People's Pilot, Volume 3, Number 38, Rensselaer, Jasper County, 9 March 1894 — PLAINLY STATED. [ARTICLE]

PLAINLY STATED.

How Wall Street Speculators and Their Allies Can Purchase Gold Bonds to an Indefinite Amount and Bleed the Treasury. Everybody who has looked into this silver coinage and silver certificate business knows, of course, that under the rulings made by successive secretaries of the treasury of both parties the people have been victimized by double redemption funds. Ordinarily a creditor is satisfied to know that there is one dollar in the bank against every dollar for which his debtor has given him a check. Hut our secretaries of the treasury, acting under the dictation of the international pawnshop (headquarters in- London, American annex on XV all street), have compelled the American people to put two dollars behind every dollar of their silver certificates —one gold dollar and one silver dollar.

Behind every one of the millions of promises to pay called “silver certificates” there is and always has been one silver dollar, good for 100 cents worth of goods, or debt, or dues to the government. But that was not enough to please the international pawnshop. It wanted every silver certificate backed up by two redemption funds —one in gold, if asked for, besides the one in silver already deposited against it. And our secretaries of the treasury, really so many district messengers of the gold trust, ruled accordingly that double redemption funds must be provided—a gold redemption fund and a silver redemption fund —double collateral for the same debt, two dollars pledged for every one owing. This shows how much sharper the international pawnshop is than the ordinary pawnshop on the Bowery. Your uncle on the Bowery puts out his three shining balls—gold balls, of cohrse, because gold is the immemorial trade-mark of the pawnbroker's business—and their historic meaning is that he will loan two dollars on a deposit of three. Your international uncle is not con-

tent with that Re has demanded odds of two to one instead of three to twa And his compliant tools at the head of the American treasury have permitted that two to one rule to be established against the American people on their silver currency. Now, mark how it has worked and is working: Mr. Carlisle calls for a $50,000,000 loan in gold. The pawn brokers can gather up $50,000,000 in silver certificates and demand redemption in gold any day. Then Mr. Carlisle must borrow’ another $50,000,000 to keep his gold reserve good. He calls for another gold loan, and the pawnbrokers can gather up another pile of silver certificates and get gold for them again. And so they can go on loaning the same fifty millions in gold over and over again, getting more bonds every time on which they can gather gold interest for a long term of years to come. Nice little game, is it not? And all the time there is another redemption fund, dollar for dollar, for every silver certificate that has been issued. The Bland bill, if it passes, will stop that clever bit of international pawnbroker y. Under its provision a silver certificate will still be redeemable in gold —but only once. As soon as gold has been given for it once it will be canceled and destroyed, leaving the silver dollar in its place. Of course the world’s international uncle will not like this Bland bilL He prefers the two to one arrangementsilver as good as gold when he goes to the treasury, but no good at all when the treasury goes to him.—N. Y. Recorder.