Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1878-07-06
To MERCHANTS AT BARGAINS.
NATIONAL GREENBACK PARTY.
Its Policy Explained by an Ind
ana Editor,


ITS policy Explained by an Ind
ana Editor.
Hon, James Buchanan, editor Of the
indianapolis Sun, an organ of the Ma.
tional Greenback party, spoke to a
crowd of about 200 persons az the corner
of Cherry and Union streets, Nashville,
Thursday night. Mr.. Buchanan said in
substance:
To-day we find in this country, where
the yield Of wealth to the stroke of labor
is greater than in any other country on
the face of the earth, many of our coun-
trymen, created, like us, in the image of
God, suffering 10 want and woe because
the economic machinery established bv
the government for making the distribu.
ton OF the products has broken and
failed. The result is want and misery in
the midst of plenty. There is but one
Just rule upon which this distribution
should be made, and that rule is that
each and every individual member of
society should receive and enjoy unto
himself the full value of the product of
his own industry" No one should. by
law, enjoy the fruits OF another's toll.
Opposed to this only just rule is the
eommunlstic rule, which prescribes that
each member Of the society shall have an
equal share Of the wealth. This ia
wrong, because it gives to the idle that
which should reward the industrious. Il
Is also opposed by the m~onarchical rule.
which is, that the producers of wealth
should only retain so much az will fur.
nish them food and clothing OF a coarse
character, while all the remainder il
turned over to the nobility for their en-.
Joyment. This mo~narchical rule is the
one that has prevailed, with few exeep-
tons, in all the civilized countries OF the
world, and is the one that prevails in this
country to-day.
In Europe you zee a few Rothschilds
and Earrings with millions, while the
great mass of the producers are paupers
How, you ask, is this concentration Of
the wealth produced2 You know that.
naturally, the producer of an article
would have that article unless something
separated it from him. That something
IS usury or interest. This usury accu.
mnlates upon debts, and gathers annu.
ally all the valne that industry can pro-
duce and leaves an unpaid balance Of
usury debt that finally, ia every eight or
ten years, eliminates in the bankruptcy
OF the whole people.
The increase of wealth by labor in this
country is shown by the census reports
TO be onl' three per cent. per annum.
The minimum average rate Of usury has
been ten per cent. We cannot paw ten:
therefore, bankruptcy is periodically in.
evitable, so long as an usurious system of
distribution is continued. The banking
system OF issuing the currency, whether
It be the specie basis fraud or any other.
forces into existence at the point Of
issue a usury debt; for no bank bill ever
came cut over a bank counter unless
some ones interest bearing note went
into the bank for it. That usury is. then
forced through all the system of ex.
changes, and determines the rate Of
usury that is charged upon that portion
OF the exchanges that are made with
private debt. The amount of money in
existence in this country does not, to.
day, transact five per cent. of the bust,
ness; hence all of the remainder is done
with individual debt, which debt bears
interest, which interest results in bank
ruptcy and ruin.
The remedy is to have the currency
issued directly by the government; then
no ones private debt is forced into ex.
istence at the point ofissue. Thon have
enough to make exchanges cash, and no
debt will be made and consequently no
interest paid.
The power of the few to live off the
toll of the many will be gone when usurv
dies. Usury is the life of the money
power of the world, and that money
power has control Of the Republican and
Democratic parties; hence the necessity
is forced upon the people of organizing
the National Greenback party to estab.
llsh an American monetary system that
will enable exchanges to be made cash
and thus establish the Only Just rule
whereby equal and exact justice may be-
done.