The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1873-01-04

In National Wild cat worth large sum
above the one they loaned the Government
Tins IL one phase Of the subject Another
IL Their books were made repositories f.
the National Government, were paid for
their services large amounts, and with the
money Of dsposltoS. including the Gov
ernmsnt's II vas easy to cover the steal
Nor Is this all. A man owning 81 100000
gold interest bearing six per cent. bonds
can deposit these aud receive his annual
interest and obtain 81, UOO, 900 Of National
Bank currency With this 81 600, OOO he
can purchase o., OOO, OOO more Of bonds.
With shis he can organize another bank Of
syn, OOO capital, and receive his interest
on that amount Of bonds. He could thus
continue until he had organized ont Of that
81, 900, wv Wild cat money fourteen banks
the lowest capital IT which would be $50,
OOO, and out Of his 81, 100000 he could
and can purchase s6, 9OO. OOO of bonds and
thus organize fourteen banks with that
amount Of aggregate capital and obtain
on said capital S424, 90 gold interest paid
in semi-Anhusl payments. A million, if
not half million Of our surplus capital be
side that thus used would enable sklllful
financier to successfully carry out this
scheme Of plumber.
Now We say any man can figure mp this
problem for himself quite as well as
system is a rank robbery Of the people.
We therefore again say that these facts
should lead business men and working men
to look into this National Bank system for
themselves, and when they do, OF If they
do, they will 60 for Senator Coles Bill with
all their might We say further, if they
do not arouse themselves and do this, We
fear it may be their last chance to them
to obtain their rights.
This bank corporate power has, AS we
have already limited, the Government, Ma
tional and State, at its back. They have,
too. under this bond National Bank
interest system, the largest and most
oppressive revenue gathering system
IN the civilized world These are the ma
tional taK-gatherers- State or county.
city, town, bank and railroad, and other
similar corporate tax gatherers. When
these fail to gather all, special boards are
instituted, such As park commissioners,
water commissioners. and other similar rev
enue gathering boards t. levy taxes on con
demned bonds for the purposes Of private
corporate gain and are backed 10y the
whole military land and naval forces Of the
National Government This is the power
the people have got IL tight And this bank
power il, as We have said the centre-the
active cause which has filled the land with
tax gatherers and they are the principal
recipients II these vast revenues.
The blow therefore which senator Coles
Bill strikes at these cormorants is one
which destroys the necessity If such vast
drains upon labor, and institutes under
Government control a money which can be
had at its true cost, adequate for all prac-
tical purposes of exchange II products OF
service-and thus instituted entirely for
the legitimate purpose of the exchanges Of
the people, and not merely a. till the peck
ets Of special corporate class, rs the Ma
tional Bank system Is designed and does.
As the facts touching the amount Of
bonds and Of banks which may be estab-
lished under the National Banking act,
may appear incredible to those who have
not thoroughly studied the subject, and as
these National Banks are a monster out
growth Of the State Wild cat system. We
have concluded to give oue OF twO articles
more, illustrating the practical workings Of
both systems III which We will fully de
monstrate not only their practical work
ings are a. We have stated ia that article,
but that both systems are q most stuPen-
dOus but covert robbery ~ the whole in
dugtrlAl and business public which senator
Coles Bill IL At least All initial step towards
amendment