Orleans County monitor. [volume] (Barton, Vt.) 1872-1953, 1878-09-16
A Letter from the Greenbacker Wht
is not a Barlow Man.

-EUttOT " Ute 1nOUttOT:-lG is true a
you say, that the national bank notesan
payable on demand, but what in? In
greenbacks. How does that make ten
better than greenbacks I? You say5h
a national bank note is stronger rece
of paper than a greenback, becaus it
has the private property of each STICK
holder of the bank as guarantee Gifts
payment. But what IS the private pop
erty, deposited to secure the paymet of
these notes 1t consists of government
bonds, and wherein are national binds
safer than the greenbacks, being isued
by the same power? And do you link
the personal security of the stockholders
of the national banks very great dbl
ton to the credit of the United Safes
by way of endorsement Are the not
held any how, like all citizens, 70 the
public debt, as taxpayers Perhapsyau
will say no to this, as they do not ps
taxes on their bonds and so far you ar
right; but how that makes their pape
stronger than that of the United States
it is hard to see.
You say you would be glad to publish
my banking scheme if | have better
one than that of the national banks
Whether I have or not depends upor
whether you mean better for the banks
or better for the people. l will say a
once that l have no better scheme fo
the banks than the present one, and
think it would be hard for human lnge
nuity to invent one.
In my judgment the banks and ex
cessive taxation, laid on by extravagan
national, state and municipal legislation
are the cause of the present hard times
Let me tell you why [ charge the bank
with helping to cause the hard times
By the ingenious plan of giving then
currency to bank on, in exchange 70
bonds on which they still receive the in
terest, an opportunity was given for tn
moneyed men to extract a double inter
est from the people on all their none.
SO invested. First, they got the interes
through taxation; then, they got interes
on the same money again from the bust
ness men of the country. to whom the
loaned it at high rate. In this Stat
the national banks have been chargin
s and per cent. on loans. compoundin
this every 3 months on most of the com
merclal paper discounted by them. Thi
is gross violation of the State Law
putting them in the criminal class along
side the rumseller and the thief. Ye
this power as rich men has enabled ther
to 90 on in this course of crime, thong
they have been so uneasy about 1t th;
they endeavored to bride Gen. Grou
when in the Legislature, to aid them
abolishing the usury law. They faile
with him, to his great honor be it sait
but is it likely that they failed wit
all?
Now business must be carried on
very large profits to enable those engage
in it to pay such high rates of discoul
and interest. These high profits mu
come out of their customers, the peopl
So the people pay both the interest {
the bonds and the high interest charge
by the banks on loans and discounts.
But the people got sick of these big
profits, and banded together as grange
and sovereigns to cut them off. The
the profits of the business men fell, the
capital was gradually absorbed. an
finally they failed ruined by the usul
of the banks. and Of other money lende
who based their rates on those of Il
banks. So the banks, which had for ]
or Is years been making dividends of
and 6 per cent. half-yearly, clear of a
taxation, besides laying aside liber
surplus, ruined their customers, and, ha
ing thus killed the goose that laid Il
golden eggs for them, they claim mel
in the fact that they are not noa0 makir
SO very much money.
My "scheme." which is that of all Il
J most intelligent greenbackers, is to ha'