Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1898-06-20

can the National banks maintain gold
redemption? This new law brings this
point to the front because all their notes
will be redeemable in gold. If the whole
OF the United States cannot maintain a
gold reserve, can these banks do 1t? II
they can maintain the gold redemption
of their circulation, 1t will prove most
conclusively, and beyond a shadow OF
doubt, there exists now and heretofore a
combine to raid the gold reserve and force
the issue of bonds. Take away the green
back and invest in them the absolute
control of our currency, and then when
clothed with the power to manage and
direct 1t, as this bill provides, they will
redeem it or not, just as they choose and
just as they did in 1873 when they refused
to honor drafts in money to their Gus
toners and country bankers and resorted
TO issuing $38,OCO000 clearing house certit-
Gates in the city of New York. to be used
as money, unlawful and unconstitutional,
and II done by an individual the govern
ment would have had him in prison for
life In forty-eight hours, but these pets
pay no attention to law. The right to
issue currency is the right of sovereignty.
1t does not belong to private institutions.
1t is not legitimate function of banking.
1t is the sovereign function of govern
ment alone. This new bill usurps that
right tramples upon the constitution and
defies all American law and precedent
Let us confne these banks to their legiti-
mate function of deposits, loans drafts
and bills of exchange and let the con-
stitution stand as 1t has ever stood. and
the government continue. under its pro-
visions rio tba
money of the people. No one will com
plain of this except the few who desire
to build up a monopoly of the money we
use Andrew Jackson answered this
question sixty years ago. In his farewell
address he said: The corporations
which create the paper money cannot be
relied upon to keep the circulating me-
dunn uniform in amount In times of
prosperity, when confidence is high, they
are tempted by the influence of gain or by
the influence of those who hope to profit
by 1t, to extend their issues of paper
money beyond the bounds of discretion
and the reasonable demands of business,
and, when these issues have been pushed
on from day to day, until public conf
dence is al length shaken, then a reaction
takes place, and they Immediately with
draw the credits they have given, sudden
ly curtail their issues and an unexpected
and ruinous contraction OF the circulating
medium follows, which is felt by the
whole community. The banks save them
selves and their 'mischievous consequences
are visited upon the people" This is the
elastic currency this new bill provides,
and this portrays the evils that will re-
suit from it. These bankers claim these
greenbacks affect public credit and are a
menace to the business men of our coun-
try. These greenbacks cannot be con-
trolled in any other way by foreign bank
ers or spectators. They are here at
home legal tender for all debts except
those embodied in the note, and for this
reason they cannot reject them. All for
eign debts of a local character are pay
able here, and the greenback must be re-
ceived when these debts come home for
settlement. Under the present law they
are exchangeable for coin. and this forms
the menace referred to. There is no such
thing as dishonest money here. A gold
dollar, a silver dollar, greenback dollar
exchange amongst our people for one
hundred cents each The change comes
when the English Spectator buys our
products, then he depreciates in value
everything to his estimated value of the
silver dollar, and pays for it in gold, val
ued at two and a half times the value
the farmer or laborer can get for it when.
he uses it to buy clothing or bread for
his family. The system laid down in this
new bill will shorten the process of
boarding gold. and make it an easy mat
ter for they will have control of all the
money and can use it as they like. No
man outside the banks and goldbugs will
ever see the reserve notes. They are
redeemable in gold and legal tender for
debts. and will be boarded by the banks
for use amongst themselves and rich
spectators, just as they do the 5000 OGO.-
600 in gold coin that should be circulating
the same as silver amongst the people
The only object is to deceive the people
and get the greenback out of their road
These bankers and spectators are not in
the business of developing agriculture or
mining. or the interest of forestry, or
even shipping or navigation, and but
little in railroads. The great bulk Of the
money of this country is employed in
Wall street, and is handled by the gam
blers in stocks They get the first call
for money from these banks They go
there with their bonds and securities
piled up and pledge them as collateral for
the purpose of getting money to buy
more to speculate upon. That is
their routine business. year in and year
out, nothing but speculation. When a mer-
chant in good standing, it makes no diff
ference how good, o. manufacturer
doing a large business of great in
terest and value to the country, employ
ing 10000 men and buying thousands of
dollars worth of raw material, needs
money and goes to these banking inst
buttons and asks a loan for three or
four months upon the very best security
mortgages or pledges he can procure, they
will not let him have it. Why is this?
There is a reason for this, and a good
banking reason. A few years ago when
one of the principal banks of Wheeling
suspended it tried to borrow money on
the very best collateral securities that
could be produced, in New York and in
Chicago but it could not be done They
could have put it up on a call loan, but
this would not do the bank and they
came home and made an assignment The
man who handles stocks can always throw
them upon the market and borrow money
on call. If these stocks deprecate go
below a proper margin, then they sell the
stocks and realize. A manufacturer
goes TO one of these banks, that has
million dollars in call loans. fortified by
stocks as collateral security, and asks for
a loan of 5000 for sixty days. He is