The broad ax., 1899-11-11
MIR. BRYAN ON PAPER.
NATIONAL BANKERS CON-
SPIRACY LAID BARE.
The Gold Standard Enables Them to
Retain Their Issue of National Cur
reney" - Shall Governments or Bank
Directors Issue Our Money:

4
desire to make gold the only legal ten
der for the payment of debts, public
and private. / have discussed this
question on former occasions and
pointed out that the necessary effect
of such a law would be to create a
greater demand for gold, which would
then be the only money legally avail
able for the payment of debts, and
thus aid the money-owning class and
iniure the wealth-producing class.
The second purpose of the advocates
Of the gold standard is to make bank
notes the only credit money.
In response to your invitation l beg
to submit few arguments in support
Of the greenback as against the bank
note. The greenback is issued by the
government, and the volume of such
money is determined by the people,
acting through their representatives.
The Supreme court has held that such
money can be made legal tender.
When a man has greenbacks in his
pocket he has money which is avail
able for the payment of his debts; IL
he has bank notes, his money is only
accept the money.
During the war. when gold and sill
yer were at a premium, bank notes
circulated on a level with greenbacks,
and were never worth any more; the
reason being that national bank notes
hln IN 10 u-fta1 the
greenback being lawful money land
at that time the cheapest money! was
used by the banks for the redemption
OF bank notes. 1t Is interesting now
to hear these same bankers, who re-
deemed bank notes in paper when gold
and silver were AT a premium of over
100 per cent, talk about the dishonesty
Of a debtor, whether the debtor be an
individual or the government. who
would redeem his obligations in any
thing but the dearest money.
The bank note has been good be-
cause it had behind it the bonds and
the greenbacks issued by the govern
ment. II the greenback is good enough
to stand behind the bank note. ii is
good enough to stand alone without
any bank note in front OF it.
A national bank currency is objec- |
tionable because it is gross favoritism |
extended to a few. A bill reported by |
the house committee on coinage. |
weights and measures in the last con-
gress provided: First-That the /
treasurer OF the United States pay out /
gold coin in redemption OF greenbacks
and treasury notes; second, that the
secretary Of the treasury have author
ity to issue gold bonds. drawing not
more than 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 deposited; fourth, that the tax on
national banks be reduced. II this
plan goes into operation, the difference
IN its effect upon the individual and
he national bank may be stated as
'ollows: The greenbacks are to be re-
ired and bonds issued. This will mean
IN increase in taxes to pay the inter
ST dpOh AAAt |
Who enjoys no special privileges will
Ind his taxes increased, while the ma
ional bank. that enjoys special privi
eyes. will find its tax diminished. Sec
the individual buys a bond at
ar, he will lose the use OF his money
nd must content himself with the
per cent interest II a national
ank invests is capital in bonds at
ar IL can deposit the bonds and secure
ank notes to the face value of the ,
onds, thus securing a return of its ,
lvestment and in addition to that il
lie bonds. In other words. the indi- I
idual parts with his money and draws ,
lterest while the national bank gets |,
S money back and draws interest be- =
des. The individual must eat his cake q
: keep IL. The national bank both
ITS its cake and keeps it. This is ia 7
0ritism that ought not to be tolerated ;
a government which recognizes the
1ctrine OF equality before the law. )
he moment the government begins
confer special privileges. those in a :
1sition to profit by favoritism begin =
clamor for legislation Immediately !.
their interest, and as a result the :
strumentalities OF government are ;
led for private gain and the true pur-
'se of government forgotten.
There is another objection to ma
onal bank currency, namely: That |,
e national banks are given control n
-er the volume of credit money. N
ower to issue money should never be r.
trusted to private individuals or a
iyate corporations. Jefferson was y
! opponent Of banks Of issue, and in A
lie Of his letters declared that his a,
position was so persistent that he m
I'd been denounced as a maniac by nj
ose bankers who desired to secure ri
Is privilege from the government. tc
,nton, in summing up the work OF p
ckson, gave emphasis to his fight N
tn the national bank, and compared r.
) work with the work of Cicero. o,
wing that, when he destroyed the
nix conspiracy. he saved America, as
cero had saved Rome by overthrow
3 the conspiracy Of Cataline. B.
Wendell Phillips has so well de- in