The Jasper weekly courier. [volume] (Jasper, Ind.) 1858-1922, 1898-08-19
BANKS AGAINST THE PEOPLE.
ing to Obtain the Exclusive
Right Ia Issue Currency.

Hon. George Fred Williams, OF Mas
sachusetts. has an able article in the
July number Of the Arena entitled
Government by Banks" He states
the real issue between the banks and
the people SO clearly that we feel war
rnnted in quoting paragraph from his
article. He says:
I'm the Chicago platform of 1896 this
question was forestalled in these
words: Congress alone has the power
TO coin and issue money. and President
jackson declared that this power could
not be delegated TO corporations or in
dividuals. We, therefore. denounce
the issuance of notes intended TO circu-
late as money by national banks as in
derogation of the constitution, and we
demand that all paper which is made a
legal tender for public and private
debts or which is receivable for dues
10 the United States, shall he issued by
the government of the United States,
and shall be redeemable in coin
"Three plans have been presented to
congress, differing materially, though
having a common purpose. One comes
from a self-constituted conference at
indianapolis, another from the secre-
tary of the treasury, and n third from
n special subcommittee of the commit
tee on banking and currency Of the
house of representatives,. The last
named plan has lately been approved
by the executive committee of the
indianapolis conference. All agree up
on the creation of separate division
of the treasury. 10 be called the divi-
sion of issue and redemption. to which
shall be transferred gold coin 10 the
amount of from sl2j.00O,O0O to S176,-
COO 1000, to be used for the redemption
of the legal tender notes. treasury
notes Of 1890, and silver dollars of the
government. 1t is proposed TO retire
wholly or in part the notes OF the gov
eminent, when redeemed, in quantities
equal to the bank notes TO be issued
in their stead. All propose eventually
10 dispense with the deposit Of public
bonds as security for bank-note is
sues, so that eventually the bank-note
circulation shall be based on the com
mercial assets of the bank issuing the
notes. The indianapolis plan would
dispense with The security of bonds
within ten years. The house commit
tees plan would base the bank issues
upon assets within five years. The
notes are in all cases to be a first lien
upon the assets of TIE issuing bank.
and the personal libility of the bank
stockholders is secured. Redemption
of the notes is TO be secured by de-
posit with the treasury of redemp-
ton fund equal TO from five to ten per
cent. of the circulation. The govern
ment Is to guarantee the redemption
Of the bank notes in gold. Provisions
are made for the sale Of United States
bonds TO maintain the redemption in
gold by the government. The issue Of
bank notes is limited TO the amount
OF the capital of each bank.
"These are the substantial features
of the three plans now before the pub
lie. without regard TO the methods or
the details of either plan, the one pur-
pose is TO substitute banks for the gov
eminent in the regulation of TIE mon
eta - supply. and to make the govern
ment ultimately responsible for the re-
demption in gold of the entire note is
sues Of the banks.
1.-The opposition to this new policy is
confined to the note-issue power of the
bank. There is no objection to the
banking system as it exists in the
country in the form Of state banks.
private banks, and trust companies. or
to the general powers conferred by
the national banking system excepting
the power to issue currency"
Mr.. Williams justly says that the OPP
position TO these schemes IS confined
TO the note-issue power of the banks.
Independent of their connection with
the question of the gold standard, the
banks are laboring to obtain the ex-
elusive right to issue currency. If they
can do this they will have the most
profitable and absorbing business
known among men. The issuance Of
million of money Is practically the ac-
QUESTION of that amount Of ready cash
and institutions which are authorized
to create money without labor or sac
rifice will become very rich and pow
erful, and will in the near future not
only govern the country. but absorb
what the masses produces Silver
Knight-Watchman.
senator Hanna.
nnr eo1Iierc and enilprS are fighting