Saint Mary's beacon. [volume] (Leonard Town, Md.) 1867-1983, 1868-12-10

Az 10. INV Es9LASD.-1ha Eat foYiJ !
: ;!.i a. .. people, developing the rssour-
az. .. 4 ointment, should ray tribute Of
t,..r ..bor and industry to four millions
-, .opsouan, 10 the maxim that the
,,ta. :. good TO the greatest nonost
IN. prime object Of government and Je'
~. England has succeeded IN running
Ne G,,ernnent for her own special ad-
ysn.,ce, and having made the 'arin 70
suit her manufactures rsaps yearly bonn
,;.s from, the labor Of every inan IN every
e.ste. BY means OF the funding systen
,hs invests the dividends q her manufae-
.aring in the unta1ed bonds OF tbs Gov
eminent, and thu. swel!s her income from
"A. taxes of a people her policy impo7e'-
xhe1 Nor has that section failed 80 I'D
prove the opportunity for fur'heragsran-
e;semen. held out by the national bank
ing system. The protective tariff com
,e!,s every section TO buy Of New Eng
l:ni and pay her large bOunties these
swell the dividends Of her manufacturing
mills to twenty FIVE aud fly per cent Az
ranllv on the capital Invested these
o;,;deuds arc invcstyd in Government
londs-sax FREE; thsse bonds bearing gold
interest. arc made the BARS of banking,
AT every turn she aiscrbs the profits OF
the labor Of every section.
The maximum circulation OF the Ma
.;onal Banks has been fixed at three hum
ard millions, and New England has mo-
nopolircd one hundred and four miIlions
If that maximum. Over one third Of the
-hcle amount 20 onc-,enth Of the popula-
aon.
Oar readers 4 course understand tas
G1y.nt?ge which this gives. Under the
process pursued, certain New England
capitalists, Lays the y. !. Democrat; :"
Who h.d one hundred aud sixteen milhoDr
Of goy.ruu.cnt bonds, were granted tie
privilege Of dcposising them IN the eur
rency bureau at Westinghouse more.
really. than leaving them there for safe
keeping, receiving from the government,
seu.i-snnually, the same az If they had
kept item deposited in their private rates
AZ l,omc rold interest on tie amount.
and the government giving them one nun
Arcd and four millions Of bark D"tes, for
them to lerd, speculate With. lst out and
draw in TO control the markets. business
and industry Of the country. hull snd
bear in the stcci boards, dictate prices at
the Corn Exchange, monor oize the grain
crop md TIE cotton production. keep up
the ,rices Of manufacture sois 10 make
dividend, Of en- twenty to tf'y per cent.
for the great mill corporations Of New
England, frem rings and combinations
Tor every conceivable kind Of winding
ard corEu?t;' n. and carry On such lnfa-
mics IS every day develops in she Erie
railroad.
This is the money power built up in
New England by the partial and unjust
action o. the Federal government, which
,hs controls. She dictated the destrus-
uop Of the State banking systems. hy
which each ktsto and rectiop provided rs
own hsnking capital. and WAS enabled 70
inset i:s own requirements Ia prov'd-
ing 5 substitute for the Stale banks, fhe
took care 10 .ecu1e to herself the hens
share, taking one hundred ard tour mil
lions of the subsidy, AID allowing &c 81!
the rest of she country but one hundred
and uine.y-.i1 millions.
ibis national banking system is pal
rable trcroacl ment upon the rights Of
Ire States, direct subsidy 10 capital at
the expense of lator, and the source Of
urnun,t cred ills and inealculable dangers.
however equally its favors may be distri-
buted 70 the several States and sections.
When TO these evil qualities are added
ths uncqusl superintendent to New Eng
lard, ard the power which it eonfsrs upon
Ler to mOnopol;.s the markets. subsidisc
corr orations. brite isgi,latisa. nurse her
own interests sud dictate her policy TO
tLe country. il becomes az iutolerable
nuisance which all other sections should
xpits in hurting 80 su!st destruction.