Iron County register. [volume] (Ironton, Iron County, Mo.) 1867-1965, 1898-10-06
The Banks vs.. the People.

banking. They are spending their
money freely to elect 8 House of Rep
reseutatives and Senate that will pass
a bill for the retirement of the green
backs. treasury notes. and silver certi-
fcates, aud make silver dollars re-
deemable in gold. This bill is to con-
fer upon the banks absolute power
over the volume of our paper circula-
ton, giving to them the power to ex-
pand and contract the circulation con-
formable TO their interests at the
dictates of private greed.
If the manufacturers of guns and
powder were to attempt to secure the
election of Congress for the purpose
of comforting upon them the sovereign
power to declare war, their action
would not be more me19acious than
that of the banks. II the banks sue
ceed il winning the point they are so
strenuously struggling for there is rea-
son to fear for the future of free insti-
tut1ous. The control o. the volume of
money will enable them to so terrorize
all business interests that none dare
incur their displeasGre. They will
possess the power to wreck the busi-
ness of the nation at will, and under
the authority of their displeasure the
great trusts and corporations, as well
as copartnerships and individuals en-
gagged in business. VIII be forced to do
their bidding in politics
In 1881, during the closing days OF
the administration of President Hayes,
Congress passed bill providing for
the payment OF bonds of the United
States maturing in 1879 and 1880. The
bill was displeasing to national banks.
who desired those bonds funded into
forty-year bonds, whereupon the banks
mmenced retiring their circulation
and threatened to eugulf the business
OF the country in general ruin. Presi-
dent Hayes came to their assistance
and vetoed the bill. which was about
the final act of the President who held
his Office on doubtful tenure.
Again in 1898 a concert of action
was agreed upon by the worlds credi-
tor combination to make further ad-
vance toward the establishment of a
gold standard. The programme in
cluded the closing of the mints of
India by the British government and
the repeal of the Sherman law in the
United States. Cleveland won the
election of 1892 through the support of
the money power. In the early spring
of>1S93 the banks raised clamor for
the repeal of the Sherman law, threat
ening that Girefu1 consequences would
befall the business of the nation if it
was not Immediately repealed. Their
obedient servant in the White House
called an extra session of Congress to
repeal the law, and the banks set 10 put
the necessary pressure upon the bust
ness men OF the country to force them
to join in the demand for the legisla-
tion asked for. In the terrible panic
that followed over sixty banks went
down and over a thousand millions Of
wealth was lost to its rightful owners.
The banks soon found that they had
started a financial conhagration of
greater dimensions than they were able
to control and were only able to save
themselves by suspendiug cash pay
ments. So great was their power to
spread ruin il compelled to obey the
law themselves that Congress over
looked their misdoings. A resolution
was introduced in the Senate of the
United States calling upon the Secre-
tary of the Treasury to inform the
Senate whether or not the banks OF
New York were obeyiug the laws.
Senator Hoar of Massachusetts arose
in his seat and asked the Senate to lay
that resolution on the table, stating
that If it were passed by the Senate it
would be construed by the country to
mean a command to the Secretary of
the Treasury to see that that the New
York banks were compelled to obey
the law, in which ease the terrors of
the panic which was then ranging
would be augmented and general ruin
to the business of the country would
be inevitable The resolution was
consequently laid on the table.
The power that the banks possess at
present is slight compared to the pow
er they will WELD il they can secure
the passage of their banking bill. We
urge our readers to look sharp after
the elections of congressman and Sem
ators in their several states and thus
prevent the triumph of the banks
SiIrer knight Hdtchnaass.
praf&v Geharne