The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1877-08-16

l.
from tax on their circulation, and all
other taxes by the national govern
ment. and that the banks be made the
financial agents of the government.
which will exempt them from all state
and municipal tax, leaving the inter
est on the bonds net profit to them.
These privileges and grants of power
being necessary to firmly establish this
money obligarch, the bankers will
certainly demand that they be grant
ed, and nothing but a united and de-
termined protest on the part OF the
people will prevent their representa-
tive from obeying these behests of the
Shylock. Judging from the past his
tory of our financial legislation, it
would seem that our lawmakers con-
sidered it their highest duty to merely
register the edicts Of the bankers and
usurers, and the officers of the treasu-
~ department to do their bidding, and
draw their pay from the government.
To show the profit OF the bankers l
will suppose them to deposit 4 per
cent. bonds, which is the lowest rate
established on any class of government
securities. and that it will require
1900, 600, 900 Of currency for the trans
actions of the business OF the country.
Four per cent. on this sum, with the
interest added to the principal quar-
terly, will amount to $40, 900 per
annum, and to $2.O7O, SOC, 900 III thirty
years. This being the time for which
the new bonds, into which it is pro-
posed to convert the greenbacks, have
to run. This is the main, and is OF it.
self sufficient, reason for the opposl-
ton of the bankers, usurers, and
spectators Of every character. to the
legal tender currency and the recoln-
age of the silver dollar.
While this would be the measure
of the profit of the bankers in this re-
spect it would not be the extent of the
cost to the taxpayers. The extra i'll
terest and cost Of the syndicate in
placing the bonds in the first instance,
with the cost of assessing, collecting.
and paying the interest and principal
of the bonds, would be equal to at
least one-hfth of | per cent. which
would make the cost to the tax payer
l-5 per cent. This rate on 5000, uOo,-
900. compounded yearly,
would amount to $38,4ll 900 per AN
mum, and to $2.25l ,300,O III thirty
years, being $3.50, 900 more than
the national debt at this time. But
if only 500 900 900 OF currency were
required the loss to the taxpayers
would be 81 ISL 900 900, seyen-eights
of the debt.
This ought to be sufficient to arouse
and unite those who produce and dis
tribute the wealth and pay the taXesl III
demanding the adjustment of the
banking system, and the substitution
Of greenbacks for the bank currency,
and the restoration and free coinage
of the silver dollar. But the still
greater objection to this system is that
it gives the bondholders and bankers
absolute control over the currency or
money of the nation. Under the law
as it now stands. they can deposit
bonds and take out currency to the eX-
tent of the whole amount of the ma
tional debt, or they can reduce it to
the smallest amount they may choose
by returning it to the treasury de-
partment and taking up the bonds. In
lIlIS way tilty ttti1 anu w III 1tS ulatC
the rate Of interest on loanable capital
as we'll rs the value of all property,
and fix the rewards of labor and enter
prise in all departments of useful
industry and legitimate business.
This is the .-intercOnvertible system
in the worst possible form. 1t is del
egating to a privileged class of corpo-
ration and denying to the whole
people the right to exercise this, one
of the most essential attributes of
sovereignty. But we are told by the
bondholders. bankers, and usurers at
home and abroad, and by their retain
ers in and out Of official position. that
we can have no permanent prosperity
until we reach specie payments
which few months ago meant gold or
silver, but which if we are to accept
the dictum of their agents in official
position, now means gold only-and
that it were better to reduce the value
of all property to PROSTATE allbarnches
of productive industry, and paralyZe
all legitimate business, than to fail to
reach this end, it would be more
truthful to say, than to fail to COM
ply Will lIlC Vi CHC Gil ioCho.
1t is difficult to conceive of more
impudent assumption or greater insult
to the intelligence of the American
people than is contained in this prop
osition. 1t is cheat and fraud, a
thinly disguised villainy, nothing less.
II for the avowed purpose of reducing
| and requoting the cost of fares and
| transportation the stockholders and
directors of the New Central and Erie
Railways were to propose the de-
struction of the Pennsylvania Central
and Baltimore and Ohio Railroads
they would be regarded as knaves and
fools, and yet it would not be more
unreasonable and uujust-not more
knavish-than for the bankers. bond
holders, and money-lending class gen.
| orally to demand the cancellation of
| greenbacks and the demonetization of
/, silver. Compliance with the demand
these railroad magnates would enrich
their stockholders and give New York
city monopoly of the trade of the
West. while the adoption of the finan-
cial policy of the Shylocks would give
| the bankers and usurers-whether