Twice-a-week plain dealer. (Cresco, Howard County, Iowa) 1895-1913, 1901-02-12
A Shrewd Method of Demonetiz-
ing Silver.

A ShreWd Method OF 'DemonetIz-
ing Silver.
The Hill bill which has been favora-
bly, reported to congress, and which
will in all probability become a law,
will place completely under control of
the banks, the only lawful money of
the country. Bradstreets, the organ
of the monied interests of the coun-
try two weeks ago, barely limited at
the probability of such legislation. In
its issue one week later, referring to
the Hill bill, it said: "This bill au-
thorizeS the secretary of the treasury
to coin the silver dollars in the treas
ury into subsidiary coin," ETC., it also
prohibits further coinage of silver dol
lars, and authorizes the secretary of
treasury to exchange gold for them
presented in the sum of So, or any
multiple thereof. thus placing it in
the power of the banks, as fast the
silver dollars come into their posses
sion, to retire them forever, from use
and circulation.
The subsidiary silver coin is legal
tender for only $40. Silver certificates
and national bank notes are not a
legal tender for any sum whatever.
Gold alone will be legal tender for the
payment of debts. taxes and jndg-
ments, and this is all under the con-
rol, and owned By the blnks AM til
government: comparatively little be-
ing in the hands of the general pub
lie. tits measure to enable the
banks to profit in swapping dollars,
with the man who has debt to pay,
and is in need of money that is a
lawful tender therefor. Already in
the money center of the United States
silver certificates in exchange for gold
are quoted at 65 cents on the dollar.
This means that the person who has
debt of 500 to pay, can pay but 1855 of
1T from the proceeds of 800 of silver
certificates.
But the people for the last two
presidential elections have voted for
these changes, and the full burden of
iniqnities will fall upon them, not up
on them alone, but upon those who
voted for monied interests in conform
ity with the public good.
The promised gold standard money
for the people, will be an unlimited
supply of national bank money, and
subsidiary silver coin-paper promises
to pay, the lowest denomination issued
So, subsidiary silver in 10, % and so
cent pieces, return to the days of
wild cat money.
The true theory of money is that it
be issued by the government alone,
that every dollar issued be tender
for debt, that all that is issued OF
paid out by the government, it re.
ceive at it's face value for all govern
ment taxes and dues of every descrip-
ton.
The associated press dispatches re-
port an extensive hearing before the
house committee on banking and cur
rency on the subject of revising the
banking laws in which secretary Gage
urged an elastic currency based upoI
bank assets, and that in passing sucl
a measure provision should be made
for retiring the greenbacks.
For the greenbacks which are lega
tender for debts and whose securit,
is based upon the entire property o
the United States, Mr.. Gage and TIL,
republican papers ask to give US none.
that is based upon the assets of The
bank which often consists of only it
office furniture, and is not legal ten
der for any purpose whatever.
But if the bank assets are ample TO
the redemption of Notes, while it re
mains under cloud, the laborer VIII
has his daily wages in its notes, tn
farmer who has disposed of his far1
products, of his cattle or hogs to NEE
some maturing obligation, if the ban
assets are ample when converted int
money, must sell it's notes for wha
they will bring when bought by tn
money sharks, and if the assets ar
simply the Office furniture, the labor
ef or the farmer must sustain thei
entire loss.
These are truths which the bi
dailies entirely ignore because the
can profit from the results mentioned
The gold democrats and the pre-
which is in its interest favor I'll
scheme as do nearly all the great r
publican dailies and the country pre-
will endorse it as soon as it becom,
an open and agowed policy Of tt
administration.