The Democratic advocate. [volume] (Westminster, Md.) 1865-1972, 1900-01-27

appointed To inquire aud report on tue cohul-
ton of English agriculture, aud they reported
by vote Of 10 to that the gold standard
was the chief cause of agricultural depression
in England. and pointed to bmetallism as
the only hope of English farmers. Applause
But you tell me England don't help us. But
why? On September y. 1897, the bankers
of London met in the Clearing -houSe-tew
enough of them to meet in clearing house
they closed the door. aud, pledged TO secrecy,
they said the gold standard was all rIglfi; aui
those bankers meeting so secretly, controlled
the action of the English Government and,
through the action of the English Govern
ment, controlled the action ot the Continent,
aud through them they are controlling the
action OF the American people.
The New National Bank System.
| challenge you to tiud word in your plat
form of 1896 that promised TO retire the green
backs and substitute hauknotes. | challenge
you to ind in your letter Of acceptance of
your President a single word that indicated
that be would try to retire the greenbacks aud
form a paper money trust for the benefit OF
the national banks of the United States Ap-
paasel.
Il tell YOU, that If the Republican party
had placed iu its platform an outline of the
bill now before Congress. or the President had
placed that outline in his letter Of acceptance,
he could not have been President of the
United States Applause And yet today
the Republican parry Is seeking To exchange
the entire financial policy OF this nation. TO
drive the government out OF the business of
issuing money in order To turn thai business
over to the national banks Of the United
States
Have You considered the plan; do you realize
the fayuritiSm that You bestuw upon national
banks9 Let ne state the proposition IN ITS
most favorable terms: They say. let Us au-
thorixc the President to issue bonds, 10 buy
gold and redeem every greenback presented
for redemption, and when redeemed the
grcenback Is no, 10 be issued again except as
a gold certificate. aud there Is no difference
between retiring the Ereenback entirely and
issuing gold certificates when The gold Is de-
posl,ed, ana pat the greenback in the Treas.
arv. aud YOU are oEiy issuing It a a certlh-
cate for gold. Il Is merely djshoaes, way
ot doing what might honestly he done by the
retirement of ;se greenhacks.
Then they viii have all ot the bonds
funded Tor > per cent. bonds, and then these
bonds wl.l he II par, 4Rd then the banks may
issue money up Ia the par value - iae bonds,
and thea they redsJe the tax from Per cent.
to cus-baif 81! I per cent. When that hiii
goes through and becomes law, then, lt an
ordinary Republican wants So buy Govern
ment bond =, . per cent he rakss together
the money io pay for the bond, aud wili pat It
asay ia place Tor ssickecpiug. lie viii be
oat Of the ase Of ihe money. and be will gei
per cent on the bond.
'-Ba, il national bank, with capital OF
s}Oo. Ca0. wants to invest 10 the same bond.
the bank can buy the bonds for 10000, de-
posis thcu With The Treasurer, get back sioo,-
90 IN carrcacy which Wil take the place OF
the asoney speat fer the bonds And thea
the bank will grt > per csut. 0u the 100000
aud pav per crut back, and thus he draws
u per cent, 90 the si00. coo. with actually
nushiox Invested al all. Applause.
That is the staple analysis Of the matter
The Ordinary man, shen be buys bond is ont
The use al the money. aud has % ae satisfied
nth the interest on the n9ncy, but the hauS
gets the money back and gets the interest too.
Wv KTstfsef uss.si Ia tell me. when was a boy,
that | could either eat nv cake or keep it;
bat the national baAk can both eat i aud
keep H. laughter and applause Why 2
Because iAc national banks have more iutlu-
cgcr with the Republican party than al Of
the people who pay the taxes. Applause
Bot ihxge Is another feature Of u. has Is 20
be a permanent policy. The government Is
20 ~ out of the business OF issuing noaey and
Toe national banks are to supply whatever
paper money ,he people need. The bank Is
10 haze the right % expand the currency.
We Ers to have an elastic currency. An elias
tie earrsncy. WITH the banks holding both
eais Of the elastic. Laughter.
Yes. they can expand the currency and
contract il. byt they caauot expand i beyond
the amount of the bond. Therefore. ii the
nensy mus; increase Njth population and
business. then the bonded debt Of this nation
mast nor oGly be permanent, but masi be m
increasing debt. Applause. Therefore,
The Republican party seeks 90 tasien upon
this country a perpetual and ever increasing
debt. N order that Ghe banks may control the
volume Of the peoples money. Applause. J
And this measure Is O. be forced through
Congress With all the power OF an adm'uls'ra-
ton, shea the American people have never
bad chance 20 sit in Judgment upon the
proposition,
That, my friends, Is a simple siatemeu, OF
what voa can expect under the best coadi-
lions of this bill. But do you think il safe TO
LED the banks control the volume Of YOUR
money? Why, my frieads, / cannot under
stand how anyone who knows human nature.
or sho has read history, Is willing 20 give tins
great power iatO the hands OF private curpoT-
aiious aud bankers. Let me warn YOU, that
when yoa Join with other bankers iu an effort
to give the advantages over ali the rest Of the
people; when yoa ouce establish the doctrine
that favoritism i good, You viii find that you
cannot stop that principle with the bankers;
but they viii begun To apply il SheH as between
bankers, and after the banks swallow up all
the rest Of the people, then the big banks viii
swallow up the little banks
And il has been proposed recently that
We have branch banks. great central bank,
with branches throughout the country. What
does It mean? 1t means when there IS
once established that system that this branch
bank, with the power Of the central bank be-
hind il. can drive out of business every other
bank IN the community, and then the people
will be st the mercy of that Que institution
IL means that the bigger banks will absorb
the little ones aud then finally all the banks
viii be in the hands Of few meu, aud all the
business will be controlled by few men, and
then If anyone has anything that the managers
of the bank want, all the bankers have to do
i, to refuse 10 consider that collateral drive
down its value, bankrupt the holder and buy
the thing in at their own price. Applause.
Is it not strange; ism ii strange that anyone,
not national banker, could look without
alarm upon this proposed currency bill.