The evening times., 1900-10-04
EespectfuIIy yours,
John MCBRIDE -
Gratitude of Bankers


Democratic politicians in Washington
are following with good deal of interest
the proceedings of the American Bankers
Association in session at Richmond. Those
speakers who verge on politics or actually
discuss this subject, and who either di-
rectIy or by inference urge the reelection
of Mr.. Mckinley come in for large share
of consideration at the hands Of the Dem
ocratic leaders.
why should not these bankers said
one Democratic, sing the praises of Nc
Kinley? The Administration certainly
has been good TO them. The machine is
now running on welI-oiled wheels. Hold
! ers of bonds Of all classes-thrces, fours,
and fves-can take them to the Treasury
and receive a like amount of per cent
bonds, besides cash for the difference in
value between the high interest bonds and
the new 2's. This is calculated to the last
penny Nobody would give zoe cents on
the dollar for a > per cent bond as an in
yestment but as device for keeping
down to par value bond that can be used
as a basis for circulation OF banks the z
per cent bond is just the trick It is a
sort of premium on the destruction of
greenbacks. Every greenback that goes
over the counter of bank from q deposit
tor will go TO the Treasury for redemp-
tion and viii there be placed in vault
never again to see the light. Its sentence
of death has been commuted to life i'm
+ priscnment. 1t is redeemable in gold
/ Gold is eychangeable for gold certificates
i for convenience Of carriage by its owner
! The per cent bonds are going off like hot
/ cakes, for the purpose of producing new
! and crisp national banknotes to supply the
vacuum occasioned by the withdrawal of
i the greenbacks from circulation. When
! the greenbacks shall all have been incar-
cerated in the dark dungeons of the
| Treasury, then will come the assault upon
the silver certificates. These, too, must all
be destroyed to make room for the ma
tional bank circulation SO profitable under
the new system of depositing only per
cent bonds.
THE Secretary Of the Treasury long
since denied the silver dollar and the GER
tificate of its deposit the function of money
! in the settlement of bank balances at the
! New York Clearing House, or rather he
/ allowed the Clearing House, in which the
Government was representative, to do
! this.
! At the slightest suggestion from him
/ silver dollars might be quoted at dis
/ count-say of a quarter of 1 per cent and
under the law he could Immediately an
| nounce his readiness TO maintain the par
! ity' by substituting gold coin for the silver
dollars or silver certificates to all who
! might present them at the Subtreasury.
| These would soon go the way of the green
! backs, and for every silver dollar or silver
certificate thus converted into gold coin
national bank notes would rush in to ill
/ the vacuum. Silver dollars thus credited
would, if the Republican party continued
| in power soon to be denied by law their
| present legal tender quality and thrown
! into the Treasury vaults. 1t is the avowed
aim of the National Bank Trust to have no
! ar mr. IN to
except gold coin and no paper circulating
medium except the national bank notes.
| which would not be legal tender Then
| the business man would borrow snin-
plssters' and pay gold according to true
| business principles His ability to get