The evening Argus. [volume] (Rock Island, Ill.) 1861-1871, 1868-07-07

and taxation AZ | have been describing to
You has been established in this country by
The party III power They propose no rem
edy b, Legislation and yet they talk, IN
thrjr platform. about equal taxation. The
| only remedy for these evils is by change Of
Lawmakers. The remedy is in your hands
NATIONAL CURRENCY.
Another method Of fostering capital at the
| . penss Of labor has been eugraited on this
bonded debt, in the shape Of our national
banking system. 10 order to start bank,
q holder of 100000 of nited States bonds
deposits them in the treasury department at
Washington. That department issues TO
him 400, 600 in national currency. The
bonds remain on deposit in the treasury, as
security for the redemption OF the national
currency; and the government OF the United
States assumes the responsibility Tor It's re-
demptiou. The banker, with his S90,O
national currency, starts bank. lie con.
times to draw interest in gold at the rate Of
Der cent, per annum, payable sem.annu.
aliy. on his bonds, which are exempt from
taxation. He also loans the bank notes or
uscs them in dscounting, aud realizes at least
! : per cent. on the amount. The bonds orlgI.
nnlIy cost him, in gold, say $4,000. The in.
terest on the bonds amounts to $4,000 annual
Is in gold, equivalent TO So, 400 in currency !
and the exemption from taxes is equal TO 2
per cent, or 1900 morc,--making $4,000
annual profit on the bonds deposited with
the treasury department. The banker real
iles, by discounting, &C., Sl3,5OO annually
on his bank notes and the yearly profit on
his bank foots up $4,000. He also claims
that the principal Of his bonds shall be paid
in coin Suppose the bank continues bust.
ness period Of five years,--at the end OF
which time the government may at its OPP
ton, redeem the bonds and suppose the re.
dpmpton TO be made in gold, the result OF
this experiment would be: Profits in five
wears, $ll95OO amount paid in gold to re-
deem the bonds,$lO 90, OO0--making $2l9,5O0.
The original investment in gold was $780,
600. Increase in FIVE years, SlC9,500 Ev-
cry dollar of the gains Of the banker comes
off the people. VIII you continue system
Of banking that enables capitalists
to rob the laborng people, and all classes
engaged in other pursuits OF such q ruinous
rate The circulation Of this national cur
rency in the United States amounts to about
$500 600. No one will contend that
the paper Of the banks is better circulating
medium than the legal.tcnder treasury.
notes. The only security of the billholders
is the guarantee Of the government for the
redemption ofthc notes. Then, why not
retire the circulation Of the national curren
cy, and supply the vacuum with legalAendeE
treasury notes? BY this means, 100000,
900 Of the 500 bonds, now payable at the
option of the government, can be redeemed
and $l9,OO0,OOO in gold interest, equal &c
$4,000, 900 in currency, can be saved annu
ally to the tax payers. Why give this bonus
to the bankers for furnishing circulating
medium no better than can be furnished by
the government free of charge? The credi
of the government gives vitality alike to The
national currency and the greenbacks,
Concluded to.morrow.)