The Lexington intelligencer. [volume] (Lexington, Mo.) 1901-1949, 1903-01-10
FOWLER BILL vs.. HONEST MONEY.
Bank Psper Asset Monsy-Aonsy Worth
Five Cents On inc Dollar,
Editor I~ntelligencer.

to the front BY the presidents message
to let the banks issue the paper money,
and the comptroller of the curreney's
position before The bankers con-
vention to destroy the ~greenbaeks,
our legal tender, and let the banks
issue an unrestricted, unlimited asset
currency. The Fowler bill agreed
upon by the republican leaders of con-
gress carries out these ideas.
Why this war upon our legal tender
greenbaeks? Because the bankers and
money trust cannot control it. Gen.
Grant 10 his message December l,
1873, said: "The experience of the
present panic has proven that the
currency Of the country, based as it is
upon the credit of the country, is the
best that has ever been devised ,,
The object of the money power Is to
have the volume Of money under their
control. That IS why they want the
gold basis and to retire the government
paper money. The people want a
constant volume of money with a
gradually increasing amount 10 pro.
vide for an increasing population and
growing business, as we'll as to supply
the loss and destruction of the money
in circulation. This is necessary to a
prosperous people, as three-fourths of
all business transactions are based
upon time contracts. The orders
placed with the factories and iobbers
contemplate a margin or present or
normal prices, but when the volume of
money Is contracted prices fall, and
this loss makes the difference between
profit which the merchants expect and
failure. Yet this is what is proposed
TO give US a currency under the con-
troll Of the banks and money changers,
which they a increase or contract at
viii as best suits their interests in
specializing in money. The republic
can comptroller Of our currency at the
New York State Bankers Association
banquet at the Waldorf Astoria on the
18th inst. said: 81 prohibition of the
retirement of more than SO, 600, 900 of
national bank notes in any calendar
month : = prevents the contraction
Of the currency.n* "And the restric-
tion should be removed.n
Why does the comptroller want to
remove the restriction on contractionP
This restriction on contraction does
to a certain extent tend to prevent the
rapid fall in prices with all it's depress-
ing effects. And we should provide,
as bank notes are retired, that they
should be replaced by full legal tender
government paper money like the first
$50 ,O00, 900 OF %greenbacks that had no
C1rept upon them and hence kept at
par with gold and silver all during the
Civil War and ever since their issue.
because they would perform every
money function of gold aud silver.
Under such a provision the bankers
could not make hard times by a con-
traction Of our circulating medium.
While the most dangerous feature of
the Fowler bill IS giving the banks
and money changers power to contract
the value Of money and corner it, "A
bad provision is also found in the
character Of such a currency as the
Fowler bill proposes, an asset hank
money. The asset currency proposed
is to have five per cent deposited To
secure it. That is 81 to every $50.
$40 ont Of every 500 without security
and not q legal tender. That is, issue
a bank currency worth five cents oo
the dollar, and then talk about homes
money. II is the thief's cry Of ''stop
thiei.n 1t is a subterfuge TO MAKE
nothing but gold money to create q
greater demand for gold, so it can be
cornered and the money changers car
speculate on human necessities anc
misery. Worse than the old wild ca
bank paper of the past, which wa
based on both gold and silver and ther
when the basis the gold and silver
was called for the banks failed ant
the paper currency became worthless
In 1887 the asset bank paper wa
supposed to have one dollar to secur,
every three SO that the money woul.
BE- worth thlrty-three cents on tn
dollar, on the supposed basis. Bu
when President jackson issued ht
tsspecie circular to have the govern
ment revenues paid IN gold or silver
the asset currency banks failed all owe
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