The Irish standard. [volume] (Minneapolis, Minn. ;) 1886-1920, 1896-08-01


ceeds all other works not only in cir
culation, but in point of territory over
which It's circulation extends.
4, t2GREENBACIlS.
In my last communication | showed
that by operation of the Gresham law
It will be impossible to retain our gold.
unless we adopt the policy advocated by
the gold standard men, or, unless wa
resort to the free and unlimited coinage Of
silver.
On the s,lpposition that either method
will retain our gold, let us briefly exam
inc what sacrifices we must make III Or
der to retain our gold coin if we adopt
the plan already outlined by the advo-
Gates Of gold recommendation.
The gold advocates say they will de-
stroy all, the greenback currency, amount
ing to $3.50, 100000. They will replace
this non-interest bearing greenback cur,
rency by an issue Of National bank notes.
based upon interest-bearing bonds. They
will destroy the remaining legal tender
qualities of our silver dollar, and convert
them into subsidiary coins.
The advocates of the gold standard are
determined to destroy our greenback cur
rency, simply because 1t is full legal ten
der for all debts, public and private, en-
cept duties on imports and interest on the
public debt, and being such, 1t can he
used, Just as we'll as gold coin, in pay
ment of the millions of notes, bonds, and
mortgages drawn payable In gold. This
destruction would throw an increased de-
mand upon gold, and still further appre-
ciate it's value, as well as the value Of
such notes. bonds and mortgages. For
this reason, they are determined to de-
stroy our greenback currency.
The national bankers are in favor Of the
gold standard, because destruction Of our
greenback money will enable them TO
substitute their own interest bearing
bank notes.
We must expect the national bankers
to favor any financial plan that will en-
able them to issue, practically, all the
peoples money. They are the only class
of citizens permitted by law to draw in
terest on their debts, at the rate of from
S to 10 per cent.
Let it he understood that national bank
notes. which are loaned to bank custom
ers at interest, are nothing more than
a debt that the banks owe to the United
States. -' ~.
The United States prints these bank
notes and gives them to the bankers at
a charge Of only 1 per cent. Is it any
wonder, therefore, that the bankers favor
the gold standard when it confers upon
them such privileges and emoluments?
II the government will issue money to
the silver men, at 1 per cent interest, we.
also, will not desire the free coinage of
silver.
It is estimated that the national bank
ing system has cost the people of the
United States since 1874 almost twice 40
much as the late civil war.
The national bankers are in a position
to exert an undue influence over the bust
ness community, and so we find the aver
age business man merely parrots forth
the objection to free. coinage of silver,
put In his mouth by the subsid died bank
ers.
The free coinage of silver will be long
step towards repeal of the national
bank law, and for this reason the bankers
are alarmed
Free coinage will prevent the destruc-
ton of the greenback currency. It will
speedily enlarge the volume of sound
money upon which gold and silver GER
tif1cates can be issued. This will dispense
with the necessity for interest bearing
bank notes, and enable us to wind up
that gigantic monopoly which Is un-Dem-
ocrattc, un-American, and In the belief
Of many of our best lawyers, unconsti-
tutional.
This campaign is one between ths
bankers, bondholders and "gold huck-
sters" on one side, fighting for spoils,
with Doodle, huster, intimidation, coer-
cion and lies. and, the producing classes
on the other side, fighting for the restor-
alton Of constitutional rights, conducting
the campaign along educational lines, by
appeal to cruelty oppressed people, to
rise In their strength and snatch back
from the jaws Of death our beloved re-
public.
The prediction of Salmon P. Chase,
Lfncoln's war secretary. is now realized,
but In his prophecy, when he said my
agency In procuring the passage Of the
national bank act was the greatest mis-
take OF my life. It has built up a monop-
oily that effects every interest in the coun-
try. 1t should be repealed. But before
this can be accomplished the people VIII
be aHayed on one side and the banks on
the other, IN q contest such as we have
never seen in this country"
The gold men are satisfied, they tell
us, to leave the silver dollar as it now is.
We tell them that it is only a f1fty-cent
dollar, and we cry shame upon them for
advocating the use Of debased dollar.
Will silver advocates make note Of this
fact, that the gold men are the ones who
advocate the use of the debased silver
dollar Silverites intend to make it q
one hundred-cent dollar, and then, and
not until then, will gold circulate as
money side by side with silver. We pro-
pose to make that silver dollar q one
hundred cent dollar, by giving it the sa1ue
privileges and opportunities at our minis
as the gold coins now enjoy. We shall
pass law coming sixteen ounces of sill
yer into just as many full legal tender
dollars as are now coined out Of one ounce
Of gold. Then, with minis wide open,
and the nnsupplied demand for money.
which can never be fully satisfied with
both gold and silver, owing to their scar
city, the. silver dollar of our fathers, ira
duced, but not dishonored, scorned by
bond holding parasites, but loved by the
great common people, will lay aside tho
cheap fifty-cent vest,lre which European
and American deSDOfe have n1acnd ,1nnn