Washington standard. [volume] (Olympia, Wash. Territory) 1860-1921, 1896-01-03
THE BIG CONSPIRACY.
BANKERS WANT TO CONTROL
THE NATIONAL CURRENCY.

| Euksauo "Oui0 Inen he IN the
saddle With Benedict Arnolds
Doing Her Bidding Behind Bank
ing Counters Treason Stalks
| Abroad.
| National Bimetallst
Day by day the fact becomes clearer
that in their pretended warfare upon
silver and in favor of what they are
pleased to call "sound money" the
real purpose of the great banking
interests of the country is to obtain
complete control of the national cur
rency. Not only do they wish to de-
stroy silver, thus making gold scarce
and dear, but they would 60 farther
and issue all the paper currency OF
the country. That is, they want to
do away with all government issues OF
paper, and substitute national bank
notes.
The argument used is that as long
as we have United States paper money
in circulation, it is subject to redemp-
tion, and hence large gold reserve is
necessary. But if government paper
is all withdrawn, then a gold reserve
will no longer be needed.
Let US look at this matter for mo.
ment. 1t is we'll known that in gen.
eral there is very little United States
currency presented for redemption ex-
cept when gold is needed for export.
The bimetallists say that the Govern.
ment should not surrender gold for
this purpose, but should redeem with
silver. whenever necessary to protect
the gold reserve.
That if Larzard Freres or the Ichel.
heimers or anyone else desires gold
for export, they should get it from
the banks, which have large sums in
their vaults.
Instantly comes the answer that
this would never do, because the
banks would charge a commission,
gold would 60 to premium at once
and then comes vague intimation OF
all sorts of dreadful things to befall
our unhappy country the moment
gold reaches premium.
There are several things which carry
our gold abroad. The principal fac-
tor is the annual interest charge on
our foreign debt, amounting, it is esti-
mated, to $2OO,O0O,OOO. Then there
are the adverse trade balances, the
expenditures of American tourists, and
the dowries of American heiresses
married to titled foreigners. All of
these must continue to operate,
whether our courency consists of one
kind OF paper or another.
Now suppose the greenbacks and all
other forms of United States cur.
rency are retired, and the gold reserve
is permitted to melt away. 1t be-
comes necessary to send $4,000, 900 to
Europe. Where will it be obtained 2
From the banks, of course? If the
banks would charge q commission
now. they would do the same after the
United States notes are withdrawn,
The retirement of government paper
would not make them any more
liberal. So the only argument ever
made in favor of substituting bank
notes for government paper utterly
fails.
There is, however, nothing in the
point made too frequently about gold
going to premium, and the argu.
ments OF the gold men themselves
prove it. They persistently claim
that true bimetallism never existed
in France, and in support of the
fclaim it is alleged that from 1906 te
1850 gold was nearly always at 9
premium in that country. That j:
the banks charged q commission TO,
making the exchange of gold for sill.
yer. For the sake Of the discussion
concede this to be true.
Who ever heard of France being
ruined by that premium? No one
So far from it she was the most pros.
porous country in all Europe. The
commission was matter which never
affected the coins in circulation at all.
1t was merely a transaction between
the banks and those who wanted gold
for export. If the banks sought to
charge more than the exporter could
afford to pay, he simply did not pay
it. Instead of gold he sent some.
thing else-exchange, silver or com.
modities. And so it would be here.
The cry Of premium on gold is
merely q "scare crow" The gold
advocates would make people who
never see a gold piece from one years
end to another, believe that the mo.
ment gold rises a cent or two above
some other kind of money, the whole
country will 90 to the dogs. Gold ia
already at a premium OF 100 per cent,
measured in the products of the farm.
The gold champion can see nothing
wrong about that; but he is Mortified
at the thought of gold dollar being
worth cent or two cents more than
some other kind of dollar. But the
point to which the readers mind is
here sought to be especially directed,
is that the substitution of bank notes
lfor United States notes would do no