The Caucasian. (Clinton, N.C.) 188?-1913, 1896-01-16
THIRD ROUND.
This one. issued March l.. isc. By Banker
Association 10 ali National hanks.
The Panic Letter.

u
Association 10 nj National hanks.
The Panic letter
DKAKSfK: The interests of National
bankers require immediate financial
legislation BY Congress. Silver, silver
certificates and treasury notes must be
retired End the National bank notes
upon 4 gold basis made the only money.
This will require the authorization OF
from $JDO,g0,Uo to 1900 $4,000 OF
ne~ bonds as basis of circulation.
You will at once retire one-third OF
your circulation and call in one-half
OF your loans Be careful 10 make q
money stringency felt among your
patrons, especially among influential
business men. Advocate An extra ses-
sion of Congress for the repeal OF the
purchase clause of the Sherman law
| and act with the other banks of your
city in securing a large petition to
| Congress for its unconditional repeal,
| per accompanying form. Use personal
| influence with congressman and par
ticularly let your wishes be known 10
your senator. The future life of ma
| tional banks as fixed and safe invest
ments depends upon immediate action,
as there is an increasing sentiment IN
favor of government legal tender notes
| ana silver coinage.
This letter was followed by another
in August.
EXTRA SESSION LETTER.
| by BANKERS Association Urging Repeal
| of Sherman silver Purchase Clause
elm Interest of Those FsvOring
Gold Standard"
The AMERICAN BANKERS AssoCIA-
TON, No. 2 Wall st. and 1922
Broadway, Room No "A. +,
NEW YORK Aug. 10, 1898.
| To the Bankers Of the United States:
GENTLEMEN: The extraordinary
monetary crisis through which the
United States is now passing, which
involves the banks Of the country to al
extent that compels their officers tt
remain constantly at the post of dut,
while the danger is imminent, has con
strained the American Bankers AssO
citation to indefinitely postpone it
Annual Convention called for the 6tl
. and 7.h prox., at Chicago. This will
prevent such expression on the part o
the Association as the financial situa
, ton demands, which otherwise woult
J be made. 1t thus becomes the duty O
the officers of the Association to speal
l for it at this time, and suggest wha
seems to them to be the proper action
for the Bankers of the country 20 i'm
mediately take with a view to obtain
ing speedy relief from the continued
and disastrous stringency.
:. 1t is manifest that the immediat
cause Of the prolonged stringency i
' the fear and apprehension of disaste
. engendered i'll the minds of the peOpl
= by the continued purchases of silve
by the Governments and by the unceas
ing issues of its obligations therefor
!, redeemable in gold, which fear an
apprehension can only be removes
: and confidence restored by the re
mOyal of the cause. 1t is belived tina
the bankers of the country will under
10 stand and realize this to as great,
, | not to greater, extent. than any othe
= class of citizens, and it therefore be
comes the duty of such of them a
e fully realize this to urge upon thei
4 fellow citizens, and upon Congress, tn
b great necessity for the immediate al
}. unconditional repeal of the purchas
h ing clause of the Sherman Silver Ac
g The repeal of this clause is d emand
led in the interest of those favoring
Igold standard, and of those favorin
, Fthe use of silver with gold, as the cor
j. tinued purchase of enormous quaint
;, tiles of silver with gold obligation
can only result in the final inabilit
,. of the Government to redeem sue
y obligations in gold, and in the col
y tinued Over-prOductiOn and cOnsequeI
!, further depreciation of silver, thu
rendering the prospect of any intel
5 national agreement for its more gel
- eral use throughout the world NOR
hopeless than at present.
The President of the United Stat,
having convened Congress in exit
session and recommended to it sue
!; repeal, the power of public OpiniO
20 should be brought to bear on Congress
:, to induce favorable action thereO
;. This may be done by inroking the q
:; OF the Press, and by citizens writing
e their Senators and Representative
- and by sending to them petitions ur.
ing such repeal; all of which should
y done to the fullest extent possible, ar
,e without delay.
20 A blank form of petition is inclose
y, to be circulated among merchants, bu
.. mess men and others for their sign
- lures, to which additional sheets ms
=, be appended. Act at once in the ma
- ter and secure the intelligent co-ope
20 alton Of others, providing them wi,
~ printed or typewriter copies of Il
:, petition for the purpose.
= Respectfully,
- WILLIAM II. RHAwN, Pres.
- E. II. Pullen, Chairman,
Executive Council.
w