Twice-a-week plain dealer. (Cresco, Howard County, Iowa) 1895-1913, 1897-05-04
OUR CANDIDATE IN 1900
The Currency Question.

The Currency Question.
The first real legislative discussion
of the currency question in the
United States took place before the
committee on currency and banking
in the house of representative in 1894.
The ablest bankers, inanciers and
political economists in the country
were invited to present their views.
Two plans for a bank note currency
were considered, known at the time
as the Baltimore and the Carlisle
plans. Mr.. Carlisle proposed that
the banks issue 500 in paper for
each $50 deposited in greenbacks
with the United States treasurer.
The Baltimore plan proposed regu-
lar issue of so per cent of the unim-
paired capital of the banks and an
emergency issue rs per cent with.
out any security. Both systems pro-
vided for per cent safety fund to
be deposited with the treasurer of
the United States, to be used for the
redemption of the paper issued by
insolvent banks.
The discussion before the CON-
mittee covers about four hundred
pages, and is the most elaborate and
and interesting document that has
been printed on the subject since the
Bank of England settled it's policy in
1847. The English discussion was al
most continuous from 1910 to 1547,
and now our bank note advocates
propose to travel over the same
ground. The English government
and the English people would sooner
legalize gambling or lotteries than
the banking system proposed by Mr..
Carlisle, or at Baltimore. or at any
time in operation here before the
war. Still, the old state banks with
branches and joint sinking fund
proved fairly safe and a mine of
wealth to their owners.
1t is the policy of the bankers to
prosecute silver and a government
currency till the people out of a sheer
desperation and hopelessness will
grant them the authority to issue
the paper money of the nation on no
security or on whatever security they
may choose to offer. Had Secretary
Carlisle read the financial history of
England and its parliamentary dis
cussions on banking and currency,
he never would have presented his
wild cat scheme of currency to be ig-
nored and showed under in congress.
The bankers and money dealers care
nothing about political parties and
will use Mr.. Mckinley or Mr.. Car
Isle or anyone who happens to be in
authority to accomplish their ends.
The struggle is for no paltry prize.
Two billions of paper money is re-
quired for immediate use. We are al.
ready using a money volume Of ST.,
600,000,000, and every industry is
languishing for the lack of more ready
money. Its value is 30 disproportion.
ate to other property that it is almost
impossible to obtain money for any
legitimate business purpose. With a
bank issue of two billions and theo.
retical gold reserve of s5 per cent
(Which it would be impossible to Sc.
cure) the banks would have the net
use of $1,5 00,0O0,0O0 which at per
cent would add $9O,O0O,0OO annually
to the already liberal earnings of the
banks and bankers. In a century
this would amount to nine billions
of dollars, or about nine times our
present interest bearing national
debt, but in that period the volume
should double and double again and
give the bankers $3.50, 100000 per
annum. These men are not merely
contending for themselves but for q
whole posterity of bankers to follow
In their footsteps.
We were told, and so it proved,
that it would be impossible to defeat
the republican party owing to the
immense corruption fund they could
command. These bankers are organ
izing outside of congress with the
modest purpose of recommending a
monetary system for congress to
adopt. This self-constituted com.
mittee is composed exclusively of the
enemies of silver and of a government
currency which 6,5OO,000 voters advo
Gated ut the last election. They rep.
resent the people in the same sense
that the wolves represent the sheer
or the hawks the chickens. If the,
succeed in wrenching from tn
government the constitutional pre-
rogative of issuing money, and
they succeed in perpetuatiDg tn
gold standard, the people Of thi
country will no longer be born wit
the equal and inalienable right t
liberty and the pursuit OF happiness
From birth the classes will be sepal
ated as in European countries, if nc
as are the castles in India.-Tel'
graph.
larry SinY,con IN coporoo tho nthc