The Somerset herald. [volume] (Somerset, Pa.) 1870-1936, 1873-11-19
The ..Iabor Reform Demand for
Money.

We must repeal the law which
gives to the banks the profits arising
from the currency furnished by the
government; recall the National
Bank notes return TO the banks the
bonds that belong to them; create a
new legal-tender currency, and lend
this currency or money to any one
who can furnish the proper security,
charging, say, per cent per annum
for the money; the securities to be
the productive industries Of the
country, putting real estate in the
first class, as entitled to q loan near
est to its value, and government Sc
curities as the second We should
object to a loan being made Of rail
way bonds, or any other such evil
dences of debt or representations Of
wealth. Persons wishing to borrow
on such securities could apply TO
banks or private lenders. The loans
made by government must always
be on a frst claim On property 1t
is question whether the government
should not supply the people with a
currency on as easy terms as it does
now the banks, and raise the money
needed to pay the obligations Of the
government by direct tax upon the
accumulated wealth Of the country
1t will not cost the government over
one per cent to construct the mach n
cry and issue the currency needed by
the trade of the country. The other
three per cent might be collected by
direct tax, and we do not care
whether the one per cent is called
interest or tax We should thus ap-
proach the day when interest on
money would be so Insignificant as
not to be depended on for support.
Until the national and present State
debts are paid, the interest charged
by the government, or tax for issuing
currency, might be four per cent per
annum. When they are paid, the
price could be reduced to three or
two per cent per annum, as it is es-
timated that two per cent would pay
all the expenses attending the sys-
tenn, and pay the expenses ofthe gov
ernment besides, so that there need
be no more or very little more mon
ey raised by any other tax, direct
or indirect, except this, which might
be called a tax for supplying the
country with currency. The public
debts being paid, there would be no
need of taxes for that purpose. Alb
solute free trade being inevitable be-
cause of our increased facility for
production, the enormous expenses
attendant on custom-houses would
be saved, and government expenses
could be materially reduced. This
new legal-tender currency should be
similar to our "greenbacks," and ad-
ding, "his is a Iegal-tender for all
debts public and prirdfc, IN the Unit
ed States of america
We need more money. five have
given the true definition and true
use Of money, how shall we limit the
amount How shall we ascertain
what is needed? Is there any bet
ter standard of what We ought to
have than what we need? We see
no other, and therefore ask that a
law be passed by Congress by which
this new legaLtender money shall be
supplied to any one who will comply
with the terms, one cf which should
be, that so long as the security is
not reduced, and the annual tax or
interest is paid punctually, the prin-
cipal shall not be demanded during
the life ofthe bOrrower.-OP p @, an
OLD AND New for NoUenlber.