The Mena star., 1898-11-09
THE REAL FINANCIAL ISSUE.


We have maintained for several
years that the real, vital, financial
issue before the people of the
United States was whether private
banking corporations or the gov
ernmcnt, should issue and control
the paper money in daily use by
the people! While those who
would receive most profit from
the issue and control of the cur
rcncy naturally want gold rs the
only redemption money, yet the
question of 4 single or gold stand
ard is of small importance when
compared with the question of the
issue and control of the currency.
In view of these facts the fol-
lowing extracts from an editorial
in the Arkansas Gazette should
prove interesting and of great i'm
portancc to all of our readers:
Elk Governor Altgelt, of Illinois in ii
signed statement in the Chicago Rec
ord. calls attention To the fact that a
which will drive every small bank
er out of business.
Just pryor to the adjournment of
congress the house committee on bank
ing and currency reported bill which
autho ICES any national Uank to es
tabish branch banks without limit all
over the country. Under this bill
large capitalists can create bank with
several hundred million dollars CAPT
tai. and then establish 5000 or 10 0s0
branches placing branch in every
town where there is now small bank.
This branch will want the cream of
the business iii that locality, aud as it
will have limltless resources TO back
~, lie smaller Jank will soon have To
close it's doors.
This bill also provides that all green
backs and other forms of government
paper now circulating as money and
amounting to upward of $400, 600, O00
are TO be Cancelled and tho govern
ment is 10 issue in terest- bearing notes
or bonds that will not circulate as
money in their stead, thus increasing
the annual burdens of the American
people To the extent of many millions
uf dollars without giving them one
cents worth OF valne in return.
1t proposes To take from the govern
ment the power OF issuing money and
confer it on private corporations
Practically al. the money of the coun-
try is TO be issued 10y the banks and
they will have absolute control of its
volume. They can expand the volume
AT pleasure and raise prices of prop
erty and then when it suits their pleas
ure or a selfish interest they can re-
duce the volume and thus create n
sringency and produce panic which
will knock the bottom from under
prices. In that way few spectators
can not ouly amass vast fortunes and
get control of all the great railroads
aud other properties of the country
without paying full value for them.
but they viii have the whole country
al their mercy.
While under this bill the govern.
ment will surrender to private corpov-
atoms the prcrogavtive Of issuing that
which perIorms the functions of mon
ey it will be gong deeper aud deeper
into the banking business, which is
not properSfunction of government.
Ii is to guarantee all the notes issued
by the national banks Every body
knoAs that these notes would not cir
cllate outside of the community in
watch the bank of issue exists II il
were not for the guaranty of the gov
eminent that gives these notes cur
rency; without it they would be al
most worthless Whea. therefore the
government guarantees the notes of a
PRIV ate corporation and thus starts it
into business, the government for all
practical purposes goes into the bank
ing business without sharing in the
profits. 1t is an insult to intelligence
to say that the issuing of bank notes
is private business. when Ii depends
absolutely on the assistance which it
gets from the government and could
not ran a week without this assist
anee.
When congress convencs this
iniquitous measure will be pushed
with all possible vigor with a
view of securing its adoption and
it beEooves every friend of the
country and friend of liberty to
bring every possible influence to
bear 10 defeat it. The financial
issue then to be formed will be of
ten fold more Importance than the
issue between gold and silver.
and may prove the dividing line
along which the next general clcc-
f;nt, ,,.iH ha fa,,oht