Willmar tribune. [volume] (Willmar, Minn.) 1895-1931, 1897-12-14

stroy the value of American securi-
ties. Broad Axe. ~ %sS*%
THE OBSERVATION-DISCLOSURES THE
| 7z%* BUBBEE! :
.'sIf the suggestions I have herein
made shall have the approval of con-
gress then would recommend that ma
tional banks be required to redeem
the notes in gold" President McKin-
ley's message of 1897.
We presume that a happy sleigh
party out in still and cloudless night
with temperature 40 degrees lelow
zero, would be no more surprised by
a clap of thunder and down pour OF
rain, than were the festive national
bank sound money fraternity on read
ing the above blunt, innocent and
honest statement of the vital points
in the present financial controversy.
That President Mckinley should
thus fearlessly recommend that ma
tional banks be required to redeem
their notes in gold, is a fact that
proves that the president is strictly
honest in his views, and also what is
even of more Importance, that he is
not on to the real inwardness. of the
sound money program.
The president is of course right in
his view. If the national banks want
to undertake to issue the money of the
country, and keep it on the gold STAN
dard, they ought to be compelled to
redeem their notes in gold on demand.
This position is incontrovertible.
But that is what they cannot do, and
don't want to do. And here is where
the gist of the whole fallacy lies hid
den in all the proposed schemes of a
national bank currency.
Hence Representative Walker, IRE
publican) from Mass, chairman of
the banking committee of the house, at
once jumps up with the following criti-
cism on this part of the presidents
message:
''The recommendation that banks be
required to redeem their notes in gold
with no other provision of law, would
cause every bank in the country to
surrender it's circulation, and what
agency would keep the country on a
gold basis?''
That is it, exactly! Here we have
the whole national bankers scheme
laid wide open. If the bankers are
required to redeem their notes in gold
they cannot and will not issue any,
and the gold basis cannot be main
tanned. The president did not know
that. He never looked that far into
the national banking philosophy. He
only knew it was right and just they
should do so, and said so. But Wal.
ker, the banker, knows that the banks
of the country cannot circulate notes
if they be required to redeem them in
gold, nor maintain the gold stand ard.
What the national bankers want is
to issue the currency and make all the
profit on it. and have the government
furnish 4 gold reserve for the redemp.
tion of the notes. When the gold re.
serve runs down the bankers presume
to say that the government-thep eo-
ple-is bound to buy gold to
keep the bank scrip on the gold stan.
dard! This is the object of the cur.
rency plan of Secretary Gage, Chair.
man Walker, and the rest of the ma.
tional bank schemers.
Thus, lies the whole beautiful all
castle of sound-money- bank-currency
reform dissolved into thin air the
minute it touched the ground.
Only this, and nothing, more is the
outcome of the wise financiers that re-
solved at Baltimore, formulated a,
Indianapolis, and are now sweating
blood at Washington. One honest
manly, truthful statement of the presi
dent dissolved the beautiful pan.
Drama. Ring down the curtain
gentlemen! We have had enough oil
this bankers tom-foolery currency
hippodrama! tbs one thing to rur
a priv ate bank. It is quite anothe,