The Penn's Grove record., 1896-08-14
The Bankers Conspiracy.
"Sound Money Made
With Paper and Ink.

Last week a rev ACKNOWLEDGEMENTS
who live up-Jersey under the shadow of
the Wall st. stock gambling den, who
falsely call themselves the "Sound.
money democracy" better known as
fiat money pIutocracyl, met in jersey
City and decided a third ticket was
necessary and on the money question
they resolved as follows:
1--WE declare our firm belief in the
maintenance of the single gold stand
ard of value as the most stable stand
ard for deferred payments. We de-
nounce the proposition for thefree coin
age of silver as an attempt, dishonesty
to depreciate that standard by estab-
fishing silver recommendation. The
greenbacks are a perpetual threat to
the establishment of our standard; we
demand their retirement and replace
ment by a banking currency under fed
eral regulation"
What does this mean? 1t can best
be told by ex, Congressman Sibley, as
follows:
''Men advocate the retirement of the
greenbacks and the Treasury notes, and
Tor whose benefit? For the benefit of
the banks who want the S15, 100000 of
interest on those bonds which are pro-
posed to be issued to replace the out
standing ~greenbacks and Treasury
notes-ive hundred millions Of Govern
ment notes to be destroyed and iyehun-
bred millions of bonds to be added to
the load of debt already bowling down
the backs of the people. Destroy five
hundred millions of Government money,
pay interest on a like amount of bonds,
and let the bankers issue this amount
of money and loan it to the producers
at 6 per cent or higher. Six per cent
on $4,000 DOC 900 is thirty millions.
"The greenbacks and Treasury notes
were issued to the people without in
terest. They we're scattered through.
out the nation for internal improve
ments, for building up navy, improve
ment of harbors, payment of pensions
and salaries, in the multitudinous OBJ
jects, costing this nation $3.50, 000, 900
annually for maintenance of Govern
ment. This measure proposes that
hereafter not one dollar shall go TO the
people except as individual or associat-
ed bankers may filter it out to the pub.
lie, and that every dollar which may be
in circulation from n end of the ma
tion to the other shall pay tribute to
the bankers. The proposition is to des.
troy money which in its issuance calls
for no interest, aud create money that
demands interest from the day 1t comes
into the channels Of activity. The
bankers ideal circulating medium Is
that which is 10 be issued only by them
selves and upon which they are entitled
to levy a tax in interest charges. In
place of a free currency it is proposed
that not II dollar except an interest.
bearing dollar shall be in the hands of
the American people, and this is what
you people dare denominate an honest
dollar, and this what you term an elias.
tic CURRENCY To pay the interest on
the n hundred million bonds that this
Administration has already placed up.
on the producers Of wealth lin 1861
would require 1880 900 pounds of
cotton from the planters fields, if that
interest had to be paid in cotton at pre-
sent value. If you add the five hun.
dred millions you propose in order to
destroy the greenbaek and Treasury
note the cotton growers would be re-
qufted to give SOC, 0O0, 900 pounds of
cotton each year to simply pay interest
on unnecessary bonds. How long will
the people consent to such financial
schemes, or how much longer tolerate
the schemers2"
In other words the bankers wants the
people to tax themselves 3 per cent for
eternity to give to The bankers on the
bonds, they hold and then the bankers
will tax the borrower 6 per cent, max
Ing 0 per cent. If a man borrows 500
out OF bank, issued on the bond, that
money does not cost the banker but a
traction of a cent on the dollar. Uncle
Sam will ask the farmer for six bushels
Of wheat to pay the banker as interest
IN the bond. The borrower will have
20 pay back his 500 at the end of the