Aberdeen herald. [volume] (Aberdeen, Chehalis County, W.T.) 1886-1917, 1900-05-17
WILLIAM JENNINGS BRYAN
On the New Currency Trust
Law.
MEANS BANK NOTE DEsPOT1sM
II the Greenback 10 Good Enough to
stand Behind the Bank Note 1t IL Good
Enough to stand Alone without
Any Bank Note In Front Of It.

The advocates OF the gold standard,
have double purpose: First, they de-
sire to make gold the only legal tender
for the payment of debts, public and pri-
vate. | have discussed this question on
former occasions and pointed out that the
necessary effect Of such law would be
| TO create a greater demand for gold
which would then be the only money
legally available for the payment OF debts,
and thus aid the money.ow ming class and
injure the weallh-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, beg to
Submit few arguments in support OF the
grecnback as against the bank note.
The greenback is issued by the govern
ment, 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 available for the payment OF
his debts if he has bank notes his money
is only good when the creditor is willing
to accept the money.
During the war, when gold and silver
were at premium, bank notes circulated
or level with greenbacks, and were
never worth any more; the reason being
that national bank notes are payable in
Lawful. money, and the greenback being
lawful money land at that time the cheap
est money! was used by the banks for
the redemption Of bank notes. 1t is in
t ter nov to hear these aaqae. hankAsa.
gold and silver were at premium OF
over hundred per cent, talk about the
dishonesty of 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 because
it has had behind it the bonds and the
gieenbacks issued by the government. If
the greenback is good enough to stand
behind the bank note, it is good enough
to stand alone without any bank note in
front Of it.
A national bank currency is objection
able because it is gross favoritism ex-
tended to few. A bill reported by the
house committee on coinage, weights and
measures in the last congress 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
authority 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 deposit
ed fourth, that the tax on national banks
he reduced. If this plan goes into oper-
alton, the difference in its effect upon the
individual and the national bank may be
stated as follows: The greenbacks are
to be retired and bonds issued. This will
mean an increase in taxes to pay the in
terest upon the bonds. The individual
who enjoys no special privileges will find
his taxes increased, while the national
bank, that enjoy special privileges, will
find it's tax diminished. Second-If the
individual buys a bond at par he will
lose the use of his money and must con
tent himself with the three per cent in
terest. If national bank invests it,
capital in bonds at par it can deposit the
bonds and secure bank notes to the fact
value OF the bonds, thus securing return
Of its investment, and in addition to that
it can draw three per cent interests upol
the bonds. In other words, the indi
yidnal parts with his money and draw
interest while the national bank gets it
, money back and draws interest besides
The individual must eat his cake or keel
it, The national bank both eats its cak
and keeps it. This is favoritism tina
ought not to be tolerated in governmen
which recognizes the doctrine OF equalit
before the law. The moment the govern
, ment begins to confer special privilege
: those in position to profit by favortisr
, begin to clamor for legislation immedi
, ately in their interest, and as resul
, the instrumcntalities Of government ar
used for private gain and the true pun
, pose OF government forgotten.
, There is another objection to the ne
tional bank currency, namely: That til