The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1878-11-07
BANKS OF ISSUE.

mat we nave got to have money,
all grant. That manipulating use or
interest for money-is wrong, and
sure to impOverish any nation or in
dividual subjecting themselves to it,
history shows. 1t has robbed the
Irish people of their country; it has
concentrated the lands of England in a
few hands. 1t has caused a political
''land rent revolution in this state
but she best spot on the Hudson still
exists. 1t is swallowing up home
steads at the rate of state year in
this country. Hence the people have
a perfect right to protect themselves
against this curse.
They can do it, first, by reserving
to themselves alone the right to issue
money; Second, by issuing quantity
sufficient to meet the requirements of
legitimate trade adding to the quaint.
ty in circulation as the demand for
its use increases; Third. by fixing the
legal rate Of interest so low that none
can afford to loan money as trade.
Thus, you see, the national bankers,
the bOndhOlderS and the bullionists,
are all of them undesirable encum-
berances to trade--millstones tied to
the neck of industry.
If, according to the Jefferson idea,
the general government alone
issues money, we will at all times
know just how much there is in circu-
lation. And as the simple act of is.
suing it will wipe out the national
debt, working men realize how much
the right to emit the circulating me-
dium would be worth if put up at
public auction.
BY the workings of the present
laws, one-half of this immense fran
chise is given away to the national
banks, and they are paid over twenty
seven millions of dollars annually for
using it. Yet they give neither
''stabllity' nor "fixednesS' to the
circulating medium. Indeed they
can hold back their half of the circu.
lating medium together with us much
of the government rs falls under
their control. and force interest rates
up to suit Their sinister purpose.
BY the workings Of the resumption
act. on and after Jan. l, 1879. banking
will be free to the national bank ring.
and it will control the whole volume
of paper circulation. with power to in.
tlate or contract it at will. 1t is the
worst system of free banking ever de-
vised--a monopoly without restriction
other than their ability to buy or Dor.
row bonds. 1t is John Law raised
from the grave with one head but four
thousand itching palms
All other bank circulation is driven
out of the way of this free banking
monopoly by ten per cent. tax on
| their circulation, TACT of March S
| 1861.
And you guiltilv endorse all OF
this
No one dealt harder blows at this
ripening scheme to rob labor, thar
that hardest of hard money men. Car
Schurz. now secretary of the interior
Turn to page 1922 of the record O
the 43d congress. Feb. "a. 1874 anS
you will find from his lips the follow
ing:
Now. sir. carry out this banking
system on this largest scale, By a fres
banking act, and what Will be the re
suit! It will be exactly the same
only much extended and intensified
And it is very probable. nay almost
certain. that what may be called the
banking monopoly of New York ana
New England will, by a free banking
act. not be weakened. but it Will be
come stronger and more firmly estab
lishea than ever before. and why
Simply because in the east, in New
| Y ork and New England, they have
the capital TO invest in banking estab
lishments; they have the bonds them
selves, and can establish national
banks without sending money away
They viii, therefore. then as now
have and keep Il vast majority of the
banks. and a preponderance of the
national banking currency. The,
will of course enjoy the lions share oil
the business. If gentlemen complain
now of the grasp the monetary power
of the east on has the west and south