The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1874-10-22


[Although the questions discussed are not
involved in the pending campaign, they are
nevertheless important and should be thor
oughly debated, pro and con.-ED. ANTI
MoNopoL1sr.
MoRR1sTowk, MIMI, }
October Sd, 1874.
Believing the present national bank
ing system to be one Of the greatest
legalized monopolies inaugurated by the
Republican party, and which is sys-
tematically robbing the productive in
dustry of the country of millions Of
dollars annually, without one valid ex-
cuse for the continuance Of such rob-
berry; in proof of the above assertion,
let facts speak for themselves:
There have been issued and put in
circulation 1854 millions of National
Bank money: and for that amount is
sued to the banks about 800 millions of
bonds was deposited by the bankers !;
these7 government bonds are inter-
est-bearing and the interest payable
semi-annually in gold, at an average Of
say per cent, some bearing less and
some higher rate. These bonds rep
resent government indebtedness; and
were exempt from taxation in the hands
of the holders, which would amount
annually to about 3 per cent. In this
way they were worth equal to Q per
cent interest per annum. But when
the Government advanced 30 per cent.
in National Bank currency, which
loaned at II per cent, and can be com
pounded four or five times year, why
tax the people to pay the interest in
gold on that portion of the bonds for
which National money has been paid
and why exempt that portion Of
the bonds from taxation and tax the
property of others to pay what bank
ers should pay on their own property
Or, why was not the 90 per cent.
which is loaned for three per cent.
more that the interest and exemption
amounts to, sufficient satisfaction for
the 90 per cent. of the bonds on which
the currency was issued! This would
most certainly be considered as the
common sense view of the case between
man and man, and leaves this part OF
the question to be answered by these
who advocate continuation Of the Re.
publican party rule.
But to return to the case. AS above
shown the 6 per cent. interest and 8
per cent. tax exemption amount to
per cent. A robbery of 8 per cent. on
1000 900 is thirty.one million, eight
hundred and sixty thousand dollars per
annum The system Of banking has
been in practice over eleven years, and
to estimate that the average amount
would be 1854, 100000 per year the az
gregate for only 8 years would be over
1886, 100000.
Is this the sum total legalized rob-
berry of the poor for the benefit of the
rich! | think not; for the unequal
distribution of money to the different
States under this banking system is
enough to arouse the Indignation of ali
the southern and western people who
are thus made to pay tri
butte to eastern capitalists ant
should be sufficient to condemn any pc
litical party of gross and wilful injus
tice to more than three-fourths of thu
States, by granting excessive privilege
to one section and withholding from
other sections their just rights. Il
proof of the above charge / will nov
quote from the printed speech OF JOIN
A. Logan delivered in the United State
Senate the 18th of March, 1874. H
saws: Gas an evidence of the monopol,
in this matter, and of the injustic
which is being done the West and tn
South, ! present the following tabl
from the last report Of the Comptrollc
of Currency" He then gives th
amount each State is entitled to accord
ing to wealth and population. and tn
excess and deficiency Of each, while
shall only give the excess Of the East
ern States, and deficiency of the South
: ern and Western
Maine, excess, ....S o,VSo,]a
New Hampshire, excess ...--.. 1910, %
: Vermont, excess, 4,VS4,oa
Massachusetts, excess 49,. 1850. 4O,2o4, q
Rhode Island, excess, -. $500. 1850 q
Connecticut. excess -. -. -. 1O,96O, IS
Total excess of the six new Eng
land States -. 1889. .stc,oSV,V4
f The table then shows that the South
ern and Western States are deficlen
. the Southern States to the amount
; S5l.271,O34. the Western States to tn
) amount of SCI ,423,Sll.
f At the conclusion of the table Sent
; tor Logan says: "a single glance
, this table is sufficient to show tn
/ gross injustice and unfairness WIT