Spirit of Jefferson. [volume] (Charles Town, Va. [W. Va.]) 1844-1948, 1876-08-08

whole of which is addition to tho value of an
incorporated, beyond that of uuincorporated
specie; and will transfer a corresponding sur
plus of property. For instance, if a capital
OF half a million of stock can circulate two
millions of paper at six per centum only, one
fourth OF the paper produces the whole inter-
est which unincorporated specie can produce
therefore the other three> >fourths are additions
al value given to the incorporated specie by
an exclusive privilege, destroying an equals
ty OF rights in the national pecuniary part
nershlp, and transferring uni Justly all the
property covered by such additional value.
The second important item Of this process of
appreciation consists of the artiGce of taking
out portion of the stock or capital, and ao>
quiriug with it the whole property which it
represents, and ought in justice to transfer
aud of circulating paper currency upon the
credit OF opinion that the stock thus used
remains deposited. 1t is obvious that the iu>
terest on the whole of the paper, circulated
upon the basis of ideal stock, is an addition
to the value of the specie, which has iu per-
son transferred all the property it ought to
transfer; aud that this unjust enhancement
arises from the exclusive privilege. If it is
recotlected that there are about fifty millions
OF bank stock Gin 1910 in the United States,
and that even a moiety of it could not possi>
bly, have been deposited in specie, the great
effect Of artificial stock, in transferring props
erty, will at glance be conspicuous
The example OF a commercial partnership,
consisting of one thousand persons, supplying
different quotas of stock, will still illustrate
the argument We will suppose that the
stock of the wealthiest individual of the parts
ncrship amounts to one thousand dollars, and
of the poorest to one, and that the iuterme.
diate space was occupied by great variety of
sums, constituting the stock of the partners
The profits are the property of the partner
ship, and ought TO be proportioned according
to the stock Of esch individual. The partner
entitled to one thousand dollars ought to have
one thousand times more than tho partner en-
titled to one dollar of the stock But if you
give two, three, or four thousand times moro
than you give to the partner having one dol
lar stock, you rob this poor partner, and all
the intermediate partners Of portion of their
property, and give it to the rich partner. By
suffering the rich partner to take his thou.
sand dollars out of the partnership and leave
only his credit behind ho acquires its value
in property, besides retaining the double in
terest to acquire more property. Society is
!hs partnership, bankers the partners who
draw more property than their money or that
OF others represents; cunning and rich bank
ers those who take away their stock, or por-
ton ol it, and continue to draw ovcrplus of
property. and the poor partner represents
aFs, atl liIt{ia1 ID d. ,liR ilrnlls
erty in strict proportion to the value Of their
money.
National currency is the stock represent
ing national property as mercantile capital re-
presents partnership profit. This stock is un,
equally divided, but it is entitled to proper.
'ionate value of property, as mercantile capi-
tai is in profit. Banking enables about one
in thousand Of a patton TO draw out of the
national stock Of property considerably more
than his share of the national currency cnti>
ties him to, which unjust overp!us is n dcduc-
ton from the property of the other members
OF the society just As any mode, direct or
indirect, by which one partner could got
more than his proportional share of mercan.
tile profit, transfers to him the property of
others. And as the acquisitions of banking,
from the nature of the institution, must set>
tie in the hands of the wealthy class, it is of
course a mode Of adding to tho wealth ofthat
class, by taking frcm ali others similar to
the enrichment Of the rich mercantile part
ners, and analogous in its elects to every cx-
elusive order, which has heretofore deluded
aud enslnved nations"
The above exposition of banking, think
clearly demonstrates that all money, whether
the material be paper or specie, should be na>
honal and not corporate that all corporate
banking is swindling and robbing of all the
producing and industrial classes that cor
poratc banking and usury in less than Gen.
tury, have already handed over to about three
per cent, or one million two hundred thou
sand, of our population, two-thirds of the
| banker Luliionist for .'honest money" is
simply "a false p.etence" to delude the un-
thinking and to substitute his corporate rags
for grcenbacks, or the responsible money of
the people that the depiorable condition of
the country is due entirely to class legisla-
tion and monopoly, and that all parties should
unite to reverse the one and overthrow the
other; that all other agitations and reforms,
! whether in Congress or out of it, and wheth~
or civil or social. are subordinate, and should
be so held, to tho imperative necessity of
crushing the tyranny Of monopoIies. and Sc
cnring the liberty, property, and prosperity
of the people that, indeed the reform of the
currency. CONNECTED as it is with all labor,
the foundation Of everything else). will Of it.
sell bring about all other needed reforms and,
that further, the eyes of the people should be
INCREASINGLY on all their agents and represen-
tat'ves, in every branch of the government,
and they should hold them responsible as
| ''pariticcps crinain;s" who in the light of the
nineteenth century, persist in conniviDg at
legislation in favor of banks, railroads, teIe-
graph companies, insurance companies, and
! patentees, at the expense of the rights and
interest of the people.
JNo. A. THOMSON.
SUMMIT POINT, May 80, 1876.
BALLoU's MONTHLY MAGAzISE FOR AU-