The Winslow mail., 1899-12-14

weights and measures in the last con-
gress provided: First = That the
Treasurer of the United States pay out
gold coin in redemption of greenbacl>s
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and treasury notes; second, that the
secretary of the treasury have author
ity to issue gold bonds, drawing not
more than three per cent, to secure the
gold to maintain gold redemption;
third, that national banks be allowed to
deposit bonds and receive bank notes
up to the par value of the bonds so de-
posted; fourth, that the tax on nation
al banks be reduced. If this plan goes
into operation, the difference in its eff
feet upon the individual and the ma
tional bank may be stated as follows:
The greenbacks are to be retired and
bonds issued. This will mean an in
crease in taxes to pay the interest upon
the bonds. The individual who enjoys
no special privileges will find his taxes
increased while the national bank
that enjoys special privileges, will find
its tax diminished. Second-If the in
dividual buys bond at par, he will lose
the use of his money and must content
himself with the three per cent. inter-
est If a national bank invests its
bonds at par it can deposit the bonds
and secure bank notes to the face value
of the bonds, thus securing return of
it's investment, and in addition to that,
it can draw three per cent. interest
upon the bonds. In other words, the
individual parts with his money and
draws interest while the national bank
gets its money back and draws interest
besides. The individual must eat his
cake or keep it. The national bank both
eats its cake and keeps it. This is ia
voritism that ought not to be tolerated
in a government which recognizes the
doctrine of equality before the law.
The moment the government begins to
confer special privileges those in po-
sition to profit by favoritism begin to
clamor for legislation Immediately in
their interest, and as result the IN
strumentalities of government are
used for private gain and the true pur-
pose of government forgotten.
There is another objection to the ma
tioral bank currency, namely: That
the national banks are given control
over.the volume of credit money. Pow
er to issue money should never be in
trusted to private individuals or private
corporations. Jefferson was an oppo-
nent of banks of issue, and in one of his
letters declared that his opposition was
so persistent that he had been de-
nounced as a maniac by those bankers
who desired to secure this privilege
from the government. Benton, in sum-
ming up the work of Jackson, gave en-
phasis to his fight with the national
bank, and compared his work with the
work of Cicero, saying that when he de-
stroyed the bank conspiracy he saved
America, as Cicero had saved Rome by
overthrowing the conspiracy of Cata-
line.
Wendell Phillips has so well de-
scribed the danger of allowing private
individuals to control the volume of
money that quote from a speech made
by him few years before his death:
'In other words, it was the currency
which, rightly arranged, opened a ma
tion's well springs, found work for
willing hands to do, and Alled them
with a just return, while hor est capital,
daily larger and more secu e, minis
tered to glad prosperity. Or it was
currency, wickedly and selfshly Jug
| gled, that made merchants ankrupt
and starved labor into discon,ent and
slavery, while capital added house to
house and field to field, and ga thered
|
in a ruined land"
The first question, therefore, i'll an
| industrial nation is: Where ought con-
trol Of the currency to rest? In whose
hands can this almost omnipotent pow
er be trusted? Every writer Of political
economy, from Aristotle to Adam
Smith allows that q change in the cur