussed several days
| longer, and will probably pass during the
| present week.
| DEMOCRATIC TROUBLES THICKEN
The boiling talk in the Democratic camp
is now coming thick and fast from both
| factions. The gold men are preparing to
| have a contesting delegation at Chicago
men will control Mr.. Harrity, chairman
CO the Democratic national committee, is
| quoted IS saying that the silver delega-
| tons from a number of states will be
| barred out of the convention on the
ground that they have threatened to bolt.
On the other hand press dispatches state
that the New England Democrats are
| themselves preparing to bolt if the silver
men control the national Democratic con-
| vention. The breach in the party has
clearly passed the stage of compromise,
and, in fact if the leaders were to attempt
| TO compromise on the financial question
the people would not follow them. There
| fore. it seems clear that the Chicago con-
yention will split in twain, no matter
which side controls On the other hand.
| it is almost an absolute certainty that the
| Republican national committee will NOM
| mate Mckinley or some other gold man,
on a god platform. Therefore, the de-