Washington standard. [volume] (Olympia, Wash. Territory) 1860-1921, 1899-03-31
THE NATIONAL BANK EVIL
An Element Responsible For
Financial Ills.
ITS LONG FIGHT FOR SUPREMACY.

Sncsasinc Effort to Grasp the Power a:
Issuing Currency-Want the Exclusive
Right to Weld the Gold Standard.
Source of Disaster and Ruin.
Ever since the first national bank
was organized down to the present time
the system has been a disturbing ele-
ment in our finance. No one can eX-
amino the many conflicts and acts Of
congress on money, finance and cur
rency without being impressed with
the irrepressible strife that has been
waged between it and the people for
supremacy over the nations currency.
Through all this strife, whether waged
on silver, gold, bonds or currency or
any other kindred subject, it has been
animated by one unceasing purpose, and
that is to grasp the power Of issuing
currency from the hands of the govern
ment and exercise that power itself.
That confusing heterogeneity which
needs simplification, as Mr.. Gage now
terms our existing currency, has been
brought about by that very conflict, by
the effort of the people to preserve an
adequate money and currency and con-
stitutional money against the assaults
of the national bank and it's allies to de-
stroy it.
In the last campaign we were told that
every dollar of our currency was just as
good as any other dollar as long as We
maintained the gold standard; that the
maintenance of the gold standard was
the only thing necessary. The national
bankers never believed that. They knew
that while the gold standard was abso-
lutely necessary for tho accomplishment
of their designs. yet that design could
not be attained while our currency was
confusing heterogeneity. The gold
standard as it exists today is perhaps as
oppressive to them as it is to the people.
There is not one of them that could
stand its practical operation, nor dare
to push it upon another.
The gold standard is sufferable only
in u theory. 1t is of value to no one but
to him or that class that has in its own
hand the exclusive power to put it into
practical operation upon its victim
without hurting itself. AS it exists to-
day no one has that exclusive control,
and the unwarranted exercise of it by
any one Injuries all alike. The country
has not yet revived from the instance
of such use and the fear of it's repeti-
ton. To obtain the exclusive power to
direct the operation of the gold standard
is one Of the objects Of the national
bank, and our present currency blocks
its pathway to that object completely.
We have talked q good deal about
real money and token money. Now, so
long as there is real money the power of
the gold standard is broken, but if there
be little real money and much token
money its POWER is omnipotent for evil.
If we look at the statement showing
the kinds of our currency there are, we
will see that, excepting the national
bank notes. every dollar Of it is practi-
caily irredeemable, and therefore "real
money" All the certificates mentioned
represent the existence of actual dol
lars, and the United States notes or
greenbacks, while they go through the
operation Of redemption by one act of
congress, it is peremptorily commanded
by another act that they be issued again
as fast as they are redeemed. Thus they
are practically irredeemable. So much
real money in our currency weakens
the force of the gold standard, and
while we have suffered deeply and bit
terly from its effects the consequences
will be much more deplorable if we
permit the national bank to take charge
Of and reduce all of our currency to ma
tional bank notes and thereby have ex-
elusive power to WELD the gold standard
and exalt whom they will through the
alchemy of its operation. In addition
to the intolerable advantages such a
change in our currency would give to
the national banks it would destroy
about $3.50, O00,O0 of real money
now in circulation or in the treasury Of
the United States and place the bust.
ness Of the country on basis Of about
5000. 900, 900 Of gold, and it needs no
argument to make plain the certain low
level to which the prices Of labor and
products must sink.
A currency reform Of this character
needs only to be understood by the peo-
pie at large to earn itself the condemna.
ton it SO richly deserves. The conflict
which has been in progress for gen.
GRAFTON has been a struggle on the part
Of the national bank for the perpetual
ton Of its life, and on the part of the
people for financial liberty. Compro-
misses have been made, and may still be
made, but they only embitter the con.
flict that is sure to follow. The national
bank has been the fruitful source of all
the ills in our financial troubles, and
the organizer and leader of every as
sault that has been made upon the mon.
ey or currency Of the nation, and chal.
lenge the whole history of this conflict
for one instance where it has been sue
cessful or its suggestions have been
adopted in the change of the system of
our money or currency that was not fol.
lowed by disaster, depression and indi-
vidual ruin, and from which there was
no recovery until such action was re-
versed or its force broken by some rem
edial act. JAMES CooNEY.
Calling to the Germans.