Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1900-01-11

more power than heretofore over the
! expansion and contraction Of the cur
4 rency of the nation; voted to reduce
national bank taxes, and he will vote
to retire the greenback and issue in
/ its place an interest bearing bond. He
| will vote for this measure because Nc
Kinley, Gage and Mark Hanna, who
own him, demand this legislation.
| Why does Dovener want an interest
! bearing bond in place of non-intereSt
/ bearing note? In order to foster the
I interests of the national banks. On
! the deposit of these bonds with the
/ government the comptroller permits
! the bank to issue its paper money as it
pleases up to the value of the bonds,
and the government becomes reSpon-
sible for their keeping and pays the
! bank semi-annually per cent. interest
! in gold, with no taxes upon the bonds.
/ Every dollar of national bank money
in circulation costs the public ten cents
! per annum. Not dollar of this money
goes out from the bank only
by loan. When the bonds
are deposited, the comptroller
starts the depositors into the
the banking business under the new
| law by permitting them to issue their
own money-say they have deposited
! $100, 900 in bonds, then they can issue
| 100000 in paper money, called national
currency, to loan to the people at as
/ high a rate Of interest as the people
will pay. This gives the banker $780,
600 for the 100000 invested in bonds TO
start in with. The usual rate of inter-
| est on loans from national banks Is
about per cent, say they will average
Z per cent, making an annual interest
of $4,000 ON the bonds and no tax, and
$1,000 per annum on the notes, in all
I $4,000 per year. On the last they pay
tax of " OF per cent on their franchise,
which usually is a little Office furniture
and don't amount to as much in many
instances as a farmer pays on yoke
OF oxen. The same security stands be-
hind the greenback, that never cost us
a cent, and it is legal tender in pay
ment of all debts, except two specified
on the back of each note, stands behind
the bond they change the greenback in
to and the national bank note these
banks issue in it's place is not legal
tender for any debt, except in the hands
| of the government. Now, Mr.. B. B.
| Dovener, have you ever explained these
facts to a single farmer, laborer or
| business man in your district and OBJ
| tanned their sanction to these meas
| ures? You voted for Mckinley in 1896
and stumped the First Congressional
district. Did you ever say, in any
speech you ever made, that you favored
the single gold standard and would vote
| for it and the retirement OF the green
backs? Did you advocate any measure
set out in the currency bill just passed?
Did you ever inform the people you
represent you were in favor of reducing
the tax on national banks and you de-
sired they should have the power to is
sue money and control it so as to make
it scarce Or. plentiful as suits their
wishes? Did you ever tell your con-
| stituency you favored retiring the $780,
100000 in greenbacks because they bore
no interest and that for that reason
they were menace to the public credit?
| That is a Mckinley anna-Gage idea
and you dare not say no. On the con-
trary, did you not tell the people you
were opposed to the gold standard and
the retirement of the greenback into
bonds? Did you not berate Cleveland
for issuing bonds and brow-beat the
Democratic party because they elected
him President, and did you not brawl
and declare that the Republican party
kept all our money, paper and silver,
as good as gold-that it all answered
the same purpose and in the next
breath declare the silver dollar only
worth fifty cents, then turn round and
pay your board bills and the servant
| +1ot Sn6 xxtFn anGkAd
your meals with silver dollars at the
value of 100 cents each? Why did YOU
do this? These bonds do not increase
cur circulating medium, but substitutes
a national bank note for the greenback
with an interest bearing bond sehind it.
Will this better the condition of the
people or will it better the banks and
bondholders of this and other nations?
The only glory the people will have In
this change will be to pay s10,500 in
terest each year on S350,00G,OO0 IN
bonds which are necessary to retire the
greenbacks-an interest OF 10 cents On
each dollar OF paper money these banks
see proper to loan. Now, please tell
US what you received for this job.
Was there ever a more braZen-faced
plan executed to rob the people and
! DullQ up the power CL an dIcdus Po"
erful money syndicate? When you en-
ter upon the next campaign will You
please tell the people why you never
explained to them that you intended to
vote for all the measures embodied in
the currency bill, and without expla-
nation why you saddle the people of the
nation with these measures that no
party has ever endorsed and received
the sanction of the voters? The time
has come when you must show an open
hand and face the people on the facts
stripped OF all verbage. You must throw
aside your garb of deceit and hypoc-
racy and meet these issues fair and
square. This bill stands as menace
to the common people. The only object
is to strengthen a money syndicate al
ready powerful in its hold upon the
people. The legal tender power left In
the silver dollar will permit the same
cry of so cent dollar from the Euro
pean purchases, that it does to-day
and it will form the basis OF valuation
for every dollar Of farm products, and
for every days labor, Just as it does to-
I day. This is sop thrown the common
people to deceive them. There is nc
| change in the minting Of the dollar. i