Hutchinson gazette. [volume] (Hutchinson, Kan.) 1895-1902, 1898-11-24

with tho bond basis for notes, and is,
sue notes at discretion on their assets
thus In effect returning to tho ole
wildcat form Of currency.
For years the cry has been "Take
the government out OF the banking
business-Stop the endless chain.
But now II is proposed to increase ant
forever keep up the gold reserve, and
to redeem in gold not only all the
United States notes but silver dollars
also as often as they may be presented,
and to do this the Cleveland plan Of re.
plenishing tho gold reserve by selling
bonds is TO be legal2ed and made per-
petual. In other words, the endless
chain business Is to be increased and
made perpetual. And worse yet, i'm
stead of going out Of the banking bust
ness, under thin new scheme the gov
ernmcnt is to guarantee the notes Of
banks aud actually to undertake. the
work Of redccming them through the
Division Of Issue and Redemption. In
other words the government is to be-
come not itself the issuer OF the cur
reucy, but the indorser OF the currency
issued by the banks, requiring re-
serve Of ten per cent TO DO deposited
with tho government for that purpose;
but beyond that the government is to
depend on making itself whole by col
lectng losses from the banks. Does
this look like going out OF the banking
business, or Of breaking the endless
chain?
But did not SGT out to write n long
paper, only to give the salient features
of this banking scheme-plot, 1t might
probably be called. Under 1t the issue
and control of all paper money is to
be handed over TO the banks, They
will have it in their power to expand
or contract it rs their own interest
may dictate. They will be governed
by no other principle in issuing such
currency
And bear in mind that the power to
control the volume Of money Of u peo-
pie carries with 1t the power to raise
or lower prices and to change the rcla-
ton of debtor and creditor, and in a
large measure to control commerce and
industry. Under the McCleary bill,
allowing branch banks to be establish
ed it would not be long till the central
banks would swallow up all others,
and finally become consolidated into
one grand system or trust, all govern
ed from central head. Such trust
would in time swallow up all other
trusts and own the country. Are the
people prepared TO put such power into
the hands of any set Of men9 1t will
be q power greater than the power OF
the government and will control the
government If the people are not
ready to have this scheme foisted upon
them they must elect congress that
will prevent It,
How different the attitude OF Mr..
Gage and Mr. Mckinley from that OF
Mr.. Lincoln to the same crowd In 1862.
In 1869, when there was no money in
the treasury to pay the soldiers then
fighting to preserve tho union, an ef-
fort was made to perfect loan; but
Mr.. Chase found the conditions hard,
and Mr.. Lincoln, being acquainted
with tho agent for the Rothschilds,
sent for him 10 see II better terms
could not be obtained. But Mr. Lin
coin was told that with JEFF Davis ON
the banks of the Potomac he could not
expect to dictate the terms Of loan.
MIR. Lincoln after moments silence
replied, "Well, II it comes to that, l
don't know but we might rs we'll sur
render to jeff DAVIS as to you." But
he did not surrender either. Green
backs were issued and the union was
saved. VIII the people themselves
now throw NV ~ what was then gain
edP