People's Pilot, Volume 4, Number 24, Rensselaer, Jasper County, 30 November 1894 — Cleveland-Carlisle Policy. [ARTICLE]

Cleveland-Carlisle Policy.

Tefft, Ind., Nov. 19, 1894. Eo. Pilot: —ln my last weeks correspondence I gave my, understanding of the administrations bank policy, that government would take up the greenbacks or treasury notes with gold bonds and that the banks were the backers in this scheme. Since then, Secretary Carlisle has advertised for bids for $50.000,000 gold bonds and the banks are raiding the treasury for the gold to take them in with. In a dispatch from Washington of the 10th inst.,it is shown that they drew in one day $1,097,061 in gold by the return of legal tender, and by the time the bids for the bonds are in, enough legal tender will have been returned and redeemed by the treasurer to cover the amount asked for, but under the policy of the administration this even is not necessary for the banks may first hand over the gold and immediately after draw it out again on the legal tenders, all of which amounts .to what I have stated taking up this new loan and giving gold interest bearing bonds for it, and when they are all taken in the government will have no more gold than it has now, but the banks will have $350,000,000 more bonds to bank with, and the people $17,000,000 interest to pay annually, and this is what our republican and Cleveland democrats mean by parity and honest dollars and yet the people will not understand the cause of hard times and low prices for all products, but clammor for more taxes and more protection for the monopolists. Will our congressmen stand by and allow this swindle to be carried out, or will they cut loose from the administration and pass an act forbiddiug the redemption of this free loan and return to the free coinage of silver we shall soon see. D.