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About The American. (Omaha, Nebraska) 1891-1899 | View Entire Issue (Nov. 4, 1898)
WnllSlrect tin Conceived the Idea
of Placing Commercial, Pnrrn
Injr, Hnnklng and the
LABORING CLASSES IN BONDAGE
The McCleary Hill, n Ho! Damnable and Iniquitous
Measure, I Hie Snare with Which the Plan
to Override the Consthutlon Is this
n Roman Measure?
The pro; le if &vul (Vimrrs
sional IMstrl.t of Nebraska HI ' "
ll.n miI1 on the 8'h ' ',t n,,,n,h
ami iMnmlne amim othor thins. who
shall n'rpnt th.m In ronarp fr
two years from th 4th f n-xt Man-h.
Th Amiil.an brllevra that It owm
tlnty to It r'ntli-rs to bU thorn ar
vlve at a wis ami iati-ltlo conclu
sion. Our niilm I to inloll th tn-1
slltiUWms of our country. Tim prin
ciple! of the Declaration of Indepen
dence end the safeguards of liberty
contained In the constitution ate 1r
ir to us than the ascendancy of any
clique or faction. Th IrreprwMlbln
conflict lnHwcen the men who, would,
through legislation, Intrench thmii
sdves In power to weaken or destroy
the constitution and with It liberty It
self, by substituting- the whim of the
Individual or of a corporation, fr the
will of the people, wa never more
apparent tlun now,
There la no piece of legislation le
fore congress which concern, the peo
ple of the Vnlted Htntea more than the
measure known an the McCleary bank
ing bill, which stand tipon the House
calendar ready for nassaue. Thla Jilll
haa the endowment of Secretary
Ontsa and haa been recommended for
passnrc ty a republican committee of
the House and It la to be made re
publican measure. '
It la the moat far-reaching propo
sition of It kind that haa ever been
proposed to the American rongreas.
Ill principle haa never been Indorsed
by the people, and never will be when
fully understood. The Hunkers' Mng
axlne for last month said: "It la not
beyond hope that when the banking
bill comes before congress It Will go
through without being made a political
Issue." This declaration glvea eolor
to the statement that this measure Is
to be passed surreptitiously la to be
sneaked through congress with as lit
tle debate na possible, and above all
things the people are not to be In
formed about It through the channel
of public discussion prior to election.
II Is not a people', meaaure. It la not
a measure with which many banker,
are satisfied because U meana- the ab
sorption or the destruction of the pres
ent banks, It mean the bulldlnt np
of a gigantic bank monopoly In New
York, with 10.000 branches acattered
ll over the country, by which the
prices of everything are in be con
trolled and the business Interests of
the country are to I subordinated
and virtually enslaved. President film
tnonda. of the Fourth National Rank
of New York, expressed the Idea when
he said publicly, that THERE MUST
UK A ni'I-INO CLASS AND A CLASS
THAT IS ni'LKD. It Is against this
sentiment that The American rebela,
In thla country there can be no ruling
das without the destruction of our
system. The bravest utterance which
John M. Thurston ever made waa when
he said that TUB MEN WHO BTAND
FOR THE DOLLAR MUST STEP
ASIDE AND HIVE WAY TO THE
MEN WHO STAND FOR THE
STARS AND STRIPES. The Mc
Clcary bill ta a Wall
atreet measure; It has the aup-
port of the great speculative banka
of New York It la their bill. Thla
fact alone I enough to create atispl
rlon, but an examination of Ita provi
sions discloses that If ;t becomes a
law K will revolutionise the banking
business of the country, and under It
the moat gigantic commercial trust the
world has ever known could be tre
ntcd. In an Interview, Oeorge Fred Will'
lama of Massachusetts makes the fol
lowing expose of the McCleary bill
Mr. Williams says:
"The plan cornea In the form of a
proposition to retire the government
BiDcr money by aubstltutlng bank
notes. Yet the liability to redeem
these substituted bank notes etlll re
mains upon the government, until, by
taxation wrung from the poople or by
bonds aold by the government, these
bank notes themselvea are retired and
cancelled. tcsiica tnese nan nines.
It Is pro"cd to confer upon the tanks
thw privilege f Issuing HO per cent
of their paid up capital In bank notes,
which have no security except the as
set of the bank. All of thes notes,
which, together, amount to 120 per
cent of the bank capital, are redeem
able by the bank In gold on demand.
If redemption Is refused the dopifall
sud other properties of the bank are
to be applied In liquidation to the re
demption In gold of the bank notes.
"The wtujle scheme Is predicated up
on the Impossibility of the suspension
of specie payment by the banka, while
the burden of gold redemption aa
sumed Is greater than i a government
Itself haa undertaken. With the first
large export movement of gold It Is
likely, If not bound, to precipitate a
general suspension of specie payments,
The business men of the country can
not protect themselves against the lia
bility of their dpolte for the banks'
currency debts, as all the national
banks are forced Into the scheme, and
me tempiauon io secoru s i n"i
notes for each dollar of government
paper delivered would probably prove (ou .. ( in,n(tlieca Sacra, April, WH.)
too great to be resisted. Her t Ion 43 of the bankers' proposed
"It Is explained by the committee w cxempta them from the state law,
which reported the bill that the supply 1 against usury. It will be remembered
of gold can !e regulated by the sea- that In the annunl address by the pres
board banks through the raising of the (dent of the American Ihtnkera' asso
rate of Interest, after the manner of elation, he said; "It I conceded by
the Ilnnk of England, but It la appar- evy intelligent man that usury laws
ent to every business man that with
4.000 banks competing with each other
ilinu onnnrtt PAtfit I tt t A I lift fntfl iff iflffT
lini i siMinUi m b)mimv - i
et ns does the Ilnnk of England, And
It I equally apparent If they can do
It through a romninauon or me great
bank It simply means the forcing
down of the prices of commodities at
"If, then, this great power of regu
lating the prices of goods ran be ex
ercised by tha banks through controll
ing the rate of Interest the anme bank .
can control commodity prlcea for spec-
ulatlve purposes. If the business men '
of this country wish to sea their goods
tossed on the waves of Wall atreet a
stocks are now tossed they may secure
It by assisting the republican party to
pass thla bill.
"To any man of open mind can be
demonstrated that this scheme I
framed to create a gigantic banking
monopoly, under which the smaller
banka may be wrecked or controlled.
The provision for branch bank mean
a roving commission to the great
bank to convert every small bank Into
branch or make It a helpless tool.
"Matters have also been arranged
through the aystem of clearing house;
agencle that upon any ahortagn of
a ... . ... . . , u 1 ..... I. a
gold the bank notea of country banka
may be thrown upon them by whole
sale, to that they will be compelled to
suspend or purchase gold of the great
banka at any price demanded.
As If It were not enough to enslave
the smaller bank and make the de
posits of business men A play of spec
ulation, a most Infamous scheme haa
been devised to put t; entire machin
ery beyond the reach of the people or
their representative In congreaa,
There la a provision for A board of
three comptroller, with A twelve-year
term of office. The first appointee
shall bold office for twelve, lght and
four year respectively,
"Thla Is an actual aubveralon of re
publican lntltutlon. The longest term
known to the legislative department
of the United State government 1
that of alx year for senatora, yet these
men are given twelve. They have the
power lit will to expand or contract
the currency, and thu make the gov-
ernment Itself the tool of the specu
lative market and place all buslnesa In
their power. I.cst the people or even
a president should try to check their
abuses, It has b"en provided that they
shall not be removed from office, ex
cept what Is practically an Impeach
ment. "I submit to every honeat cltlxen
republican or democrat that thle plan
I not only revolutionary In Its nature,
but It is tho creation of a despotic
S t.wmW, 1W W.lm !
f.t 4 Ik ttt 4 t t t-ww
ih Htf '' ,v'
lt sMUkm.nl f
If tk 1
s a W ti r trs
,n4 t mxm lr'". tea'
is Vsskt ft',i ks ff,M4 ta !
U rlf tSt II f
f.rwUt f tfcs 4ptt
l Miile t these tteat ft
a. nirtws last thf will b
ty fpsay rewde, kt I alwp'e
peinMl o the Mil Ktf P"'f
timt K snsd ! b"M U
this Hak iir-m the td"pradaie of
.itac aa4 the .mrsi ttarif
that It sef mt in have pstalM opposi
tion at the statt. but If ths iwpla
shmitd wndrrsisad thla measure ths r
pulill.wa party would Ih swept from
posrr by tidal wave whbh would
Iravs not a wreck behind.
No wonder that at the monetary de
bats In Omaha even Mr. McCleary, who
reported thla bill, and Mr. Fowler, his
aaorlste on tha banking committee,
Inith alnmlutely refused to defend the
measure, though we nagged ami rid
iculed them In our attempts to drive
them to a defense. No wonder thst
Mr. Overs! reei of Indlsnapolls, also of
the banking committee, who haa been
challenged In the public press tit hi
own city, refuses to speak upon It.
"Silence I the only hope of success
for such an outrageous measure."
Prof. C H. Walker, of the Massachu
setts Agricultural college, says on this
"There Is a great danger that bank
ers with l.ooo.mio.ooo of dollars In
their hands of the people's money, to
expand or contract as they see lit,
will be a law unto themselves; that
with this great money power they
would hire lawyers to Instruct the
Judge how to Interpret the law. and
elect congressmen to pass amendments
to the law to suit t.em. This great
danger waa seen In Jackson's, time,
and led to the overthow of the national
bank. The altitude of the bankera to
ward the government In Lincoln' day
was one factor which led to our pres
ent national banking system. The
dictatorial power of the bankera of
r-r(ipn toward tne control or ii,-nn
... wnr n,j niltnal policy Is notor
Huron, toward the control of pence
on the alatute luniks of nearly every
stats are relic of barbarism, and tnai
ttiai fittnmtt nliv would be greatly ben-
tiwi I.WHMIMI.". t -
cftttcd were they abolished."
In the proposed banking law the
community Is not Informed of the
I great benefit which Is to be conferred
upon It by the bankers through repeal
ing the clause which protect the peo
ple from tha bankers. The proposed
law simply states that the banks, In
addition to "discounting," shall have
power ' ni1 " Prom,'","r'
notes, drafts, bill of exchange and
other evidence of (lent,
, - . i,t the crowning villainy ' say,
Mr, (leorge H, flhlbley, "In this pro
posed banking Inw Is the provision for
branch bank. It la an InnocanHoog.
Ing clause, but when we consider that
tha way the meat trust operates I to
adsorb whatever territory It desire
through the establishment of bnanche
which drive all other out of the busl
ness through underselling for a time,
It become clear what this "branch
bank" clause means, It means that If
this law I passed, the big speculator,
great creditor and monopolist will
get their financial grip on the produc
ing and trading communities of the
j Untied State and the republic will b
I ... . . . i. . ..., lU... mttll tiUfl If
A thing of the past. Fvery small bank
er will be frozen out, Just a the email
nroiirlntor have been frozen out In
meat market, the petroleum business,
In bakeries, tanneries, cordage, distil
ling, brewing, the mining of hard coal
and Iron ore, augur reflnlng, th man
ufacture of glucose, railroad transpor
taton, the telegraph business, the tol
stihone. the detiartment store ana
other Industrie too numerous to men
"Are the producing tnd trading
cliisse ready and willing to legislate
Into existence a trust which shall 'back
up all other trust which may eecurt
a representation In the uoara or ai
rector In Wall street, and which ahall
oulcklr extend 'trust method' to all
the flclda not yet occupied?"
That there I yet In tha proposed law
a provision for the consolidated bank
ing and money trust, 1 the statement
of the committee which framed the
bill. Chairman Walker, in A minority
report Agalnat the bill. tate that the
result of the authorization of the
branch banks will be "one great Unit
ed State bank, with 10,000 branchea,"
And the majority report In favor of
the bill, written by Mr. McCleary, ad
mit that Scotland with a branch bank
system baa only ten bank, with 900
branchea. And the "rolling up" of
trusts In Great Rrltaln I only Jut
beginning; In Ixmdon the morning pa-
(Contlnucd on page 2 )
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