The Louisiana populist., 1897-05-14

case business men become frightened
and hoard their money and we have
general business depression il not
panic.
There may be a grain Of truth in
these claims, but if so it is no argument
against government paper currency.
In our opinion, it is piece Of childish
folly to undertake to redeem 346,OOO,-
600 with S100,000,Q00, or three dollars
with one. 1t can't be done when the
emergency calls for it, and when the
emergency does not exist it does not
need to be done The only honest "re-
demption money" would be dollar for
dollar, such as the silver certificates.
Il"
It is proposed to substitute national
bank notes for the greenbacks. For
the life of ma I can't see how that
will lelp things. These bank notes
will be redeemable, and the present law
only requires a reserve of 25 per cent
OF the outstanding circulation. AS a
matter of fact the people have less con-
fidence in the banks than in the gov
ernment. They are more liable to set
the endless chain" running on the
bank reserves than on the treasury re-
serve. Without the government back
Of the bank notes they never would
command the confidence of the people
that the greenbaeks do.
The trouble is not in the greenbacks,
but in the bankers and brokers who
raid the treasury for gold. No mer-
chant, stockman, manufacturer, me-
chanic or farmer ever presents green
backs to the treasury department for
redemption. This class of people don't
want it redeemed. They are not deal
ing in money, but in merchandise and
only want money to facilitate their
business. 1t is different with the
banker. Money is his merchandise. He
deals in it-buys and sells the use OF
1t. He is a speculator in money, and
hence prefers his own money to that
of the government because his own
will cost him less.
But a bank note is not money.
have one before me now. 1t says the
bank will pay" me five dollars. What
does that mean? 1t means the bank
owes me five dollars. Thus the banker
leans his own notes. He collects in
terest on what he owes. This is why
he opposes the greenbacks. This is
why he talks about the endless chain"
and the gold reserve in the treasury.
Admitting for arguments sake that it
is necessary to keep gold reserve for
the redemption of paper money, how
could the banks keep 1t any better than
the government does and has done? II
there was a panic the run" would
be worse ON the banks than on the
government. Not only would a de-
mand be made for the redemption of
notes, but for the deposits. Then
financial disaster would come. Every
bank would have to suspend payment
O.: go to the wall. We can conceive
OF no greater mistake than destroying
the greenback and giving the banks
full control over the paper currency.
1t was intended by the trainers Of the
constitution that the United States
senate should be the balance wheel in
our government. For many years that
body contained the best brains, states
manship and patriotism of the coun-
try. That was before the era of cor
poratiors, trusts and syndicates. AT
least it was before the era when they
could wantonly control state legisla-
lures, and peremptorily demand ma
/ tional legislation. But it is different
now. No man is suspicioned Of being
4 statesman because he happens to be-
lcng to the United States senate. In
! his election to that place the size ol
| his brains does not matter as much
as the size OF his bank account. AS
! rule If he is wealthy or is backed
by wealthy corporations he can go te
the senate. There he becomes the at
torney 60 of some railroad corpora.
tIon, trust or ombine. He never takes
| bribe, it is always a fee, and he con-
! siders it his sacred duty to do every.
| thing in his power for his client. Why
| not? His corporation pays him more
! than the people dc. The name Of the
!, United States senate should bt
| changed to the "Club Of Millionaire
I,awyers'--or abolished.
None of the demands of the Peoples
oarty ar, growing in popularity witt
.uch gigantic strides as the one fol
public ownership Of those things upor
which the public depends for its owr
comfort and convenience. The greedy
| corporations that have in many in
stances secured franchises through tht
most glaring frauds and bribery. seen