The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1896-10-01
A PERNICIOUS BILL.
>. r. Sovereign Points Out the Pur-
pose of Bill in Congress.

pose of g Bill in @ Congress.
St. Louis, Oct. chairman James
w. Jump of the Commercial Travellers
association Of this city, received a
communication last night from James
r. Sovereign, Chicago, grand master,
Knights of Labor and manager of the
Bryan free silver campaign labor bu-
reau. It is in regard to q. bill now IN
congress.
In part the letter says:
On December 6, 1895, Congressman
Walker of Massachusetts, chairman or
the committee on banking and cur
reney introduced a bill in the lower
house of congress which is now on the
calendar of the house. This bill pro-
vides for the destruction of all govern
ment money except gold, by authoriz-
ing the banks of the country to resume
current redemption of all government
money and issue their notes in lieu
thereof.
Continuing, he quoted section Of the
bill. and adds:
1T should be observed that this prac-
tically provides q. transfer Of the mone-
tary prerogative of the government 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 The radical de-
mands Of the bin are so dispensed
among its various sections that only a
careful study of it can give the reader
a correct understanding Of its pernic-
iousness.
The bill has been endorsed by the
house committee on banking and cur
rency and it is the further intention of
the gold power to pass it through the
next session of the fifty-fourth con
gress, providing Mckinley and a sufi-
cient number of congressman can be
elected to secure its passage In the
American Banker of New York, issue
of January g. 1896, appeared q. commu-
nication 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
Of this country The communication to
the American Banker has been printed
in circular form, and sent out to all
the bankers and financial centers Of the
country"
Here Mr.. Sovereign quotes the arti-
Gle from the American Banker and con
tinues. THE bill and circular referred
to emphasize two points which the
American people should previously
consider in this campaign.
sFirst-That the agitation for the So
called single gold standard is only a
nucleus around which to crystalize de-
mands for bank autocracy, and in the
light Of pending legislation it must be
admitted that those who are now fore
most in the agitation for what they
call sound money are in favor of the
destruction Of all government money
and the issue of bank paper based on
Az al -=-sf7 l7a
most unsound money any country ever
had.
'Second-That the money power fear
the people; that twice since the war
have they made a. determined stand to
destroy all government money ana
both times their schemes have been
frustrated by the demands Of the pe0-
pie 1t is distinctly noticeable in the
communication to the American Bank
er from the committee on banking and
currency that they stand in fear and
dread Of the American people and be-
cause of the determined opposition of
the people they are shut up to what
they call the third method of correct
ing the evil namely. to authorize the
banks to take up and destroy United
States government paper and issue
their own notes in lieu thereof. and in
concluding the communication. it viii
be noticed states that the banking and
currency committee does not appeal to
the American people, does not ask that
the question be discussed on its merits
and submitted to the voters by allow
ing them to decide it at the ballot box
but they appeal to the most exper-
fenced bankers of the country in de-
vising some plan for the accomplish
ment Of a result, and then they explain
why they appeal to the bankers and
not the people by saying that they do
it in view Of the popular opposition, to
the destruction OF government paper,
acknowledging that In order to accom-
plish their purposes. they are com