The Leon reporter., 1901-11-07
Money Question Again.

are continually declaring that the
money question is dead, yet there are
at this time three important financial
measures under consideration. The
natlonal bankers at their recent meet
ing held In Milwaukee discussed and
apparently approved of both the
"branch bank" and "the asset cur
rency." An effort is to be made to so
change the national bank law as to
permit the organization of great CEN
trail bank with numerous branches
scattered throughout the country. If
this effort succeeds the small banks
will be driven out of existence and the
business interests of the land will be
under the control and at the mercy of
the group of financiers in charge of the
central institution. Every senator
chosen by a legislature elected this fall
will have to vote on this question, and
yet gold democrats object to having
the people express themselves on this
| subject.
The national bankers who attended
| the meeting above referred to were
| practically unanimous in their support
| OF what is called an s'asset currency'--
| bank currency issued in. proportion
to, and secured by, the assets of the
respective national banks. This sys-
tenn Is not only open to all the oLjec-
tlons urged against other kinds of
bank currency, butin addition to these
objections it is evident that the asset
currency is not as safe as currency
based upon bonds; and it is plain that
such a currency impairs the security Of
depositors. Every senator chosen by
legislature elected this fall will have to
act npon this proposition, and yet gold
democrats are opposed to allowing the
people to express themselves upon this
| question.
A few days ago the St. Louis Globe
Democrat said editorially:
There is an excellent chance for the
enactment in the coming session of
congress of the silver redemption
bill which Representative Overstreet
of Indiana introduced in the recent
congress, but which failed for want of
time for its adequate consideration,
This measure, which will be introduced
In the house Immediately after it meets
a few weeks hence, proposed the ex-
change of silver dollars in gold, the
gold for this purpose to come from the
regular redemption fund of the treas
ury. This would strengthen the gold
standard act of March IA, 1900, in a
place which it would be desirable to
strengthen it.
There is no doubt that the advocates
of the gold standard are planning,
first, to make silver dollars redeem
able in gold; and second, to retire the
silver dollars, When the inanciers
wanted to bring discredit upon the
treasury notes issued under the Sher-
man law, they presented them for re-
demption and then clamored for gold
bonds to furnish the necessary gold
Having coerced the treasury depart
ment into the issue of bonds, they de-
clare that the treasury notes consti-
tuted an endless chain and demanded
their retirement. When they had sue
ceeded in securing the unconditional
repeal of the Sherman law, they re-
sorted to the same tactics to secure the
retirement of greenbacks. They are
endeavoring to create still larger
and longer "endless chain" by making
the silver dollar redeemable in gold,
and if this crusade against the white
metal is successful they willinsist that
the silver dollar must be retired in or
der to protect the treasury.
The fnanciers have several other
measures in contemplation, but these
three are now being openly advocated.
Every senator chosen by the legislat-
ures elected this fall will have to vote
| upon these questions. If the gold dem
ocrats do not know this they lack in
formation; if they know it and avoid
the subject they lack honesty; and in
| either case they do not deserve the
confidence of the democrats whom they
| offer to lead.
1t seems incredible that any real
democrat should be deceived by men
who spend half the time vociferous]y
declaring that the money question is
dead and the other half in aiding con-
spiracy which has for it's object the
establishing of bank despotism.
Even in Missouri several persons
have been mentioned" for the United
States senate who, if they boldly an
nounce their views on the money ques-
ton could not carry single primary
in the state; but shey will not an
nounce their position on the money
question; they will plead for harmony
and claim that they are loyal demo-
Gratis. Their first effort is to get rid
of the Kansas City platform and then
| they will try to secure the nomination
of uninstructed representatives who
are under secret pledge to them.
The corporations stand ready to fur
nish money to elect members of the
legislature who can be relied upon to
vote for senators satisfactory to the
corporations, but such senators will
not only be hostile to the democratic
party on all phases of the money ques-
ton, but they will be SO obligated to
orpaniZed wealth that thew cannot ha