The Louisiana populist., 1896-10-09
NO. SCI 5.

ally recognized BY All Sivirfsed coun.
tries"
The bill was repealed.
But the bankers kept up their RAID
on the treasury.
Then came an issue of $5O.OO0.OOO in
bonds.
Still the bankers raided the gold re-
serve.
Then came another issue of $50,O00.-
900 in bonds.
But still the bankers kept coming.
They wanted more bonds.
And Cleveland and Carlisle issued
$62 .O0O. 900 more.
They sold these to the bankers for
$40 ,000, 900 less than their actual market
value.
But this did not satisfy the bankers.
In consider alton Of the s10.000.000
bribe. they agreed to keep their hands
off the treasury for seven months-to
October, 1896.
When that time expired they again
raided the gold reserve. and in the
February following QS96) Cleveland
and Carlisle issued $780, 900 more
bonds.
This was all part Of the conspiracy.
The next step is the destruction OF
the greenback.
Cleveland and Carlisle have already
recommended that, and are constantly
giving the country object lessons about
the endless chain" which depletes the
gold reserve.
Now. IL Cleveland and Carlisle were
patriotic. what would be the proper
thing to do!
The law says the notes which the
bankers present at the treasury. for
which they demand gold, can be paid In
coin.
Let the secretary pay in silver rather
than deplete the gold reserve and the
raids would cease at once.
This same scheme OF raiding the
treasury was attempted in Mr.. Cleve-
lands first administration, when Dan
lei Manning was secretary of the treas
ury. Mr.. Manning went to New York
and called the gold raiders together and
gave them this plain democratic talk:
Gentlemen: The treasury is willing
10 furnish gold for any legitimate de-
mand. but II you attempt to draw upon
the treasury gold after to-day as you
are now doing. for boarding or specula-
tion. shall adopt an effective remedy
for the protection Of the governments
reserve. We have a cash balance nj
over $3.50 900 900. Not one of you
doubts for moment the ability and
purpose OF the government to maintain
specie payment. But II you continue
to withdraw gold shall at once order
that you be paid 10 per cent in silver
coin the first day, the second day you
will be paid 20 per cent in silver. and
the third day 30 per cent. and so on
until one-balf is paid you in silver"
But" exclaimed the astonished
bankers. this is In violation OF the
implied obligation that the government
will pay in gold"
MAKE no mistake about that, gen.
tlemen." replied Mr.. Manning. "the law
says coin and the treasury will exer-
else its undoubted prerogative."
That put stop to the gold raiding.
In 1868. when Fisk and Gould cor
nered the gold market. and caused such
an extensive stringency in money that
panic was precipitated. the govern
ment stepped in and threatened to Issue
$50.000,000 additional currency II the
conspira'ors did not let up.
That threat broke the panic. In 1878.
during the great panic Of that year, the
government threatened to buy sac, 0,000.-
900 of its bonds. releasing from the
treasury that amount of money for cir-
culatioh II the bankers did not cease
their operations against the public In
terests
That threat brought them to time.
But what does Cleveland do?
He puts out bonds and takes ths
money in from circulation, only aggra-
waiting the situation.
II ever president deserved impeach-
ment he does.
But both old parties have supported
him in his policy. and both are equally
guilty with him In this foul conspiracy.
w s. MORGAN.