The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1897-03-12

powerful and aristocratic trust outside OF
Hlngiand. This medium of exchange and
credit power will touch the shores of all
industry and touch them hard.
That part of the Chicago platform which
declared against additional National bank
paper money Issues and in favor of gov
eminent issues of paper money instead OF
more issues of bonds outranked in import
ance every other Tart though both par
ties were apparently afraid to pronounce
Its Importance in their discussions.
Roger q. Mills gave the people of Texas.
through letter to Chairman Dudley, My
opinion on the Financial Questions" dated
Washington September I. 1895. which was
circulated in pamphlet form in the late
campaign by the republican campaign
committee on account OF its special plead
ing for the gold standard. but 1t also con-
tanned few words about National banking
corporations. viz: THE most serious fea-
lures of the financial contention remains
to be considered" "a very active and
aggressive party Is now demanding that
the monetary circulation of the country
shall be placed in the sole control of bank
Ing corporations And in order that the
Held may be cleared for the exclusive cir
cuiation of their notes II Is demanded that
all the treasury notes. amounting to about
$500 900 900, shall be funded into long time
interest bearing bonds; that the silver In
the treasury shall not be coined. but sold
as phiiANh lpl sOIu, lutl inc treasury notes,
until they are funded into bonds. shall be
redeemed in gold alone. and that az often
as the treasury is empted Of gold bonds
shall be sold to obtain more to pay the
same notes.
1t is strange that Mr. Mills failed to
perceive the connection between the demo-
cratic gold bugs and his very active and
aggressive party" clearing the field for
the exclusive circulation Of their notes."
especially strange that he could detect
difference on this question between a
democratic goldbug and republican gold
bug. 1t would be Interesting to know
what disposition of the paper money divis-
Ion of the subject the goldbug democratic
party would have made. 1t is understood.
Of course, that Mr.. Mills paper was writ
ten before the convention. which was at
that time expected to straddle the finan-
ciai question. but 1t is referred to here to
revive watchful interest in forthcoming
monetary legislation, the results which are
demanded by those WHO put up the moneys
10 defeat Bryan and elect Mckinley.
In this connection 1t is pertinent to dis
close the relationship between our local
National banks and the great controlling
power in the National Banking associa-
ton. They are like the little stockhold-
ers In any industrial corporation. who are
hired In minor capacity. and may be
turned off and on at the will of the man
ayers. Their little stock and position don't
amount to much while they are confined TO
handling their own funds. but they come
into importance when they are authorized
to forward commercial paper for re-dis-
count at New York. 1t is then that busi-
ness expands. When after awhile they all
are notified that re-dscounting will be
discontinued at New York. our local banks
cry hard times ahead. and thus a panic
starts. Our banks are not TO blame they
are the arteries through which the life
blood of commerce comes to u.s. but they do
not control its coming or stopping; that is
controlled by the great money power In
New York. Hence 1t may be clearly seen
mat the businesses Of the country are
dependent upon the system of circulation
or the power which Is in the New York
banks that this power is derived by mon
etary LEGISLATION obtained surreptitiously.
determining what shall constitute the me-
talilc money unit is only interesting in n
general way and Is subsidiary to the great
question of who shall control the issues
ana circulation Of the paper money of the
country.
ny obtaining or retaining this privilege
aud power the capitalistic East is able to
dominate and exploit the entire Industrial
operations of the people of this country,
ana while enlarged privileges and in
creased powers and extensions of time are
being formulate ted into law the roonle will
he wrought up by cries OF war and tariff |
schedule dlsagreements and contentious.
Watch