Kansas agitator. [volume] (Garnett, Kan.) 1890-1905, 1896-12-18
BANKERS'CONSPIRACY
THE PROGRAM is TO DESTROY
THE CREENBACKS.
What Prominent Bankers Have to Say
ON the Subject-A Cold Blooded Plan
to Reduce the Per Capita OF the Cur
rency.
Chicago Express.)

NOW tnat the election is over the con-
spiracy Of the money power becomes
more and more apparent and is an
nounced with as much freedom as ever
victorious army announced them
selves as victors with .ntent to despoil
the vanquished foe.
The determination to utterly destroy
the greenback currency and place the
total dependence of the country for a
circulating medium in the hands of ma
tional bankers is too evident to admit
of further doubt
In response to the question: What
should congress do to improve the ma
tional monetary system?" there seems
to be unanimity of opinion that shows
plainly that the whole plan is pre-ar-
ranged and fully understood.
John ]. Mitchell, president of the IL
linois Trust and Savings Bank, said:
"My opinion briefly is this: Congress
should retire all the greenbacks and
silver certificates and, to prevent a con-
traction of the currency, issue long
term 2 per cent gold bonds, allowing
the banks to issue curreny against
them at par. This would do away
with the reserve fund and take the
government out of the banking bust
ness entirely"
E. S. Lacey, president of the Bank
ers National Bank, and ex-comptrol-
Ter of the currency, says:
I'm my opinion congress should Nsnd
the greenbacks and treasury notes into
long-term low-rate bonds, increase the
issue of circulating notes to national
banks to par of the market price Of
bonds deposited to secure the same, re-
duce the tax on bank note issues to
one-four of one per cent, increase the
redemption fund maintained by the
banks to 10 per cent, provide for the
daily redemption Of these notes at the
offices of the United States treasury
in New York, Chicago and st. Louis
and increase the customs duties to an
amount sufficient to meet the disburse-
ments of the general government, levy
ing the same upon the protective prin-
ciple moderately applied.
THE retirement of government notes
should be limited each month to an
amount equal to the volume of new
bank notes issued, so that no contrac-
ton in the volume of circulating me-
dunn would result
There now you have a complete out
line of the scheme. Let the banks is
sue the money, guaranteed by the gov
eminent Of course, to the market price
of the bonds. Let spectators make the
figures, run bonds to any rate of prem
ium, and then let the banks issue their
currency to the full amount, but of
course reduce the tax from the present
figure of 1 per cent to one-fourth of l
per cent on the issue. But here comes
Mr. Forgan with his suggestion:
II have had thirteen years expert
ence in the Bank of Canada, he says,
land about the same term in this coun-
try, and l certainly cannot determine
which would be better for the United
States, development of the present
system or a radical change based on
the system Of the Bank of Canada, OF
which the Baltimore plan is develop
ment."
John R. Walsh, president Of the Chi
cago National, said to be the heaviest
in the city, said:
Congress should provide for retir-
ing all government paper currency by
issuing 21a per cent fifty-year gold
bonds that could be used as basis for
national bank circulation at 80 per cent
of their face value, which circulation
should be issued as fast as the govern
ment paper currency was retired. This
done, all the silver bullion and silver
dollars in the treasury should be sold
at the market price of silver, at the
same time repeating the law that pro-
vides for making silver dollars legal
tender. If all bank notes below $40
were withdrawn, I believe the country
could use at least $25O,O00,0O0 of silver
as subsidiary COIN After this opera
ton was completed we would have
three kinds of money: Gold, which
would be the only legal tender; nation
al bank notes and subsidiary silver"
These are merely samples os the
many answers given. All are in the
same strain and go to prove that the
bank question was the real question
at issue in the last campaign, but the
people couldn't see it and will prob
ably not understand 1t till too late to
avert national disaster, and the fasten-
ing on the people of a financial system
that can never be thrown off except by
revolution.