The Forrest City times. [volume] (Forrest City, Ark.) 1871-1919, 1898-04-22
CURRENCY REFCKzI.
How the Goldbugs Propose TO Pre-.
serve the Financial Stnbili-
~ of the Nation.

The report of the monetary commits.
Indianapolis monetary convention
has been made and is being
franked as part of the congress
sional record. IL and doubt ever
existed of the true nature OF this mo$e-
ment that doubt can exist no longer.
Under the well-sounding name ot"cur-
rency reform" it was believed that the
gold standard was hidden. This is now
known to be fact. The whole propa.
ganda is merely flank movement Of
part of the gold standard forces, and no
man should be deceived into the belief
that they really intend only reform.
The only reform intended is to fix the
gold standard so firmly on the. Ameri-
can nation that it can nsfeyer be shaken.
The report of the cohlttissi on says
that any standard other thA4Nold is a
great danger and compared with this
danger all existing evils of mere kind or
quantity of our present money are rela-
lively only inconveniences. The first
need of the situation is to fortify the
Standard Thus the whole fight is to
be for the gold standard and the real de-
fects are to be regarded as mere "in-
conveniences." The whole financial
system of the country is much in the
form of an inverted pyramid, a mass of
credit on little base of gold, but this
danger, that some time the pyramid top
pie over, is only an Inconvenience"
They are determined to stand by that
base, even If the whole superstracture
comes down. At all hazards they will
fortify the standard. They will fortify
the standard, even if they have to pull
Off the entire superstructure. Have
they not said that all questions of mere
quantity are simply an Inconvenience"
compared with the necessity of saving
the gold standard?
We are then prepared to hear Of al
most any proposition in the matter Of
handling the great mass of credit money
afloat plus the legal tender silver dol
lars. Listen to what they call one Of
the defects of the system: Second,
the continuance in circulation of gov
ernment promises to pay, which, when
made a legal tender, constitute forced
loan, which are secured by only such
resources as the exercise of the taxing
power can render available, and which
are payable only at the will of the
debtor" So they find our United States
notes very defective. They call them
forced Loan" and they want them
called in and the national banks given
the privilege of making forced loan,
the government to pay them about $12,-
100000 year for doing it. They OBJ
ject to the people, through the govern
ment, making a forced loan on them
selves. for in that manner, the loan pays
no tolls to the banks. That is all there
is about the bankers objection to the
United States notes, called greenbacks.
In the eyes of the national bankers il
is stupendous piece of folly for the
people to have borrowed $346, ,000, 900
from itself, and to have saved paying in
terest to outside parties. According to
their moral code the people should have
borrowed that money from the banks.
and are even asked at this late date to
change their free loan for one that pays
interest to the banks. BE assured they
will never get their wish, unless the
monied powers are even stronger than
they appear.
They find fault even with the Sc
curity because the notes are simply the
government promise to pay. They
want them changed into national bank
notes, which are secured by what?
Simply secured by the governments
promise to pay. AS to security it is
tweedledum and tweedle dee. Then they
say these notes. are payable only at the
will of the debtor" Another base as
sault on the prerogatives of the money
lenders, so they think. All they want
is that all the laws be in favor of the
creditor, the debtor being even de-
prived of using as legal tender anything
except gold. So would they fortify the
standard.
But so will they not "fortify the
standard" while the American people
are awake.
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