The Black Hills union. [volume] (Rapid City, Pennington County, Dakota [S.D.]) 1889-1904, 1898-03-04

sue gold bonds and to increase the
power, privileges and profits of nation
al banks.
The retirement of the government
paper money must reduce the volume
of circulation, and while the secretary
admits that the contraction of the cur
rency would be more ruinous in two
gears than interest on a like amount
of bonds for forty years would be, he
calmly informs us that the national
banks will probably issue a sufficient
amount of money to prevent this enor-
nous suffering.
The national banks are not to be re-
quired to redeem their notes in gold,
but it is arranged that the United
States government shall do SO on de-
mand, and after having done SO the
government must be content to have
the national banks reimburse it in
ANY kind Of legal tender money at
the option of the banks"
We are frankly told that lawful
money will be made ''relatively scarcer
than it is now" and that it is intended
that, under the operation of the bill it
will be ''easier to get gold than lawful
money" Practically all of the money
in the hands of the people now, as the
secretary distinctly admits, is silver,
chiefly in the form of silver certificates
The avowed purpose of the bill is to
make it hereafter more difficult to get
these than gold.
1.-The monetary commission. selected
by the executive committe of a self-con
stituted indianapolis convention. which
assembled for the express purpose of
establishing the gold standard, have
also made a report and promulg gated a
bill the provisions of which are so
strilkingly like the propositions of the
secretary Of the treasury in all mater
ial particulars as to suggest that they
were compared and harmonized before
either was given to the public. This
report and bill are somewhat more
bold in the assertion Of the purposes
entertained than is even the PROPOSE
ton of Mr.. Gage. These distinctly
provide that silver dollars shall not
hereafter be coined; that standard sill
yer dollars shall be redeemed in gold;
that the silver bullion on Land at
present shall be sold and suggest that
silver dollars may also be melted down
and sold as bullion. We are assured
that the notes of the banks cannot
fail to be safe because being based on
all the resources of all the banks issu-
ing them, they are based upon the
whole business Of the country
Certainly no bank will become liable
for the notes issued by another bank
over which it has no control or super
vision; hence this scheme must con-
template the establishment OF some
central bank authority having the alb
solute control of the issue of all paper
money-A gigantic trust pool or syndi-
cate, with powers such as no man has
ever before had the audacity to sug
gcst. This committee has called upon
commercial bodies all over the country
to indorse their report. Thus people
are put upon full notice of what IS in
tended and of the means Of it's accom-
plishment.
Considering all this, is it any wonder
that the Spectator, one of the great
English newspapers, should say as it
did some months since:
Being audacious beyond any old
world experience, the great capitalists
of America are determined to capture
free opinion and to prevent criticism.
They substitute pulpits, they buy the
press, they seat their we'll paid attor-
neys in the United States senate, and
at length they stretch hands over the
college which it is easy to capture by
examples of generosity. Thus their
design is to prevent any effective ac-
tion which shall in any way weaken
their authority or undermine their po-
sition. Their object cannot be mere
ealth-making, for they already enjoy
wealth beyond the dreams of avarice.
Apparently their intention is first to
convert the United States into a pow
erful oligarchy and then to extend
the sway of that oligarchy over other
lands. 1t is reserved for the free west
to dismiss from academic service tried
of rings of millionaires who will not
or necessity of their doings or of the
they have built up with the aid and at
right of kings is to be succeeded by the
run everything, including the Ameri-
gence of university professors. 1t is
lean people shall deal with the porten-
ClOuS grown Oh CnaC money power
which overshadows the institutions of
the republic. But we think that the
rich men of America are revealing such
a deadly plot against all genuine pub
lie freedom that unless we are mistak-
en- the opening years of the new cen
fury will witness an outburst in the
west which will amaze the civilized
world"
In view of the great principles in
volved and of the danger so close at
hand, we urge the people everywhere
to arouse themselves and at once to