The Farmington times. [volume] (Farmington, Mo.) 1874-1902, 1899-10-26
BANK NOTE Dgsponsa.
Az argument BY Mr.. Bryaa Ia Favor
Of the 0reenbacks.

have double purpose.
Tirst--They desire To make gold the
only legal tender for the payment Of
debts, public and private. have dis.
cussed this question on former cnra-
sions aud have pointed out thai the
necessary effect Of such law would be
To create a greater demand for gold,
which would then be the only money
legally available for the payment of
debts, aud thus aid The mnucy.owniug
Glass and injure tho wealth.produciDg
cli,s.
Tho second purpose Of the advocates
OF the gold standard is to make bank
notes the only credit money.
In response to your Invitation beg
to submit few arguments in support
Of the greenback rs against the bank
note. The greenback Is issued by the
Government, aud The volume Of such
money Is determined by tho people,
acting through their representatives.
A' nAPiftuN NhhAA H"0 uNtN AHN HhNu
a money can be made a legal tender.
When u man has grcenblcks IN his
pocket be has money which IS aylila-
bic iGr the payment Of his debts; Il he
has bank notes, his money Is only good
when the creditor Is willing 10 accept
the money.
During The war, when gold and ~.
vcr were OF a premium, bank noles cir.
culhtcd on level with grecubacks aud
were never worth amy more; the reason
being that national bank notes are pay.
able 10 lawful money, aud tho green.
back being money (aud at that time
the cheapest money!, was used by the
banks iur The redemption of bank notes.
Il il interesting now to hear these same
bankers who redeemed bank notes IN
paper when gold aud silver were at -
premium Of over 100 per ccu,, talk
about the dishonesty Of debtor,
whether the debtor be an iudi,iduAl OF
the Government, Who would redeem
bis obligations In anything but the dear.
est mOaCy.
The bank note has been good be-
cause Il has behind il the bonds and
the grcenbacks issued by the Govern
ment. II the grccnback is good enough
to stand behind the bank note, it T.,
good enough to stand alone without
any bank note In fout Of Il.
a national bank currency Is objcc-
Iiouablc because II is gross hvorilism
extended to few. A bill reported by
the House Committee on Cuiuag,,
Weights aud Measure in the last Con.
grcss provided.
"First--Ihat the Treasurer Of the
United states pay out gold coin IN re-
dcmp,Ion Of grccubacks aud treasury
notes.
"Sccond-Thii the Secretary of the
Treasury have authority to issue gold
bonds, drawing not more than 3 per
cent, 10 secure the gold 10 maintain
gold redemption.
"Ihirl-rhai national banks be- a..
lowed to deposit bond, aud receive bank
notes up to the par value OF the bond,
so deposited.
"Fouuh-That the tax on national
banks be reduced"
II this plan Cog Into operation, the
difference in It, effect upon The indi-
yidual aud the national bank may be
stated "a follows: The grccubacks are
to be retired aud bonds Issued. This
viii mean au increase in take. To pay
the interest upon the bonds. The III
diyidual who enjoys no special pn,i-
lcgc will iiud his taxes increased. while
the national bank that enjoys special
privileges will hud rs taxes diminished. |
sccond-lf the individual buys Il
bond at par, he will lose the use Of his
money aud must content himself with !
the per cent interest. II u national /.
bank invests It's capital in bonds at par |
il can deposit the bonds anl secure bank I
notes 10 the face value Of the bonds,
thus securing return un IT. Investment. |
aud in addition to that It can draw 5 /
pr cent interest upon the bonds. In
other words, the individual parts with
his money AMI draws intyr,st, while
The national bank gets It's money back
aud draws interest besides.
The individual must eat hi, cake or
>eep II. The national bank bu.h eats
Is cake aud keeps it. This Is hyorit-
SIN that ought not to be tolerated In
government which recognizes the dIc-
rinc of equality before tisc law. The
moment the Government bcgii,s to CON
.er special privileges, those 10 posi-
ion to profit by faNoiiIi,m begin to
'lamor for Legislation Immediately in
heir interest, and as result tho IN.
Of Government are used
or private z lin aud rho true purpose
4 Government forgotten.
There is another Objection to NJ
ionh bank currency, namely, that the
rational banks are given control over
he volume Of credit money. Power
o issue money sho1lL never bc in
Tusicd to private individuals or private
corporations. Jefferson was 40 OPP
'onent Of banks Of Issue, and In one Of
MS letters declared thai his opposition
vas so persistent that be had been de-
lonnced rs a maniac by those bankers
Who desired to secure this privilege
rom the Government. Benton, in
nnming up the work Of jackson, gave
to bis Ggb, with tbs NATIONAL
'ank, aud compared his work with the
work Of Cicero, saying that, when be
destroyed the bank conspiracy, he
aVed America as Cicero had saved
Rome by overihrowing the conspiracy
Il Csialine. |!
Wendell Phillips has so well de-
cTlbcd the danger Of allowing isdiyld-
lals To control the volume OF money
hat 4 1