People's Pilot, Volume 5, Number 29, Rensselaer, Jasper County, 23 January 1896 — THE BANKERS WIN. [ARTICLE]

THE BANKERS WIN.

ANOTHER BATCH OF BONDS THROWN TO THE WOLVES. I : The Conspiracy, Unchecked by a Republican Congress, Adds Another Burden on Unborn Generations —Populists Must Take Advantage Now. “Sufficient for the day is the evil thereof," and some evils are sufficient for many days to come. It has been quite evident for some time that another bond issue would become necessary. This time it is to be 1100,000,000. The conspirators are growing bolder. A Washington dispatch dated December 28, 1895, says: “Plates have been prepared at the Bureau of Engraving and Printing for the new issue of bonds. They provide for 4 per cent coupon thirty-year bonds. The amount of the issue for which arrangements have been made to print 1a 1100,000,000. The president has poned the order for the printing in the hope that probable action by Congress would stay the drain of the gold reserve. Arrangements have been made practically with Morgan, Drexel and others to take the bulk of the bonds if it shall turn out that heavy withdrawals of gold necessitates prompt action. If there shall appear to be no great haste the government will advertise the issue. The president has done all that is preliminary to an issue of bonds. He is anxious to wait a little longer, if possible, and see if the senate will not give some sign of favorable action. The finance committee of the senate will meet on Tuesday, and will have the tariff and the bond bills passed by the house under consideration. The president does not wish to issue the bonds until after that meeting if he can help it.

“A very close watch is being kept on the New York money market. It was the Impression at the treasury department today that the issue of bonds could not be delayed longer than Monday. Indeed, there were rumors current at the department all day that the call for blds would be given out today. At the White House conference yesterday the idea of trying to make this a popular loan was discussed. The conclusion was reached that it would not be feasible at this time for two reasons. One is that thjp gold will be needed in a hurry. The other is that if the bonds were sold in small amounts the buyers would go to the sub-treasuries with greenbacks and draw out gold to pay for them. In this way the government would lose almost as much gold as it would gain. The members of th* syndicate hold large quantities of gold which they have been collecting, and if the bonds are sold to them they will turn this into the treasury, thereby adding the price of the bonds to the stock already there.” Of course “the members of the syndicate hold large quantities of gold,” and anybody with sense enough to pound sand In a rat hole knows that they have it for the express purpose of raiding the treasury and forcing the issue of bonds. There is no law compelling the secretary of the treasury to pay out gold for the treasury notes presented there. The payment of such notes in silver would stop the raid on the treasury. There is not state in the union where, if a man is sued for one thousand dollars, the debtor may not discharge the whole of the debt by the payment in silver dollars. And the creditor has no choice in the matter. It is for the debtor to determine whether it is more pay In silver dollars, gold or greenbacks. This is the law in the case which is applicable to all matters between individuals. The secretary has no right, by law or implication, to say that the creditor may demand gold if he chooses to do so. It is this very decision that has caused the present financial muddle. It is an absolute surrender of government control of the currency to a gang of greedy bank conspirators. “The syndicates are ready to take the bonds.” Of course they are. And the treacherous, truckling, traitorous jackasses we have in Washington are ready to turn them over to this gang of thieves who seek to cover up their treachery under the name of syndicate. Syndicate is only the devil’s name for a gang of cowardly robbers. But we’ll come to the last straw after a while and then somebody will have to answer for this betrayal of the people’s liberties.