The broad ax., 1899-11-25
BANKERS AND GOLD.
THEIR CHIEF INTEREST IN
MoNOMETALLISM.
In Order That They May Retain Their
Clutch on the Threats OF Prodacers-
The Money Lender Knows No Country,
Loves No Flag.


bankers Of London, Berlin and Vienna,
and all Of them, as a class, have placed
their principal interests In gold-bear-
ing bonds. for the plain reason that
such bonds are, and will be, the most
profitable stocks for them to keep. or
to deal in, II they can only be made the
ruling stocks of the world, through
the influence Of gold monometallism.
II gold can be made the basis Of all
financial operations 1t will reduce the
basis OF all currency to the narrow
limits OF the one metal, gold, instead
Of the double basis OF both gold and
silver, and make gold worth, for cur
rency purposes, the two metals COM
bined. This policy would double the
value OF the holdings OF all the gold
owners and gold-bond holders. and in
like proportion would increase the
profits OF bankers to the extent to
which they might own or handle gold.
while, at the same time, II would
lower prices and lower wages to the
advantage OF the rich, increase the
burden Of debts, widen the division be-
tween the rich and the poor. and build
up ruling moneyed class that would
subordinate everything to its interests.
As the gold OF the world is already
In the hands OF comparatively few peo-
ple-such as the great bankers and
their allies-of whom the English rul-
inc oricf0orany 10 p,orohanf raanufaf-
turers and landowners form an in
fiuential part, it will be seen that here
Is powerful class that will strive for
and maintain the gold policy as long
as possible. Thus every species OF
artifice that wealth and station can
command will be used to maintain the
class interests that center around gold
monometallism. On the other hand,
there is a vastly larger and hitherto
less organized body OF people, COM
myriads OF industries, who are the
principal authors OF the worlds in
dustrial wealth. and among whom are
to be found the principal inventors.
discoveries and leaders in all material
advancement And as political econo-
my means political or public policy.
and as this policy is viewed from diff
ferent standpoints. and varies in its
application to different classes and
conditions Of people, we see why diff
ferent and opposing views OF public
policy are so strenuously urged by
gold monometallists on the one hand
and bimetallists on the other. We
see why the great body OF bankers and
financiers are numbered among the
falsely-called sound money" men;
why our currency has been chiefly
under the management Of bankers. as
from this class have been taken most
Of the government controllers OF the
currency, and we see why nearly all
such are gold monometallists. Their
wishes are very definitely expressed in
the avowed belief of Mr.. Trenholm, a
former controller Of the currency, and
a writer of one Of the sound currency"
pamphlets of the New York Reform
club" who says at the close of his
article: Gold monometallism is the
unavoidable destiny of this country.
Bimetallism is for us a snare and a
delusion." Moreover. the bankers do
not want>any international bimetallism
whatever. but they demand, and are
determined to enforce, gold monomet-
aIlism pure and simple. and this they
avow when they confer among them
selves and throw on DISCUSSES. Thus
the president OF the New York State
Bankers association, Mr.. VIM. C. Corn
wall, said recently: 1T is time to tear
on DISCUSSES. International bimetallism
is q traitor in the camp. lin our camp.l
II is a false friend. II can never be
accomplished I'VE will prevent It'll
II Is a will-o'-the-wisp dancing over
the deadly marsh" No doubt Mr..
Cornwall reasoned correctly from the
standpoint Of the most profitable
banking. There is no use In dallying
with the banking fraternity on the
subject of international bimetallism.
We shall be asked: Are not bank
ers, as a class, honest in their advo-
cacy of gold monometallism? Honest
In their advocacy OF what they call
sound money" as the best money?
Yes. the best for their purposes. From
all over the land banking conventions
are adopting resolutions in favor of
sound money; and they are denoune-
Ing all who argue for free coinage OF
both gold and silver-that Is, bimetal-
iists-as silver Iunatics." And when
the bimetallists hold a convention the
refined, the eourtly. the rich monomet-
allIsts characterize the convention, In
advance. as silver pow-wowi" We
are asked, Why this kind Of most I'M
eourtly opposition by this class OF
usually respectable people? We are
forced TO answer. 1t is because ''the
craft Is In dangerl" for they say. "Sirs.
by this craft we have our wealth"
And, therefore, Alexander the Jew,
and the craftsmen with him, and De-
metrius, the silversmith, and Alexan-
der. the coppersmith. all shout with
one accord" "Great Is gold monomet-
ailism!" "Great Is Diana Of the