People's Pilot, Volume 5, Number 20, Rensselaer, Jasper County, 7 November 1895 — HATED GREENBACK. [ARTICLE]

HATED GREENBACK.

THE GOLD GAMBLERS ONLY WANT THEM DESTROYED. They Want More Contraction to Increase the Value of Bond* and Gold, Because They Own All the Bonds and Gold. Why cannot the administration tell the truth as to the kind of coin in which greenbacks and Treasury notes are redeemable? Because, If they told the truth they would be compelled to say that both the Treasury notes and greenbacks are redeemable in either gold or silver coin at the option of the Government, for that is the language of the statute. How could the admission that the Treasury notes and greenbacks are redeemable in either gold or silver affect the established policy of the administration? It would destroy the wicked policy of the administration which produced the panic in 1893 and inflicted untold misery upon the country. How would it destroy that policy? That policy depends upon the false , declaration that greenbacks and Treas- ' ury notes are gold obligations and cannot be paid in silver. The false asser-

aon that me Treasury notes ano greenbacks are gold obligations is the only excuse for raiding the Treasury for the benefit of gold gamblers. What other use does the administration propose to make of the false assertion that the greenbacks and Treasury notes are gold obligations? The administration proposes to issue •interest bearing gold bonds, and with such bonds buy up and retire the greenbacks and Treasury notes, assigning as a reason the false allegation that the greenbacks and Treasury notes are gold obligations, and the obligation of the Government to redeem them in gold enables the gold gamblers to present the paper of the government and draw out the gold. Why is the administration willing to give up the scheme of raiding the Treasury with greenbacks for the benefit of gold gamblers? These same gold gamblers have other reasons for the retirement of the greenbacks. In the first place, the gold bonds which are to be issued for their retirement will be used by the banks to obtain circulation from the Government. According to the recommendation of the administration these gold bonds will be filed with the Treasury and their face value In money will be issued to the holders so that the banks which receive this money will have no investment In the bonds. They will receive as much from the government as they paid for the bonds, but the bonds will remain in the Treasury and the Government will pay to the banks annual interest on these bonds, the same as they would do to a bona fide holder thereof. This is one of the reasons that the administration and the banks want the greenbacks retired. Another reason is that the greenbacks are good money and stay in circulation, and cannot be expanded and contracted to meet the speculations which the banks have in view, whereas if the banks are allowed to furnish the people money, they can expand and contract the currency as will best suit their schemes of speculation. There is still another reason why the administration and the banks want the greenbacks retired. They want more contraction to Increase the value of bonds and money, because they have

got all the bonds and all the money. The fact that they have already doubled the value of bonds and money by legislation does not satisfy them. They want to continue the process of contraction with all Its horrors for the purpose of continuing to increase their wealth by unjust legislation. When Congress meets, the financial war on the people to reduce them to slavery will be renewed with vigor. It is expected that the Republican House which has always been subservient to the money power will do Its part, and it is hoped that the same Influences which converted silver men to the gold standard and made them vote for the repeal of the Sherman act will secure votes enough in the Senate to retire the greenbacks and provide for a perpetual and Increasing national debt to maintain the gold standard and contraction and transfer the remaining wealth of the nation to the hands of gamblers in bonds, stocks, and money. If the voice of the people is not heard In protest and It Is difficult to hear that voice above the din of the commercial press—there is danger of legislation at the coming session the infamy of which Is only surpassed by the crime of 1873 Itself.—Silver Knight.