The herald., 1897-12-07

the plan he outlines and indorses that
was fathered by Secretary Gage. 1t
was hoped by many that he would rise
superior to the influences that appar-
emily controlled him, but his message
only too plainly shows that he is willing
to betray the interests of the people at
large for those of the moneyed classes,
and while some of his remarks have
merit In them, the greater part are per-
nicious and dangerous and would only
serve to increase the expenses of the
government while it would enrich the
bankers and money loaners.
In the sacred name of reform" he
advocates the reduction of the tax on
bank notes from one per cent to one
half per cent and to that extent makes
a further present of interest to the
banks II the scheme were carried out.
He say: Il concur with the secretary of
the treasury in his recommendation
that national banks be allowed to Issue
notes to the face value of the bonds de-
posted for circulation and that the tax
on the circulating notes secured by de-
posit OF such bonds be reduced to one
half of one per cent per annum." If this
were done, what then would the gov
ernment be paying interest on and does
this not mean that II the government
pays four per cent interest on the bonds
and gets back one-half Of one per cent
that it is losing three and one-half per
cent and paying this on nothing. for If
q banker receives back the full value of
the government bonds deposited, what
has he really left in the possession of the
government and why should the gov
ernment pay any interest at all?
If the banker wants the privilege of
issuing bank notes and receives back
the face value of the bonds, why should
he not be willing to do without the in
terest that the government now pays
him? Why is not the governments
note as good as a bank note and why
should the government not issue the
money itself instead of giving 1t to any
bank to do? The bank note Is simply
based on the government bond and the
government bond is simply the govern
ment's promise to pay and no better In
any way than any other form of money
except it draws interest like note.
The people should now see that every
thing that is labeled reform or
Sound money" is anything but such
and that those that advocate such
plans are simply wolves in Sleeps
clothing and their words are meant to
deceive.
The president expresses great concern
about the danger of run on the gold
reserve and the fact that the United
States note is redeemable in gold and
advocates in reality single gold stand
iard while saying a few words in regard
to international agreement-that CHI
l,ok %04 al f,o1
shown to be farce, unless we first take
independent action ourselves and then
the other nations Of the world will be
forced In self-protection to follow our
lead.
If he would stop to recall what hap
pened when Daniel Manning, (the first
secretary of the treasury under Cleve-
land), was confronted with threatened
run on the gold reserve, his doubts and
fears would soon be dispelled. Manning
simply informed the gold grabbers that
If they commenced anything Of this
kind he would proceed to pay out silver
to them, increasing the amount day by
day in proportion to the time they kept
up their run" and they concluded not
to run at all. A similar action to this
by the present administration would
have very salutary effect and go far
towards placing silver in its rightful
position and settling the currency
question to great extent. This Is the
course followed by France and today
she is acknowledged to have the best
financial system in the world and is
more prosperous than any other coun-
try and has a greater per capita circu-
lation.
The president Acknowledges that the
government has not sufficient gold at
it's command at all times to meet its
obligations, and yet in spite Of this, he
is disposed to advocate that which
would bind us perhaps for years to a
single gold basis. What this country
most needs is more money, not more in
erest-bearing bonds or taxes with
money made scarcer. harder to get and
placed solely In the control Of the banks.
Let the banks get out Of the govern
ment's business and let the government
issue all of our money and there will
then be less Of the scarcity of money that
we have seen in the last few years. AL
most every plan proposed by the money
interests are against the good Of the
people as a whole and solely for their
own personal good. That this is true
has been shown by the results of the
measures that they have advocated.
Another thing that great many do
not fully understand and know, is that
the banks receive a double interest on
all money they invest in government
bonds for which they take out circula-
ton. They first receive four per cent
interest from the government on the
bonds and then six to eight per cent
net on the bank notes they issue and
loan to their customers.
The banking business Is all right and
we must have banks to be enabled to
do business and facilitate exchange,
but they should not be allowed to over
step their proper places or try to con-
troll and run the government for their
own benefit and it Is very doubtful that
they will lsucceed in doing so, for there
are enough patriotic and Independent
men in the house and senate to prevent
it, we hope, but at the same time, the
people should know the facts and let
their wishes be known.
e PLURIBUS UNUM.
The Bookman is responsible for the
statement that Rudyard Kipling de-
a ~