The Negro world., 1900-04-28
A TRIUMPH FOR BANKERS.
Eat a severe Blew to the Business Ia
terests of the American
People.

1NatH AhN VI AHt 1blNNA JAMAGF
have triumphed over the people and se-
cured the enactment of law TO retire
the greenbacks and treasury notes and
confer upon them the power to issue
bank notes to the fuH limit OF the pub
lie debt. The passage of this bill Is a
severe blow to the business interests
of the American people. From an
economic standpoint the proposition Is
unsound and from a moral standpoint
IL is criminal. The notes Of the banks
are not legal tender, and while they
have the power, through obtaining
free circulation and general accept.
Lnee by the people, TO advance prices,
being dependent upon gold for uiti-
mate redemption, they do not possess
the power to sustain prices and are
therefore a mischievous, panic-breed-
ing currency, designed 10 enrich the
banks. but containing every element of
danger and no element whatever Of se-
curity for the people.
The, monetary bill which confers
such extraordinary power upon the
banks reduces silver 10 token
money TO be redeemed In gold, thus
putting IL on par with paper in the
event OF panic. Thus the whole tenor
of the bill Is To restrict the supply OF
money Of ultimate payment while
furnishing the banks with the power
TO initiate promises 10 pay. The absurd.
lty Of the proposition needs TO be but
stated 20 become apparent TO the ra-
tional mind.
The greenback and treasury note
rested upon the credit and strength OF
the government itself and were legal
tender In the payment OF debts. They
were an ideal money. In 30 years they
have stood every storm Of panic and
monetary strlnReney and have never
failed. In the panic Of 1873 national
bank notes were at q discount below
greenbacks, because the greenbaek
possessed the power 10 pay debts,
which the national bank did not. Bank
notes are good enough fair.weather
money. but are worthless In panic,
when angry creditors are demanding
payment and will accept only that
from their creditors which will enable
them In turn To pay the debts they owe
and are demanded In legal.tender
money.
In 1909, when a severe panic devas.
tated the country and every outgoing
steamer was carrying our gold away,
the greenbacks and treasury notes of
the United States government were
competent To discharge the demands
Of the most exactinR creditor aud
saved the property of the people from
eonhscation by money sharks. It In
stead Of legal-tender government pa
per there were only non-legal-tender
bank notes In is0a, who can fathom
the losses that would have accrued 10
the merchants, business men and debt
orA Of the country nt that time. The
absurd notion that because with
largo increase IN the output OF gold
and half a billion of legal.tender silver
dollars, and nearly half billion of le.
gal tender government paper, we
have plenty of good money, that we
can AFFORD to reduce our legal-tender
silver TO token coin. retire the green
backs and treasury notes and add TO
this a stlll further imitation OF bank
notes and still have sound currency,
IL worthy Of u Fiji islander rather than
an American business man.
There Is no safety whatever for the
people In having any form OF currency
circulate that can advance prices that
will not be capable of staining prices
and meeting all the monetary require
ments In time OF panic or distress. A
money that will circulate In fair
weather only, but becomes useless In
time OF distress II delusion and a
snare. Such money Il no better than
fire company that Is good on dress
parade, making u spectacular appear
ance on festive occasions. hut IL OF no
value whatever when fire breaks out.
Such currency may be likenrd 20 n
military company that paradeS the
streets with piping music IN times of
peace and draws its salary regularly
from the treasury but Immediately dis
solves upon the first rumors of actual
war.
Dollars that are not dollars In re-
nlity, but depend UPON the existence of
other dollars TO redeem them, are
fraud. The paper money OF the coun-
try should be legal tender and used to
supplement coin aud should possess
the power TO pay debts equally with
coin. Such money can be furnished by
the government alone and not by
banks. The greenback proved its po.
tency In the dark days OF the rebel
lion when we had neither gold nor sill
yer. Al that time Notwithstanding
the gold board and the spectators
who took every advantage OF our re-
verses In the field to discredit the ma.
tlon's currency, the greenback vital
ixed the arm OF the nation and saved
the union.
II the government made no provision
60 pay any portion of its debt IN gold
and made no exception to the legal.
tender power OF the grcenhaek the
gold board could not have existed aud
the nation would have been saved more
than the cost Of the war. But the gold
combination was on hand In the DAYS
OF the civil war xelfishly plotting 10
coin the blood Of our soldiers and every
disaster Of the nation into gold TO
swell their Golfers.
A criminal conspiracy was organ.
ixed in Europe nearly half century
ago. composed OF the great creditors
of the world for the purpose of
eantrollinR the faws.ma kfna l,Aslf..s