Clearfield Republican. [volume] (Clearfield, Pa.) 1851-1937, 1868-02-06
NEW SERIES-V0L. s, NO. 2S

ment is pledged 20 this species of ex
tortion from the labor of this country
Shall the toiling millions thus be mad,
the beasts Of burden, the rack horse,
of this class of aristocrats for all com
ing time Z
But how is it about the National
Banks, those stupendous monopolie.
compared to which the monster killed
by Andrew jackson, was only an in
fant in swaddlings. For q long time
during the war gold was worth 2 so
or to speak more correctly, paper
money and U. S. Bonds were worth
but Az cents on tho dollar. For one
hundred dollars the bankers bought
two hundredand fifty dollars in Bonds
drawing six per cont. interest in gold,
or fifteen dollars per year in gold
for every hundred dollars they paid
for their Bonds. As soon as the Ma.
tional Bank Act was passed they took
their 81 90 in Bonds TO Washington
and deposited them there, receiving
back 81 20 or ten per cent. less than
their face, in the National currenc V
loan through their Banks to the peo.
pie. Or, TO enlarge little, a National
Bank in Portsmouth deposits 500, 600
of the Bonds in Washington when
they cost the Bank but S40,0 900 in
gold. The Bank receives back upon
which to do business, $50, 900 in Ma
tional Bank bills. They loan this
sum TO A, b, C. and ID, at 1910
per cent in advance, or the nice sum
Of nearly 81 600 on the original invest
ment is nearly Is per cent. at the
same time the Bank draws6 per cent.
in golG on the 100000 in Bonds de-
posted in Washington, which is Is
per cent in gold on the original in,
vestment Of $4,000. This Is per
cent. in gold is worth at least % per
cent in currency. So the account
stands thus--for every dollar in gold
which the Bank has invested in U. S.
Bonds, il receives Is per cent, inter
est in gold, or 22 per cent. in eurren-
cy on the original Investment by loan
ing their Bank bills TO the people. So
it will be seen that the Bank actually
extorts 40 per cent interest from the
people. In these calculations we have
made no account OF the large deposits
ofprivate individuals and corporations
in these Banks, and which are loaned
atan advanceinterest off 3-lgper cent.
adding thousands onthousands of dol
lars to their profits
Such is this monstrous Banking
scheme now in full blast in this coun-
try. And every dollar Of this all-con.
suming interest comes out of the toll
ing, laboring, tax-paying people. No
people on the face Of this footstool
cfcr uiu, VI vtct tan rt1ssI ruvh "a
burden as this and live. But when
we talk Of taxing the Bonds to help
support the government which pro
tects their holders, or propose to pay
them up in the same kind of currency
which the people are compelled TO use,
and thus stop this enormous interest
drain, with what horror do the Bond.
holders and Bankers roll up their eyes.
They below about the faith of the
government" just as though they are
the great all in all OF this world, and
the people are obliged to support them
in luxury and ease until we arc be-
come beggars at their feet.
There never was invented on earth
such gigantic swindle as the Bond
and Bank system in this country to.
day. 1t is taking the very life blood
Of the people in every avocation oflife.
1t costs thirty millions Of dollars every
year to simply collect the Internal
Revenue alone, when it might be done
for tenth part of that sum by the
local State aud town officers. But
there must be vast army OF radical
office holders fastened like vampires
upon the yitals of the country as ring
ers in and barkers Of loyalty for the
party in power. 1t costs more than
thirty millions year to pay the inter
est on the Bonds held and deposited
by the National Banks alone. And
now the monied aristocracy are push
ing TO have all the greenbacks funded !
in Bonds drawing interest, and give
the National Banks the entire circula- |
ton of the country That would cap
The climax of outrage and oppression. !
We desire TO know how long the labor |
ng masses of this country propose to
tolerate such iniquity and slavery p
Portsmouth, IN NJ States and Union.