People's Pilot, Volume 5, Number 40, Rensselaer, Jasper County, 9 April 1896 — MOVING FORWARD. [ARTICLE]

MOVING FORWARD.

Are the Grand Armies of Reform. THE MOST ENCOURAGING NEWS - From Every State and Territory in the tTnion. Harmony All Along the Line.

People’s Party News Bureau, ) Headquarters National Ex. Com. \ ’ Abundant evidence is already at hand to indicate conclusively that the work undertaken by this Burea. will not only fill a “long felt want,” but prove a decided success. One prominent Kansas editor writes: “Your first letter is out of sight.” Another from Texas says: “Your press service will be of benefit and, I believe, appreciated by our readers.” Reports of unrest and general dissatisfaction in the old party ranks, are increasing in every quarter — from Maine to California and from Florida to the Lakes. It is the same story of threatened disruption and annihilation of the old organizations, if they refuse to recognize silver. From present indications the country is on the verge of a great political upheaval, and the People’s party will usher in the millenium next year. James Gunn, of Idaho, People’s Party candidate for Congress in 1894, writes: “We are opening the way for a union of Populist. silver democrats and silver republicans. Chief Justice Houston of the Supreme Court of this state, heretofore an active republican, has, within the last fewdays announced that he would no longer follow the lead of his party, but would act with the silver forces. J. M. Ballentine, democratic candidate for congress at the last election, has announced himself in similar terms.” T. B. Mills<, our candidate for congress in New Mexico in 1894, also writes: “The rank andfileof both old parties will join any independent movement if their parties fail to declare for bi-metal-lism at the ratio of 16 to 1, when they nominate their candid ate for president. Our territory will be fully represented at St. Louis, July 23.” Chairman Bulger of the Washington state committee is out in an address to the populists of his state, advocating the holding of two conventions, one to select delegates to the national convention, and another to nominate a state ticket. The date of the state convention has not yet been fixed. * Chairman Maxwell, of the Illinois people’s party state committee, and Dr. Emrick, chairman of the Illinois silver organization, have agreed to call joint state congressional and local convention to unite their forces all along the line. Chairman Wardall, of the California state committee will soon open headquaters in San Francisco, to organize his state and assist in the Oregon campaign. Several speakers will go from

California to Oregon at an early date. Up to this time, 297 delegates have been elected to the national convention, of which number 261 are reported as favorable to a union of ali the forces opposed to the gold standard and present oppressive conditions. At a recent reorganization of the populist central committee in Denver, Colo., Ex Gov. Wait and a few of his friends became dissatisfied with the action of the body and bolted. The California state convention will be held at Sacramento on May 12. A candidate for U. S. Senator will be nominated and delegates selected to the national convention. Francis N. Stacy, a prominent republican pols- - of Minneapolis, Minn., has renounced his allegiance to the republican party and joined the populists. The state central committee of Minnesota, at its recent meeting in Minneapolis elected Ignatious Donnelly and S. M. Owens delegates at large to the St. Louis convention,and made arrangements to call congressional con ventions to elect the other fifty-one de’egates, to which the state is entitled. All other nominating conventions will be postponed until after July 22. George N. Lamphere, editor of the Morehead (Minn.) Daily News, is among the valuable new recruits to the people’s party, Ex-Attorney General D. W. Jones of Arkansas who is canvassing that state as a candidate for governor, subject to the decision of the democratic primaries, in a recent speech at Arkadelphia, said: “I shall bolt the nominee of the Chicago convention, if a gold standard platform is adopted and a gold man put upon it. The populists of San Juan County. Colorado, on March 19, among other things passed the following: •‘We believe that in the national campaign of this year the financial plank of our platform should be made the most prominent. And we believe that such wise and judicious plans should be adopted as will bring about a union of all the reform forces in favor of the free and unlimited coinage of silver and gold at the ratio of 16 to 1 independent of the action of any other nation.” Arizona will be represented in the national convention by Gen. Wm. O’Neill, G. M. Porter,Kean St. Charles and John O. White, all excellent men and representative populists. The populist vote of Oklahoma will be increased nearly 1,000 Jjy the adddition of Greer county. With only a little more than 3,000 votes to overcome, our friends in that territory should win this year.

The populists in the Indian Territory are anxious to know whether they will be entitled to representation in the national convention. Under the call they will be entitled to four delegates, the same representation allowed every other teritory. George F. Washburn, member of the national executive committee, from Massachusetts, who has been spending the winter in Florida, has returned to Boston and will look after the interests of the party in the East. The state committee of Nebraska, will meet at Hastings, April 17, to fix the time and place for holding the state convention, to select delegates to the national convention. The delegates from the seventh Ohio district to the St. Louis convention are W. H. Crawford and M. W. Whitney. They are in favor of Coxey’s good road and non-interest bearing bond bills. The state committee of Florida meets at Qcala, April 4, to fix the date and place for the state convention. Col, A. C. Fisk of Denver, Colo., is getting out another large edition of his new book, “Statesmen Three,” which promiees to have as phenomenal sale as “Coin’s Financial School.” The work retails at 25 cents and can be had through the People’s New Bureau. Mr. Fisk is now in New York city, lecturing and organizing silver leagues. In the death of Judge J. E. Lincoln of Liberty, the people’s party of Missouri has lost one of its ablest and most earnest men. He was favorably spoken of as a candidate for the governorship. -The loss of such men as Nugent and Lincoln is one that the party feels keenly at a time when strong men are needed. The state committee of Virginia meets at Richmond, April 2, to select delegates to the national convention and fix the time and place foi; their state convention. The refusal of the legislature to modify their infamous election law is giving us a boon in Virginia. Reports from Alabama are of a cheering nature. The state election occures the first Monday in August and with a reasonably fair count we will win by an overwhelming majority. The democrats of Alabama are divided on the money question and the populists want several speakers of national reputation, to help them during the campaign. In Tennessee, the situation is considerably

mixed. The populists will make great gains no matter what action is taken by the old parties in theij state and national conventions. The nominating convention in Tennessee convenes July 25th. The people's party of the fifth congressional district, of Arkansas in mass convention at Eureka Springs, March 18, after reaffirming the Omaha platform adopted the following: “Whereas, there are millions of American citizens who differ with us upon some of the principles as set forth in the people’s party platform adopted at Omaha, Neb., but are heart and hand with us upon the question of finance, the great problem of the day, the question affects every American citizen; therefore, be it ‘'Resolved, That, while we demand the free and unlimited coinage of silvei and gold at the rate of 16 to 1. and we believe that all money should be issued by the government, and be a full legal tender for all debts, public and private, and that without the use of intervention of banking corporations, yet we believe that under the pressing circumstances of the hour our people, in national conventions assembled, should, for time being, so modify the platform that the majority of the people who are with us upon the great question of finance can step on it and under the banner of the people’s party march on to victory. Reform publishers desiring to receive a news letter from this bureau are requested to make application at once, and mail a copy of their paper, to be placed on file during the campaign. By so doing a complete list of our publications can be obtained. So universal and wide-spread is activity in the ranks of the people’s party, and so hearty has been the response to our call for reports, that the Bureau finds itself in possession of more material than can readily be compressed into a new letter. We note with satisfaction the earnest and enthusiastic tone of our correspondents, the disappearance of personal and local dissension, the giving up of hobby-riding and the training of our party guns upon the enemy, rather than upon

and whose salary shall be ten thousand dollars per annum. Two of said ministers shall always represent each of the two leading parties. The terms of the first four ministers shall be for two, four, six, and eight years, respectively, after which each appointment shall be for a full period of eight years. Sec. 2. That the Comptroller of the Currency shall, with said ministers, constitute a board of finance, of which he shall be the presiding officer, and said board of finance shall have the supervision of all national banks in accordance with existing rules or any others that may be hereafter established by them. Sec. 3. That any national bank now doing business, or any other financial institution doing a similar business, or any number of persons may, in accordance with existing law so far as the same is consistent with this Act, organize upon the following terms and conditions: In any corporation described as aforesaid shall deposit with the United States Government any of the United States bonds now outstanding, or any that may be hereafter issued under existing law, which, at their market value, shall exdeed the capital of saidjcorporation by five* per centum, the United states Government shall issue to said corporation, in lieu of said bouds so deposited, two per centum United States Government equal in amount to such market value, both principal and interest of said new bonds being payable in gold; and said new bonds shall thereupon be deposited with the United States Government, and circulation known as United States Government bond notes shall be issued to said corporation in an amount equal to the paid-up capital of said corporation in denominations of ten dollars or multiples thereof. Sec. 4. That said United States Government bond notes shall be legal tender for all debts, public or private, except in payment of duties on imports, which shall be paid in gold coin; and said United State Government bond notes shall be redeemed in gold coin when presented for payment at the bank of issue.

Sec. 5. That at the same time that said corporation shall deposit United States Government bonds as aforesaid it shall also deposit with the United States Government United States legal tender notes or gold certificates, or both, of such an amount that it, together with the gold said corporation has on hand, will equal fifteen per centum of its deposits; and the United States Government shall deliver to said corporation gold coin in lieu of said legal-tender notes and said gold certificates. Said corporation also deposit at the same time, with the United States, United States Treasury notes or United States silver certificates, or both, which,.with the silver coin then held by said corporation, shall amount to ten per centum of its deposits, and the United States Government shall deliver to said corporation in lieu thereof silver coin of an equal amount; and said legal-tender notes, gold certificates, Treasury notes, and silver certificates shall be thereupon canceled. Said corporation shall thereafter keep as a reserve twentyfive per centum of its deposits in the following kinds of money: At least sixty per centum of said reserve shall be in gold coin, and the remaining forty per centum of said reserve may be in silver coin: Provided, however. That in lieu of one-half of such coin reserve cash on deposit in reserve cities, or United States Government bond notes other than . its own, may be held. Sec. 6. That any corporation organized under this Act may, with the permission and under the supervision of the board of finance, issue its own circulation, which shall be furnished by the United States Government and be known as United States national-bank notes. Said United States national-bank notes shall be issued in denominations of five dollars and multiples thereof, and may be issued only in the following manner and upon the following conditions: First. Every bank issuing United States nation-al-bank notes shall at all times maintain against the amount of notes outstanding a reserve corre- - spending to that required against its deposits. Second. Said bank may issue an amount of notes equal to ten per centum of the average individual deposits of the preceding six months, upon which issue, or any portion thereof, the bank shall pay to the Government in full legal tender money one-half of one per centum per annum so long as said ten per centum or any portion thereof remains outstanding. (a) Said bank may issue a second amount equal to ten per centum of said deposits, upon which said corporation shall pay to the Government in like manner one per centum. (b) Said bank may issue a third amount equal to ten per centum of said deposits, upon which said corporation shall pay to the Government in ( like manner two per centum (c) Said bank may issue a fourth amount equal

to ten per centum of said deposits, upon which, said corporation shall pay to the GovernmenfTn like manner four per centum. (d) Said bank may issue a fifth amount equal to ten per centum of said deposits, upon which said corporation shall pay to the Government in like manner six per centum; but in no event shall the entire issue at any one time outstanding ever exceed the paid-up capital and surplus of said corporation. Sec. 7. Thatall the taxes so paid to the Government upon said United States national bank notes shall be set aside and held by the Government as a guarantee fund exclusively for the redemption: First, of the United States Government bond notes; second, for the United States national-bank notes, in the event of the liquidation of any bank organized under this law: Provided, however, That whenever said “guarantee fund shall exceed five per centum of both the United States Government bond notes and the United States national bank notes, such excess snail belong to the United States Government and may be used by it to defray its general expenses. Sec. 8. That the board of finance shall divide the United States into clearing-house or reservecity districts, and each corporation shall belong distinctively to some one district, and the number of such district shall be plainly and prominently printed upon the said United States nation-al-bank notes issued by the banks located therein. The several banks of each district, upon receiving United States national bank notes belonging to any other district, shall forward the same to a reserve city, which shall return them to the district to which they belong. Sec. 9. That the United States national-bank notes shall be a legal tender at par between all national banks' and the same shall be redeemed upon presentation at the bank of issue in full legal-tender money of the United States, gold, silver, or United States Government bond notes: Provided, however, That no more than forty per centum thereof shall be receivable in silver coin. Sec. 10. That banks may be organized under this Act with acapital of twenty thousand dollars or any greater amount; but no bank shall be organized in any reserve city with a less capital than one hundred thousand dollars. Sec. 11. That all banks organized and doing business under this Act outside of the reserve cities shall keep as a reserve fifteen per centum of its deposits, and sixty per centum of said reserve shall be in gold coin, and forty per centum may be in silvercoin: Provided, however, That in lieu of one-half of such coin reserve, cash on deposit in reserve cities or United States Government bond notes other than its own mav be held.

Sec. 12. That each bank organized under this Act and doing business outside of a clearinghouse city shall select some national bank in the clearing-house city of its own district through which it shall redeem its United States nationalbank notes in full legal-tender money of the United States, if said United States nationalbank notes are presented for redemption. Sec. 13. That the United States Government shall not pay out or reissue any United States legal-tender notes from and after the first day of January eighteen hundred and ninety-seven; but the same, when received, shall be canceled and destroyed; and further, that the United States Government' shall not pay out or reissue any United States Treasury notes or silver certificates from and after the first day of July, eighteen hundred and ninety-seven, but the same shall be canceled and destroyed; and the United Statesman put out an amount of silver coin equal to the Treasury notes and silver certificates so destroyed. Sec 14. That in the event of the liquidation of any national bank organized under this Act, the United States Government shall undertake as trustee, but shall not be responsible for the redemption of the outstanding notes; and the assets of said bank, including the assessment upon the sharenolders, shall be distributed in the following order: First. Sufficient gold coin,or its equivalent, shall be set aside and held by the Government for the redemption of the United States Government bond notes. Second. Sufficient full legal-tender money of the United States shall be set aside and held by the Government for the redemption of the United States national-bank notes, with interest thereon at the rate of six per centum per annum, from the date of the suspension to the date fixed for the redemption thereof. Third. - The assets remaining shall be distributed among the depositors and others having claims in the same manner as now provided by law. Sec. That all acts er parts of acts inconsistent with the foregoing shall be. and the same are hereby, repealed. There is not a proposition in all the above complicated instrument that is not in direct conflict with the traditional policy of this government. It is thoroughly undemocratic and dangerous to the liberties of the people. ■ The creation of a commission of high salaried appointees to supervise the most important department of the government, the finances,

render t£e people powerless Ip change a bad iyrtem fexcdpt greatest (fibcptoy. All writers on pblitical 4con6my brae tße’-degree of prosperity of a country on the wisdom shown in the administration of its finances. The most important function of a government is to absolutely control the money of the country. “Congress shall have the sole power to coin money and regulate the value thereof.” This bill proposes to delegate to private banks the sole power to issue paper money, which must, as at present, continue to be the principal currency of the country. It will be noted that these commissioners are appointed for terms of eight years. Practically, this bill proposes to pay the holders of all the government bonds now outstanding or that may hereafter be issued TWICE THEIR Market value. This statement seems incredulous, but the full text of the bill is given above and all the doubter has to do is to read over carefully to find this statement verified. Take a SIOOO bond that is at 20 per cent premium, and it is worth on the market $1,200. This bill authorizes the United States government to take up that bond and give the holder a new bond of the face value of $1230 bearing 2 pei cent interest and also issue to the same bond holder SI2OO (less 5 per cent) of United States paper money, free of any interest whatever. In a nut shell the government is to pay its debt and still have the debt left and the interest upon it to pay every six months in advance. But the above is not all the favors that this fortunate bondholder is entitled to. He is a banker, of course, and though he may not have but $25,000 of these new bonds and the accompanying $25,000 paper money, the United States has so paternally placed in his .hands, he may have deposited in bank by his patrons many times that amount. Suppose the deposits amount to $250,000, which is but an ordinary amount, he is entitled to receive from the government $25,000 more of United States money, this without security but at a tax of one-half of one per cent per annum; also $25,000 at one per cent tax; $25,000 at 2 per cent tax; $25,000 at 4 per cent tax; $25,000 at 6 per cent tax; all without security. Space limits further expose of this neat little piece of proposed class legislation. How do you like this much of it.