The independent. [volume] (Lincoln, Neb.) 1902-1907, 1905-02-16

Tn. New Wild Cat Money

The New Wild Cat Money
Editor Independent: have received
the bundles of the paper and have dis
tributed them, mostly, through a friend
who has promised to try and make up
a. club. have also read my own
through quickly and promptly given
it away. Several times | have written,
but have found articles covering the
ground far better and with moro
knowledge Of facts, but have thought
of something that people in general
do not think of, and which has not
been made prominent in any OF the
articles or editorials. 1t is the condi-
ton that will follow the gold standard
on the flexible assets currency.
When the gold standard is fully es-
tablished there will be no other stand
ard money, and there will not be sur.
ficient quantity of money.
There will be substitute. The sub
stitute for money will be the proposed
flexible asset. wild cat, Eank credit,
which truly and CURLY, is bank debt.
Then the gold will be retired from cir
culation and boarded in the banks
That is the way it was back in the
fifties. The specie was boarded in the
banks. The wild cat bank rates, bank
credit (debt) were loaned out on real
estate and personal security and this
debt was payable in lawful money.
The bank notes on broken banks were
worthless Each hank put its notes out
through a distant bank, not in sin
gle bank, but many banks at great
distances from each Othes. And when
after long interval, some men sue
ceedeq in gathering a quantity OF the
notes of a certain bank and Travelled
a long distance TO that bank to get
the specie he arrived, in many in
stances, a day too late For the bank
getting wind of it closed its doors and
removed its specie. In other instances
where they were taken by surprise
they failed for want of specie on hand.
But it was condition that all the
standard money vas inside the banks
and nothing but credit money was in
circulation except a little silver for
change.
Exactly so it will be when the banks
have got all they want. You don't
blame the banks for getting what they
want do you? But if Roosevelt gets
an idea of this, what will happen?
Will he say, like Jackson, by the
eternal, the banks have too much pow
err" Well, they have too much power
and they have too much influence
1t is the influence of the banks that
fayors the retirement of the old green
back and the redemption of the ole
standard dollar IL is nothing but the
influence of the banking power The
greenback ought to be doubled, trebled
and quadrupled in issue. But first The
exception clause of the legal tender
ought to be repealed. The old stand
ard and unit dollar ought to be in full
coinage all the time, but i, ought frs
to be full legal tender by having thu
exception clause against ii as Lawful
money repealed.
Now we must get back at the OLE
serpent If the banks are able to cal
in all the gold, verify the banks hav,
too much power Giving the bank
whatever they demand for fear of wha
they may threaten, is like sacrificing
the kings daught-r to the dragon.
But this is all wrong. We knew
brave president to Stay the dragon
Or rather brave and fearless popn
lace who will STAY him witch the ballot
And what can the bank do with
power of gold when the government
puts money into circulation that i
good by law to pay all debts in dues
They know that they could do NOTHING
and so they oppose it as a matter Q
life or death to them. Nobody blame
them, but what will the president do
P. HI. d.
Pasadena, Cal