, 1862-01-04
'Gbe> Ttihuttt.
DERT BANKING IN ENGLAND.

DEBT RANKING IN ENGLAND.
Debt banking, with its offspring of t1cti-
hous currency, was, as we have shown,
blunder from the start It was not an en-
hghtened movement Of civilization, nor the
result Of scientific investigation. 1t was
The result Of ignorance Of the nature of
money and capital, coupled with suppos-
ed national cxigency in war, because Of the
unwillingness Of the people to bear taxa
ton. Whether Montague Ito whom the
scheme Of the Bank Of England Was pre-
scented by Patterson) and William Ill,
whose united power and influence passed
the charter through Parliament, and
Michael Godfrey, who managed the matter
in the city Of London, were honest or not
in their policy, it was no less a swindle in
principle. II was method Of screwine
capital out Of the people in the high and
false prices Of articles Of CONSUMPTION.
created BY the fictitious currency, which
they could not see and comprehend, and
then compelling them to pay blindly. in
addition, on capital Of their own cortribut~
ing, interest to fiundholders who con-
tributed not 3 shilling-who merely
loaned promises to pay. Labor furn-
ished gold TO send abroad and
for uniforms and clothing for the army, and
munitions Of war, and paid interest to the
wrong men. Whatever was expended
consisted Of somebody's income; the na-
ton paid it in ealue in the supplies it
consumed, and there was an end Of it.
What was the use, then, Of creating debt,
setting up some men of straw to sign paper
notes, and receive interest On them as mo-
ney, when they we're not to be paid, and
have never been paid to this day: It is a
contrivance Of how not to doit, and through
the ingenious trick Of kiting, perpetual
suspension Of payment. This is the prin-
cip1e Of debt banking; it is cheat, and VIC
say TO the Convention, let US have no such
nonsense in Illinois
But England thriyes. This is the ever
lasting answer to all objections to debt
banking and English fnancie1ing. Yes,
England thriyes- Her bull.lcaded indus
Try, Anglo-saxon energy, utilitarian faculty
Of invention, and powerful machinery, pro-
duce wealth, in spite Of the false currency
principle that bleeds her capital; in spite
Of her execrablc funding system, with its
s4:C00 ,000, 600 Of national debt, as unneces-
sazy as a fifth wheel to coach; all Of which
has grown out Of the method Of raising sup
plies at the inhated prices Of her false cur
rcney, through kiting with the Bank of
England, and in spite Of the big wars she
has maintained and paid for. Labor is the
secret Of England's wealth, but its creators
do not hold it. Universally, men look
at the palaces Of country; at the
conspicuous objects Of wealth at the
great capitalists, and the exceptional men,
in estimating national prosperity. But in
England there is . hidcous side to the pic
ture, that is too generally turned to the
wall and left unobserved. Where are he1
laboring classes: Whit is the condition
Of the masses Of the people Of England
They are, On the average, in a state Of des,
titution and misery deeper by far than the
slave population Of our Southern States
They are taxed to death, when they can pay
al all They pay direct or indirect taxes
on windows and chimneys, on light and
air, on every thing they eat, drink orlook at
or did 50 quite recently; the repeal of the
corn laws, etc, having given them partial
relief. But the whole financial system and
fiscal policy Of England tend to grind thu
laborc1s to powder and pamper privileged
classes. Adam Smith saw the iniquity 0
the funding system, but, strangely enough
he did not see that it was the in1zllible COL
sequence Of the false currency principle {
the Bank CT England. He says writing i
l77G): "The private revenue Of the inhab
tants Of Great Britain is at present as muc
incuInbered in time Of peace; their abilit
10 accumulate is as much impaired, as
would have been in the time Of the mo!
expensive war, had The pernicious syste1
Of funding never been adopted" Hethinl
this system will in the long run ruin all Il
great nations Of Europe.