Barbour County index. [volume] (Medicine Lodge, Kan.) 1880-current, 1898-02-09
AN ARROGANT
TRUST.
Composed Of The National
Bankers,
A Partnership I'm which The Govern
ment Takes For It's share All The
Risks And Expenses And The Bank.
eFs Take All The Profits.

able editorial, explains the partner
ship between the Government and the
national banks. The inside history of
this gigantic trust was exposed by a
controversy, at the opening of the 55th
Congress, between Mr.. Ding1ey, chair
Means, and Mr.. Walker, chairman of
the committee on Banking and Cur
rency, both committees of the House
of Represen tatives, as TO which COM
mittee should direct the Congressional
affairs of this trust. The fact was de
te1oped that the Government takes
for its share of the partnership, all the
risk and pay all the cost; the bankers
take for their share all the profits.
Quoting from Mr.. Young's editorial:
"Mr. Walker is outspoken in his OPP
position to another suggestion which
appears in the message of the Presi-
dent" He says: "The recommends
ton that the banks be required to re-
deem their notes in gold, with no other
bank in the country to surrender its
circulation and then, what agency
would keep the country on a gold
basis?' The chairman of the House
committee here rude1y touched the
sore spot in our financial system, and
it will make the advocatoes of "e1astic
banking" vince if they try to
answer his query. The attempt to do
so will disclose the fact that the ma
tiona1 banks are not seeking, for the
present at least, to drive the United
States out of the banking business,
but that their aim is to confine the
Governments operations to guarantee
ing the circulation of the notes issu-
ed by them, and to assume the respons-
Utility of maintaining gold payments.
What they wish to secure is the pro-
fitab1e privilege of controlling the
emission of all money required by the
people without being hampered with
the obligation of rcdeeming in gold
the currency circulated by them if they
find it inconvenient to do so. This IS
the trust that loans paper money, made
and guaranteed by the government,
to the people; and then collects inter
list for its use, regardless of the fact
that the people to whom it is loaned
have beenItaxed, through the bonds
held by these banks, for the cost and
maintenance of this paper money.
The trust originated in the brains of a
few money spectators, who, in 1864,
succeeded in depreciating the paper
money (450 million do11ars) issued
by President Lincoln to pay the
cost of war, and when deprecated they
bought in this Notwithstanding
debt. Then they went to Congress,
and had the paper money destroyed,
and Understanding bonds issued to
them in exchange dollar for dollar.
This act contracted the circulating
money, and almost stopped trade. Up
came the money spectators again, but
this time as bond-ho1ders, and had
Congress charter them national banks
for their private use. Then they had
the government reissue the paper
money, but this time to their banks,
and to guarantee its payment tn coin,
whiC would enable them to loan it to
the people for interest; thus killing
two birds with one stone, as the inter
est on the bonds, converted from paper
money destroyed, amounted to twenty
or thirty millions annually. Still.
their greed was not satisfied, and like
Oliver Twist, they were crying for
more. This time they were striving
ing to have the last vestige of Presi-
dent Lincoln's non-iuterest-bearin
debt converted into more bonds. It
amounts to 800 million dolla S. It is
pitiful to see the leaders of the Repub-
hcan party struggling with each other
to carry out this scheme which will
bond the country for another genera
ton. This trust is based on debt. If
the people require more money. in
trade, this trust demands more inter
est bonds on which to issue the paper
money. If the people pay the govern
ment debt, this trust contracts the
money used in trade, and bankrupt
the trader. Between the Devil and
the deep sea are the people held by
this trust; and if a government ever
owed its people justice, this govern
ment does; and it should begin now 70
legislate ag ainst individual greed. bv
taking possession of this trust and
conducting it in the interest of the
people who have been axed twenty or
thirty million dollars annually for its
maintenance for the past TWENTY-FIVE
years. Senator VIM. E. Chandler. of
New Hampshire saw the disruption of
the Republic an rarty, if this trnst is
granted its last demand, and so ex-
pressed himself in an open letter under
date of Jan. 10.-R. NJ. Collins.
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The efforts of the gold men to in
crease the obligations of contr,c,s