The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1876-02-26

Of espion age over the business OF the
whole country. With absolute control
over the currency, and full knowledge OF
the financial condition and business
of all sections, they can regulate the
value of all property and products,
so as to make every other interest
pay tribute to them, and tax the pro-
ducers and distributors OF the wealth
until they become as helpless as the fly
in the spiders web yes, tax the man
hood out Of them.
Many of our enterprising business
men are now in this condition. When
the bankers, bondholders, and others
Of the money lending classes, who
are all interested in the system,
once feel that it is the firmly fixed
policy of the Government, not mine
operator, farmer, manufacturer, or
other employer of labor, or business
man, who is not the avowed advocate Of
the system, will be able to borrow dol
lar Of them for any purpose. That this
has been, from the inception Of the
scheme, and is now, the design OF its
authors and advocates will not be doubt
ed by any one who has watched their
course from the first.
POLITICAL INFLUENCE.
Another grave objection to this system
is its demoraliZing effects on those who
make and administer the laws, l feel
safe in saying that this single expensive
and wholly useless scheme has more in
influence in the shaping and administra-
ton of our financial laws than all other
interests combined. As l have before
said. the bankers and others Of the
money lending class are the only parties
ever consulted in reference to this most
important subject, and in giving their
advice, or rather, might say, in dictat-
ing the financial policy OF the Govern
ment, they have had in view their own
interest, and not that Of the Govern
ment or people. These parties have
not always waited for an invitation.
They have been in the habit Of visiting
our Government officials in their private
chambers, and, as evidence Of theirpower
and influence, we have seen these Off
cials change their opinions and course or
action on questions connected with our
finance and currency, without offering
any we'll founded argument, or giving
any sufficient reason for such change.
The report of the Comptroller OF Cur
rency, submitted to Congress, reads
more like the argument Of bank pres
ident or an editorial in some subsidized
organ Of the banks than the report OF a
government officer. Instead OF plain
statement of facts in relation to the bust
ness of the Bureau over which he pre-
sides, it is made up of special pleadings
and fictitious arguments against the
legal tenders or peoples money, and
in favor of the banks, and batch Of tab
ulated hummery, of no use whatever to
the great mass Of the people, who are
taxed to pay the salary of this officer
After showing that the average half
yearly net earnings of the banks, from
LIST of March, 1869, to 1st Of September,
1875, was S29, 24S, $50, or 6.3G per cent. semi
annually on the average amount OF the
capital invested, which is fully five times
the average rate Of increase in the ma
tional wealth for the same time, he
recommends that the banks be exempt
from the payment Of the tax on their de-
posts; and if this recommendation meets
with favor, next year he will plead for
the remission of the tax on the circula-
ton Of the banks.
Now il the bankers are successful in
their efforts to have the legal tenders re-
tired from circulation, by converting
them into interest clearinghouse, as con-
templated by the act of Jan. II, 1875, and
the control of the currency surrendered
TO them, we shall soon have ; 200 100000
of their notes in circulation, which, at
the rate they have averaged up TO this
time G.36 per cent.half- yearly, will amount
to S73, $50. 900 900 in thirty-five and one
third years. Now, estimating the present
value Of the national wealth at S26,OOO,-
600, 900, and allowing it to increase at the
rate of three per cent per annum for
the same time, the amount would be but
S73, 40. 900 900. 1t will thus be seen that
the bankers would absorb the whole
wealth of the nation in little over one
generation.
The officer making this report receives
salary of $4,000 per annum from the
government, and if the bankers were
generous enough to pay him in proper
ton TO the services rendered them, his
salary would exceed that OF the Presi-
dent. for his report and Recommendations
are certainly worth ten times as much to
the banks as to the government. What
L l,n,.n snid in reference to the rapOrt OF