The Jasper weekly courier. [volume] (Jasper, Ind.) 1858-1922, 1877-12-21
CONTRACTION ROBBERY.
Why the Banks are Opposed "a
the Greenback Policy.

The men in this country who arc
bowling against 'inflation" are them.
selves the arch inflators. Ii Is the clique
of money-lrnders, whenever found III
the land. that solemnly protest against
Limitation" This clique denounce.
credit money which is not their crelil
money. II lifts up its voice in wrath
against the issue OF q dollar Of none,
based directly on the credit Of the gov.
crnment, because the clique claims thai
such money has no substantial foupda.
tiou. The members Of the oligarchy in.
sist that the forms of money accessible
TO the people shall be contracted TO ths
last degree, whiIcthe forms Off medium
OF exchange used by The oligarchy Itself
are enormously expanded. The clique
is hostile to all forms OF imitation not il,
own. The Money Power il in favor oI
contracting 10 nothing The legal -tcndel
notes Of the United States. aud fhs
theory OF the Money Power Is that We
now have too much money. Let Us cx.
anime the iacts:
The ,cpori OF the COMPTROLLER OF tho
Currency Is before W.. The facts il con.
lains give q picture Of bank infation
They show the enormous control OF the
Money Power. They explain Why ihe
Notwithstanding oigrchy is mortified al
hc thought OF any imitation but lis own
~ the ilfsi place. il should be borne III
mind that The money of The country l.
really composed Of legal-iender notes
land National Bank notes. The none,
ia gold. silver and fractional currency
iiI use as such, Is small iii amount. on
lfilc III ~ November last, the ou;sfnnd
ing National Bank circulation was S3l5.-
|SoiysD. a. the same time there were
numinaIly outstanding OF United States
'lcgal-irndcr notes % The amount Of $35{.-
lfypSs2. These give d totAl of S6-O, O,372,-
|S82 of money assumed 70 be In circula-
.iion III the United States. The fractional
rufteney and silver and gold ia use az
.nipuey VIII not begin 10 reach the vol
|nne ~ greenbaeks tl.at are boarded. in
|lris0Ded, ouf ~ cigVusltion. We have.
Tess than t7Uy.Do00Oo 10 b.
loaned, or deyosied, or used. ~ money.
i'Al what ~ the volume actually deposit
rd aud loaned? According 10 tile REL
ppn VI the Comptroller. ne liabilities
ol the y nlonsl blAks alone on the ls,
" y oi October lasi. were VI .s4l.Oe4, ,663.
islal u - say, the liabilities OF lbe Ma
tinnal Banks alone are one THOUSAND
Hiil.3On OF dollars more than lhe cur
rcncy oi The country.
'ihc banks loan that capital and their
deposits. They loan great deal more
ihan these, but these certainly. We
quote from the report OF tho Comptroller
~ the Currency: III The nu.nber. capi-
'al and deposits Of the Naiiona! Banks
on June y, 1877. be combined with The
nunhrr. average capital and average de-
posts of the state banks, private banks.
savings banks aud tru-t and loan com
panirs. as shown BY the foregoing table.
for the six months ending May 81. 1877.
II viii give total number OF 6.579. Il
total banking capital of $T04. s47 .943. and
total deposits ~ S212s.ll3.395.v Here
II tremendous infaiion: bur IL is bank
imitation. What Il deposited? Credit.
What j. loaned: Credit. Who; 4 benr-
tiicdy The banks. WHO controls tliis
vast inaaticnY The banks, The lenders
nf morey
LET VI nogr another fact. The report
~ tlse Comptroller says that .'thc ex-
changes ~ nc Clearing llouc ia New
= ofk Clty, for the year ending October
\ 1877, were nearly 'wcnty-one thous-
aud millions Here II an Amazing in-
hation' Transactions in one year
amounting "a ten times the National
debit What amount OF money changed
handsg The icpor, says that ..ihc aver
axe daily exchanges were about sixty
one aud u half millions, and the average
daily balances paid IN money were but
about two ana q halt millions. or only
four and two-ienths per cent Of the
amount OF tho settlcmeuts.- This IN
bank imitation. This is ,hc inhaIiou of
the cities. This is Clearing House IN
Cation. Ofcourse. these people do not
want any imitation save ihcir own. Why
should thcyf They do not want anvl
Clearing Houses on the prairics They
~ not object 10 Imitation. for they are
ne most enormous innationists: but
they want monopoly OF imitation. The
money lenders loan imitation. They
swap imitation. They bank on infiation.l
Incy declare dividends on iniation.I
lhcv draw enormous interest on stn.I
pentous imitation. But they deprccmleI
Imitation They liz up hands III l,vlvI
horror NJ the prospect OF .infatiom.'' II
When tho people Of the West and South
ask for facilities In exchange approach.
lng ln the slightest degree 10 those of
Ihe Shylocks who enjoy this huge MOI
nopoly ~ them. they arc met with thc|
cry "lnfiatlonist!" The vast, sparsclyI
settled producing sections Of the coun-
Try, who have no Clearing Houses, ask
for the Clearing Houses OF the people,
The grecnback, and the cities crowded.
with banks, owned BY banks, blessed
with vast machinery for the conduct Oh