The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1875-11-01
WHOLE NO. 50.

arge Indebtedness carried by her people
It one per cent. The moneyed power
caused the government to call this in
lebtedntss (Which was par Tor all
business purposes throughout the king
dom) in, and fund it in rentes bear;no
five per- cent. interest. One would think
that l.iis advance OF interest would m
crease the value of the Indebtedness. Int
instead OF increasing the value it has de-
creased 1t from par to about seventy-fiye
per cent. SO capitalists are now re-
celvlng from the people interest at the
rate OF SIX and tnree-quarters per cent.on
their capital, which the people were
gladly furnishing before at one to two
per cent.
The same result would be obtained in
the country if the advice of bnllion;st
organs is followed, namely. to sell bonds
aboard and call in the legal tenders or
greenbacks and destroy them. The re-
suit would be:
Interest on bonds, for say 100000
uUU at . per cent -. -. 900 OnO rOn
vs. u issuing ana SAFE, l-9 per ct. 100000
Cost OF collecting this interest tax.
IL per cent?. -. -. 49,. o.OOO OOO
s24,OfO,O 1000
showing a cost of say $25, OOO, 600 Der
annum 10 the people which now costs
IN m nothlng; and in addition to this
costthere would be an actual loss to This
country OF gold and silver per annum
exactly equal to the amount pail as in
serest above to foreign capitalists. This
amount III addition to what we now ex-
port W uld be more gold than the conn
try produces, and would take with rs air
we might get Tor the bonds sold. besides
Inc hon. benjamin Butler made some.
iorcloie hits 10 hi late speech, and urged
upon his audience that we were nation
ana ior our own purposes were entitled
10 run our financial machine in our own
way SUBJECT to the constitution. The
oank organs all urge that Uncle Sam
should pay his debts in gold. Uncle
Sam always has paid his debts in cold
ana tn world at large believing firmly
that he always will pay more for his
evidences Of indebtedness than It does
for any other.
Capitalists fight their own hattIas
well. LII are like the possessors 81
mines out west. which the owners arc
lryi-g to get possession Of throuoh az
penslve lawsuits. The mine furnishes
the Inc money to rob the real owners; SO in
IKE manner the people pay in crest on
the bonds held by the bankers. The
Kelley plan, denounced as imitation. Is
no new scheme. England furnishes the
original IN her consols. They are pre-
ciseiy our proposed ''inconvertible. p ex-
cept that ours would bear 3. G5 interest
instead OF 3 per cent. The plan seems
70 work well there. and | cannot see
why these admirers Of the English sys-
tenn OF finance fail to advocate American
consois. 1t must be for fear the dear
people, whose interest they have 90
much az heart, will get money at too low
rate OF interest. No, the cry should be.
Free trade in banking, as in everv 9TH
er business; no interest on bonds depos
tied to secure circulation tax bankers
the same as all others; il they hold de-
posts for their own benefit let them paw
Tor the privilege; continue the green
back a legal tender; receive il Tor all
dues to government, land taxes reye-
nue.. or customs; release ourselves from
Indebtedness to foreign nations by en-
rlcling our people through protection Of
their energies from the energies Of i'm
poverished slaves Of capital in foreign
lands; encourage the slaves to leave
th.ir masters and become frecmen with
Us; their surplus earnings will soon
swallow up our Kelley consols, as the
1.-THE and hlood-money Of England have
swallowed hers | notice that on the
zDth money was quoted in London TOR
thrce-month bills, IA to B 1-2 less than
bank rates. In Chicago, same date.
money In banks 10 per cent, Wi lie
money on street on good collaterals can
be obtained at 9 to Z. Very much alike.
but from very different causes. the Bank
OF England puts interest up because her
, gold - flowing ont, and her issues must
be 10 with gold, but the lenders issues.
. which are offered at such low rates. are
SIMPLY checks on banks, or evidences Of
SOM ones Indebtedness TO them. which
they are anxious TO swap tor ether in
drotedEoss IN order to get some Of the
y du caused by friction. evidences which,
/ they know are Of uncertain value. not
being backed by the governments prom.
D ises Of ultimate REDEMPTION.
: Chicago banks. baving control Of The
circulation As hss the Bank OF Enol nd
ale situated very differently. They
know they cannot pay gold, are not
Q obliged 70 pas gold, and don't int nd to
: try; but they have the exclusive power
to issue circulation, and they make their
r Gust, mers pay ten per cent. for por.
ton. and the balance they lend 10 theil
reserve holder" in New Rnrk at pei
cent. on daily balances. The Bank 81
: England puts up her n from fear; the
national banks keep up theirs because
government has made them the power Il
make and issue money. This must b
changed by the next Congress. Thu
people demand il, and their voice INNS