Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1898-06-20
CURRENCY REFORM.
he Editor of the Register.


tso,,se of Representatives, styled "A Bill
en-. currency Reform" is receiving some
.,4,ntion, and seems TO have gained some
-.,onor, from those who have hitherto
nsan strong advocates of maintaining the
.,reenbacks and United States Treasury
,,otes in circulation just as they are.
have before me a synopsis of the bill,
also the comments on said measure by
~. Executive Committee of the Monetary
~ omission signed by its chairman. II.
II ft,nna. a brother OF Senator Hanna, of
ohio 1t is addressed to the business men
~ The United States. We have been re-
nnested by several parties to state our
news upon this matter. To do so will
re,,,lire your indulgence and some space
IN YOUR valuable paper. There is nothing
rew in this scheme. 1t is the old sore
presented in different way 1t embodies
some ideas set out by the money specula
,ars If this country and England, immedi-
a,aly after the war of 1861, to dispose
of the greenbacks, and which brought out
the act Of April Y, &C. called 1.-The fund
ing act" We had $3.50, o00, coo in green
hacks and il authorized the treasury to
flad them into per cent bonds. Shylock
saw the people too prosperous and aimed
mis- blow to stop that prosperity, and
bring the business under control of the
National banks. These banks had
taetr origin during the war, and the sole
object was TO create a money that could
he manipulated after the war in the in
ferest OF the rich bondhoders who held
in har MI
aware the greenback, which originated
February 25 1862 was an independent
money issued under the credit OF the
government, and it's legal tender feature
would make the money of the people, as
j; would pay all debts except those named
In the note, and its Independent character
would circulate it, and it could not be
destroyed nor horded by the government,
and its Notwithstanding feature
would prevent the banks and individuals
from boarding them for any length of
time. When the greenback was first is
sued il was not redeemable in any speci-
fed money, and this was made the feat
ura for the first howl of the money kings
Of the world against this money, and,
in order to allay the difficulty, the act of
March Is, 1869, was passed. This act de-
clared it redeemable in coin. The funding
act of 1870, md the act of 1913 de-
monetizing silver followed in quick sue
oession, and both were brought about by
and in the interest of the National banks.
John Sherman was father to both. They
did not complete the job and he was
appealed to by the banks to take another
step and complete the work so nobly be-
gun. They were handicapped by the old
law creating them and they wanted more
latitude. The act of June 20, 1874 was
devised by this willing servant (Sher-
man), and it passed. 1t was the growth of
The National Bank Association" after
long studies as to the necessities of these
banks, to control the money interests of
the nation against the people. and to their
own advantage. This measure provided,
that all limitation should be taken
from the issue of National bank notes,
and that when they wished to surrender
their circulation. in whole or in part
they should have the right to do so, upon
the deposit in the treasury of legal ten
der notes to the amount of their circula-
ton, leaving it to be redeemed by the
treasury. They were not required to pre-
sent their notes to the treasury to lift
their six per cent bonds. as the law for
merly provided The object of the law
was TO enable them to sell their six per
c-ai bonds at a large premium before the
: ~ and per cent bonds were sold to
r-ieem them, and further, to enable
these banks to reduce their circulation
20 whole or in part, as their interest
might dictate. and thus be able to control
t1e price of all property. The clause in
t1r act allowing them unlimited circula-
lion was intended to enable them, when
their interests demanded, to issue to the
extent of the bonded debt of the United
States. and thus enhance the value of
property. This act stands as the law of
The land to-day. Sherman said in 1870
that a monopoly of the money of the
nation had been given TO these banks, and
they should reduce their interest" This
was not sufficient to give Shylock his
pound of fesh-another step must be
taken. All the legal tender notes re-
quired now to make them par with gold
was the removal of the exception clause
from the law creating them. Mr.. Sher-
man. whose hand was set against the
people after the passage of the act of
1869, that declared "all bonds of the $40
issues payable in COIN" vas again ap-
pealed to, to frame an act that would
wipe out forever the hated greenback. 1t
was passed January Il, 1875, and was in
tended to give these banks full control of
the circulation of all paper money: just
what is designed by the currency reform
Dill and the circular of Hanna. The gen
eral law creating the banks remains the
sdme-The destruction of the greenbacks,
SO as TO have entire control of the circu-
Iau0n. Hanna says TT meets the eXpec-
no permanent business prosperity until
the greenbacks' are retired and it re-
moves the preiudices of those who favor
the greenbacks." In other words. the
8reenbacks, which are a menace to our
National credit, are retired without any
loss TO the treasury, and without issue of
ponds, by imposing the burden of their
current redemption upon the banks in re-
'urn for the privilege of issuing certain
amount of asset currency" and this
makes it the BEST "POLITICAL" meas
ure ever devised. THE greenbacks must
oe retired as a business measure" Well,
we tried that under the act of 1875, re-
erred TO above. AS soon as it was a law
.he banks began to retire their crcu-
"lon, and in less than four months the
greatest money panic that ever existed,
up 10 that time. was set on foot. 1t
l4SJed until 1879 Hannas method is
wages plans-He cries out for a more
@eAlole currency Both want more power
'F National banks. 1t is a great "busi-