The Morristown gazette. [volume] (Morristown, Tenn.) 1867-1920, 1876-11-08
COL. JOHN HI. SAVAGE.
His views ON National Finance

Nllle TecenGly on tue suOJecb Ok 7GSAA
alton and National and State f
nances. We copy from the Tribaaa
a condensed statement Of his re
marks in regard to the Nationa
Banks and the public debt. Col
Savage has made these questions I
serious study for years, and the. sub
ject of finance, with all its attendan
ramifcations is one with which he il
thoroughly familiar. His theory il
plausible and the arguments ad
yaneed we're deserving ofthe respee
of even those who may differ from
his views.
NATIONAL BANKS. ~s7fiE
Taking up the subjectsof Nationa
Banks, he said there were about q,
400 of these institutions, which
however. he would, for the sake o.
illustration, treat as one. They de
posted about S400. 900. 900 in United
States bonds with the Government
upon which six per cent. interest IN
gold is paid to the banks semi-anual
ly. At the time of this deposit the
Government handed to the banks
$3.50, 100000 of what is known as
National Bank notes, which are le.
gal tenders for all dues except in.
terest on the public debt and duties
on imports.
These notes are a gift by the
Government to the banks. They
are loaned TO the peopls on short
credits, who pay the banks more
than $50, 100000 each year for the
use of these notes. The capital of
the United States Bank, which Gen.
Jackson dreaded, was only $25, 5,000,-
600. The interest received by Ma
tional Banks is gift to them by the
Republicans, for the notes loaned
cost them nothing.
This S3b0.O0O,6O0, compounded,
will double itself every seven years,
and in forty-nine years-the time
of the Jewish jubilee-will amount
to $45, 200, 100000, which is $15,-
60Q,00Q,0Q0 more than the total val
ue of all the property Of the people
of the United States.
Jnlius Cesar, before crossing the
Rubicon, borrowed all the money he
could from his army and this was
The secret of his victories. His fol-
lowers knew that if Caesar lived their
debts lived. but if Caesar fell their
debts were lost; so with the banks
so long as the Republican party
rules, the banks stand when Radi-
calism dies, they win be abolished.
This is the grandest invention of all
ages to make q few men rich and the
masses poor. It is better to be q
national banker in America than q
nobleman in Europe. As q party
machine it is most potent. It's toe
much to expect that a Nationa
Bank man can be good Democrat
1t has been said that q Nat.ona'
debt is a National blessing-and ]
admit that it is O blessing to few
but poverty and ruin to the masses
Phough African slavery has beer
abolished, the people Of Ameriet
are in bondage to European and do
mestic tax-masters, and must tol
for unnumbered years to pay inter
est on debts that are intended to h'
perpetual.
A thousand dollar bond repre-
sents $1,000 worth of human la
Dor. Our ancestors vested thei
money in slaves. When the negr'
was sold on the block it was Africa:
labor that the purchaser bought
When the bond is sold, it is the lif
and toll of the free man and woman
that is purchased.
The Republican party has sold t
the money kings of Europe, fourteen
hundred millions Of dollars wort
of American ''free labor to b
worked out upon gold basis, whic
sum is almost equal to the value G
the slave labor set free. To thi
extent freemen have been mortgage
as slaves, and are still being sol
by our Republican rulers atthe rate
Of one or more hundred million
each year. We cannot repudiate. O
abolish the National debt. Th
amendments" as we'll as the armie
and aristocracy Of Europe forbid i
) In connection with the banking syi
tenn it is intended as one of til
foundation stones of aristocracy an
: serfdom in America.
THE PUBLIC DEBT.