The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1878-01-23

one by the people. Every agitation of the
question in congress, until the present, has
been made in the same interest and to gain
additional advantages.
The people thus far have borne their wrongs
In the forbearing hope that they would cease,
and IL now they rise at last and see to It that
their rights are better respected, 1t is because
the full measure of their patience is exhaus-
ted. When their PROSTATE and suffering con-
recognition of the money power, we are often
met with the impatient argument that IL Is
not for the government to make money for
the people. might content myself with an
swertng that IL is certainly not for the govern
ment to destroy money for the people. Those
who deny the right OF the government to reg
ulate the amount OF currency in circulation
overlook tie fact that they have been dictat-
ing that very. policy TO be pursued for Them
selves; only that they have always caused IL
to be regulated downward instead OF upward.
But what is the duty of the government ia
dependent on the policy OF their government
for money on which to do business?
Is 1t true, as often asserted, that In some way
or other those who are willing to work, or
have something TO sell, can always obtain
money regardless of all financial legislation?
No greater fallacy than this was ever put for
ward I'm defense ofwrong and injustice. Money
Is the creature OF government both as 10 quail
tyand quantity. 1t exists merely by the as
sertion OF law, and In no other way. Article i,
section 5, of the constitution of the United
States, provides that 1.-THE congress shall have
value thereof, and of foreign coin, and TX the
standard OF weights and measures, and Sec
ton 10 of the same article denies all such
powers 10 the states, thus making congress the
exclusive creator of money for the American
people. Without the action of congress not
one dollar can exist in the United States. If
silver paper, is necessary at all in the trans
actions of lie, here alone is the fountain from
which II epanates. How Then shall this high
power be exercised? Shall only
enough lawful money be created,
in proportion 70 the labor and other
commodities which IL Is designed to pay for, to
give ten cents a day to the laborer, and sl0 for
a horse; or shall it be furnished In sufficient
amount to afford Just equivalent for labor
and Tor every other thing of value? On the
answer to this question has depended the
prosperity or the adversely of the American
people in all the past; on il their present de-
plOrable condition can alone be explained,
and their future fate foretold. A circulating
medium being recognized necessity of civil
lied nations, and IT'S existence depending
solely on national authority, that government
which, for any reason, fails to make a supply
adequate to the business prosperity of its citi-
Zens, violates that fundamental compact OF
duty which must prevail in everJ free politi-
cal commonwealth.
Not only, however, has this government
failed IN this great duty, but the manner it has
adopted to furnish the people with their Inn
tied and insufficient supply of currency was
conceived ana perfected by the owners of
retired and inactive capital. The sys-
tenn OF national banking now. In use is
the most elaborate and complete scheme for
making the people pay tribute TO wealth, In
order to obtain circulating medium, ever
known in the financial history OF the world.
There Is not dollar to-day in the hands Of
the people on which they have not paic a tax
r the privilege of having it put in circula-
ton by the government. The national bank
is the middle man between the government
and the people, and is enormously paid for do
ing what the government ought directly to do
itself. According to the report of the comp
troller Of the currency there were two thou
sand and eighty national banks October 1, 1877,
and they owned in even numbers $3S6,OO0,0 geo
of government bonds the basis of bank
note circulation of S29l ,OO000O. The interest
paid by the people on the bonds thus used to
secure a currency on which t. transact their
business amounts to not less than $1,000 800
per annum. This is the tax paid tor the bank
note circuis ton. The bondhOlder has been
made the banker of the country, and he is
people. For every Sl00 of currency they pay
him nearly So interest on the bonds which
secure that hundred. His advantages, how
ever. only begin with this bonus Of sixteen
millions.
The report of the comptroller shows that,
October i, 1877, the national banks had loans
outstanding to the amount OF SS9l ,0O6OeO. Ne
one will pretend that these loans are made
on an average interest of less than 10 per cent.
This makes an interest account OF eighty
nine millions per annum, and this is an under
rather than over estimate. OF ether
bonds, stocks, debts, real estate. specie, cur
rency, clearing house exchanges, United states
certificates of deposit, and all other resources,
the property of the national banks, at the
above date, amounted to something over S5l4,-
100000, which, at the low rate of 5 per cent,
makes an additional interest income Of S5,-
10000. The following statement will there
fore correctly represent the facts:
October 1, 1877:
National banks 2,08g
I4l UV,tU
Interest on resources paid by the
In return for the estabiishment of this stu :.
DendOuS money mower IL simDlV acts as an