The Leavenworth weekly times. [volume] (Leavenworth, Kan.) 1870-1880, 1876-04-27

Inc proHts o. t0ese National Banks, ar
no, wholly derived from circulation, i
many instances, large surplus is adde
to thin capital, and dividends made Of on
hundred per cent. without circulation. TIL
bonds deposited and currency Furnished
land supposed to be in possession of tn
Bank, when it goes into operation but a
often the cas-, Immediately paid out 70
the purchase of bonds of which they de
posite in order to establish the Bank Thi
forms a kind of basis upon which the
build fictitious bank credit, and they OF
ten receive large sums in interest upon &C
ceptances and certified checks, without tn
circulation of dollar OF Its notes, or eyel
having them to circulate. This, therefore
| increases the burden upon the people with
out the corresponding benfit of note circula
ton. And this too, has been fatal and dis
astrous in its results, and demands adequat
restraining legislation to correct the griev
ing evil, which has obtained more or les
in all banking institutions of this country
WHERE THE MONOPOLY COMES IN.
have said nothing about the interes
| being paid upon the bonds deposited will
the Government to secure bank note circu
lation. 1t is the interest which we ar,
compelled TO pay these institutions in ordel
to secure adequate circulating medium
The interest We have to pay on the bond.
deposited, is a matter of little importance
when compared to the enormous sum paid
on nete circulation. This is where the
monopoly comes in and makes it a crime
and an outrage.
INTEREST PAID ON CIRCULATION.
1t is with great difidence approach this
branch of the subject, for the reason that in
all the discussions of the distinguished gen.
tlemen on this subject, they have wholly
omitted TO notice this item of interest paid
on bank note circulation. We know that
these banks realize millions OF dollars on
their circulation. We know further tina,
they could not circulate dollar unless
authorized by the Government.
Are you not astonisbed at the fact that q
Government of the people, for the people,
and by the peo pie, should thus give away
TO a banded. and associated few, hundreds
of millions of dollars annually.
Is 1t not time TO begin to circulate.
whether or not we have lost the substance
OF liberty, and are now only clinging to a
shadow and descantiDg upon q name.
ENGLAND AND AMERICA
Great Britain from whom this principle
OF banking was borrowed, has more banking
institutions than any other country. The
United States follows next in order.
The rapid augmentation OF wealth in
the hands of the few in England, finds only
parallel in this country. Her working
classes own less property are poorer, and as
respects the ordinary comforts of life, are
in a much worse condition than the work.
ing of any other civilized country in the
world. There has been no land reform. and
the large mass OF population are in more
AFFECT condition than they were in the 18th
or 18th centuries under the feudal system.
From abundant authority in support of
this will refer to only one from "Frazer's
Magazine" Intelligence is almost extinct
among the rural Door, and in no other civil.
LIKED land and even in few savage lands.
has any class of human beings a look SO
cherries, 30 unreasoninc, SO little human az
the English laborer without the light either
OF intelligence, or animal spirits in his sui
len face.
The tenent farmers have lost the securi-
ty OF tenure, the political independence and
the prospect Of one day farming their own
estates, which they formerly enjoyed, and
lastly the inferior peasantry not only have
lost ground in the literal sense, and have
rarely any other consideration with the soil
than pauper's claim, but have sunk de-
plorably, in other respects below their con-
ditiOn in former centuries.
Thus soil i'm nently adapted by natural
gifts TO susta'n numerous and fiourishing
rural population of every grade, has almost
the thinest and absolutely the most iovless
peasantry in the civilized world
THAT the mass of the laboring popula-
ton is degenerating both in the country
and in town." says another English au-
thority.
FINANCIAL REyULsIoNs WE'RE UNKNOWN TO
THE ANCIENr.
These cycles of financial disaster which
have occurred in England, as well as in
this country at the same marked periods
with perhaps one or two exceptions, the
like of which were unknown till after the
of these banking institutions,
showing conclusively that they are the d.
rect results of the system.
1t Is first expansion by means of dis
counts and loans, and then contraction by
the return of principal, and payment of
interest, one is the district result of the
other, and, is necessary consequence of
he system. The debt thus contracted to
create bank circulation, and the accumu-
alton of interest from year to year paid for
is use, is the real cause of financial disaster.
he Issue OF Government currency paid out
.or current expenses or any other legiti-
nate purpose creates no debt upon the peo-
pie, and is not burdened with interest, and
when paid back TO the Government on COL |
ectiOn Of revenues or taxes, 1t is gradually |
'eturned to the people for daily, ard cur
ent expenses of the Government, so the |
process goes on from year to year, and the |
'olume Of the currency kept at a fixed |
and there can be no contraction |
# the currency from this system. And |
here being no debt due to create this cir
ulating medium, financial disaster could |
lot occur, i affirm that the issue Of Gov
rnment currency has never produced finan-
ial disaster either directly or indirectly,
direct special attention to this part of
ny argument, as think it answers COM
letely our opponents who claim that f.
ancial disaster follows imitation. 1t is
rue, when applied TO bank circula-
ion but not true as to Government
urrency, as l shall more deliberately show
d my subsequent lectures.
Financial disaster means an indebted
ess of the people with pressure of creditors.
ithout the ability or means to pay, causing
ispension and failure of business institu-
ons and forced sales Of property. Deprecia-
on of the currency or the absolute failure
the circulating medium could not within
self produce financial disaster. 1t would,
owever, produce Inconvenience in trade,
1dcause a short interregnum in business la
ons, but could not be said to be fnan-
al disaster, unless there was previous in
.btedness of the people. The inconveni-
ice in trade which the failure of money
ould produce, would soon be remedied BY
cans OF temporary circulating medium,
Gated upon individual credit. The no. I
e would avail themselves Of this aid now
do business with great relief were it not ,
the restrictions imposed by Government. {
sENCH AssIGNATs AND CONTINENTAL MON
The failure of the continental money of
e Revolution, and the French asrienats J
lso paper) issued BY these provisional
did not cause financial disas-
: as assumed by our opponents. Both of :
ese Issues were lawful money, and the
ople paid their debts and there was no n
ed to contract debts money was plenty 4
d every one paid cash.
This money gradually deprecated, wore 4
like an old wagon, having paid for it. '
I time and time over, and when il ulti- q
,tely failed, the people were free from all q
lvate Indebtedness, and it caused no e. y
ncial disaster. The contrary is . mere 1
umption OF the historian-sn opinion A