The Kenosha telegraph. [volume] (Kenosha, Wis.) 1860-1888, 1878-10-24
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Won wouId LEND vnur oon6ax for These
GreenDaekar4 d yt6t1ld have us belieyp
that, Natinnol.. .Ranj~ otnoL i'd sura
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loI4 40
1919 so
1oIo o-lo 1EF.G.f f.toQsI
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An enormous pf)ut on Their invest
ment, 5 6-lO per ceab, tor their money,
time, business ability, labor and risk.
And this Interest Includes the terrific
rleS, where, as III al new countries,
rates OF Interest," are eXhorotant. In
the city OF New York, for 1877, the
earnings or the N@Ionai banks was
9-lO per cent. GloilOno monopoly
Gr9at privilege OGt ot double inter-
est and no taxes, with "c!aSs legisla-
ton iii their favor, these foes of hui
man liberty make 50 little that the
same rate vi profit would break d
CROSSROADS grocery in IL month They
are already giving up tntir charters
in numbers because there is no profit,
and dre voluntarily abandoning their
right to double interest and their priv
iiege TO sdusJroy huilltn liberty"
But il is said that by loss or 3cciIen-
tai destruction OF tAeir currency the
banks make Il profit. This is absolute
ly untrue us reference to the Banking
Act will show. Every note destroyed
pays SO much OF the National deUU.
The bonds are depos ted in the Treas
ury for the sole purpose of redeemillg
the notes, and ,ilere they remain until
the notes appear. If they never appear
the bonds are never surrendered until
greenbacks have been deposited to
meet all notes issued. -.
But how are our friends, the Green
which consist in giving us a safe and
uniform currency, and in enabling the
banks to make almost three per cent.
net? They must be fixed in some
way, or their friends, the tramps, must
starve. They say, retire the National
currency and issue greenbacks in its
place. In order to do this you must
firsL, take away the charters OF the
banks. Second, pay off the bonds they
hold Third, issue 1892, 100000 more
greenbacks Il, take place of the nation
al currency, and fourth, make them
legal tender. Now the Greenbackers
have lald out for themselves a pretty
good winters work, and before they
accomplish it will wish they had I'M
dertaken something easy, like making
an angel out OF Dennis kearney, or a
consistent man out of Jas. r.. Doolttle
But before we consider whether
these things they propose can be done
let us for moment consider the object
of doing them. They saw, to save in
terest to the government. But the
only interest to be saved to the gov
eminent is the interest on the bonds
for the second item of interest must
continue to be made by private indi-
yiduals and banks-the money-lenders
Now if all 1he bonds held bv the banks
could be redeemed in greenbacks
(which. we will see later, cannot be
done), the government would save say
$17.50O,OOO. But it is held in the case OF
Bank gs. Supervisors T Wall. rs,
that orepnhacks are national securities
and Cannot be taxed. Consequently
the states and general government
must lose the tax. In 1877 the Nation
al Banks paid taxes to the amount OF
S17.5OO, 900. Now where is the saving
by this precious scheme. Nothing al
all. even on these figures But as we
shall see presently, the government
would come out loser by the transac
ton. If it is the design to redeem
only bonds enough to take up the Ma
tional currency afioat-$322 900 600