Ten Years of Treasury, Banking and Currency Reform; Speech of Hon. J.H. Walker, of Massachusetts, in the House of Representatives, Friday, March 3, 1899 (Paperback)

This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1899 Excerpt: ...into city banks; $800,000,000 each year if only $158,000,000 of nationalbank currency and national-reserve currency is used. How do you like this bill, wholly in the interest of the city banks 1 Will a bank ever be organized under it? Where are the country banks to get their gold? Out of the United States Treasury? How is the Treasury to get this gold? Of course the city banks will kindly hand it over to the Government in pleasant times, when everything is balmy. How when it storms? How about 1893? How about another Cleveland-Carlisle administration? It is as sure to come as history is to repeat itself. Sell bonds, of course Sell $163,000,000 bonds at a loss of $40,000,000, as Cleveland did, or $1,000,000,000, and just as many as unscrupulous banks or foreign brokers may determine. The Hill-Fowler bill leaves the United States Treasury absolutely unprotected, the sport of the most unscrupulous money changers and gold brokers that can be found anywhere in the world. A cablegram costs but little. The door of the United States Treasury opens, for the delivery of gold, into every European broker's office--Israelite or Christian. PROBLEM OP SILVER REDEMPTION. But one of the most remarkable hallucinations developed in the bill is the belief that with $500,000,000 silver in circulation, averaging to pass through banks in deposits from traders five times a year, or $200,000,000 a month, the people will pay the traders in certificates or in coin. If the banks can not get them to present to the United States Treasury for gold, all existing banking customs must be reversed. Kemember, the bill demonetizes silver dollars and provides for their gold redemption at the Treasury. It provides only $25,000,000 gold, and that the Treasury must keep good, to redeem in gold all...