The Black Hills union. [volume] (Rapid City, Pennington County, Dakota [S.D.]) 1889-1904, 1899-01-06
BATTLE ROYAL is ON.
THE BANKERS ARE CLIMBING
INTO THE SADDLE.
The Association VIII Whip
the Republican Politicians Into Line
for the McCleary Scheme to Control tho

Volume of Currency Through the Banhs
A battle royal is on between the
bankers association and the republic
can politicians. The bankers all are
demanding the passage of the Nc
Cleary-Gage bill now before congress.
The Silver Knight-Watchran says the
passage of this bill will in effect put a
saddle Upon the backs Of the business
men, property owners and laborers of
the country, and put the bankers in
the saddle, booted and spurred. The
demand Of the bankers for the passage
OF this measure is the most brazen de-
zens of their government in any age.
1t is a criminal demand hal the peo-
pie surrender their right to life, liberty,
and the pursuit of happiness, because
the effect of this bill will be to put
into the hands of the banking combina-
ton the power to plumber the people
ad lbitum. Under the operations of
such a law, values become a p%laything
In the hands of the bankers. TO re-
tire, either through taxation or by en-
larglng the bonded debt, all the green
backs and treasury notes and make sill
yer dollars redeemable in gold, and
then turn over to the banks the pow
er to issue and control all paper money
would prove as disastrous to the prop
erty owners, business men and laborers
or the country as it would to surrender
the taxing power to private parties.
With a sound and stable money the
people would be able to transact bust
ness and create wealth with which to
pay taxes, and an abuse of the taxing
power would not destroy the people be-
fore an opposition could be aroused
that would restore to the people their
rights. But with bank control of the
money volume the banks will be able
TO expand the currency and lend short
lila and then contract the currency
and force the people to settle with
them on long dollars. In short the pro-
posed bill puts into the hands of the
banks the powers to manipulate the
money volume SO as to transfer the
wealth of the country into the hands
of the money-lending classes with no
check upon them and no regulator eX-
cept the greed Of the bankers.
Under the operation of this bill the
bankers will be able to bankrupt, at
pleasure, not only such individuals as
oppose their sway but the whole coun-
try as we'll. Under the threat of their
displeasure they expect to be able to
overawe the people individually and
collectively.
The republican party did not dare
make this demand of the banks a part
of the St. Louis platform. They well
knew that to do Sc would mean over
whelming defeat. The republican vot-
ers of the country are not in favor Of
this measure. The republican party is
not openly pledged to it. That the
bankers eXacted a pledge from Chair
nan Hanna, before contributing to
the campaign fund, is not doubted;
neither is it doubted that the pledge
was given. The chairman of the re-
publican national committee, in giving
such a pledge did not represent the
sentiments Of the individual members
Of the party.
The republican leaders are afraid of
this measure. They wish to avoid it,
but the bankers are insisting upon it
as a quid pro quo for the campaign
fund furnished. President McKinley's
position upon this measure Is evasive
at the present time. He is throwing
up straws to ascertain the direction
and force of the winds on this, as he
does on all other matters. He knows
the power Of the bankers, as a factor
in politics, and inclines to favor them
and will do so unless he becomes con-
vinced that to do so will compass the
political downfall of himself and his
party.
The republican politicians are more
afraid of the bank question than they
are Of the silver question, and they
would avoid another encounter upon
that issue if they could. The American
people cannot be thrown into a panic
over the question of a gold standard or
bimetallism. They remember that
from 1861 to 1879 the business of the
country was transacted without the use
of either gold or silver, except as an
caused by a vicious clause
in the law creating the %greenback and
reserving a special function for the
metals. In 1851, when both silver and
gold left US with a war or our hands
more terrible than any war we are
likely ever again to encounter, the
greenback was born to save the life OF
the nation. 1t did its work we'll. The
boys in blue remember it and to them
it is a sacred institution. The boys in
gray appreciate it because no other
form of money in circulation IA the
Mouth would hovo poccoccod tho ~,