The Kenosha telegraph. [volume] (Kenosha, Wis.) 1860-1888, 1878-10-24


loaned to the Government. The mum
Der of shareholders in the United
States is 2Os,4s6, and the average
amount OF stock held by each is $500.
Of the whole number, 144,1S2 (more
than half own $1,000, or less. In
New York, it has been shown that tie
majority of shareholders are widows
and orphans. g#aa
AId these are the bioated aristocrats
"the foes of human liberty VINO
would work the ruin of the country
and grind the faces OF the poor! Bless
the Greenbackers who discovered it,
or the poor might never have found it,
out. VS. t,s ~, -.er. .s.fr 49, 90
The act of January Il, 1875 (The Re
sumption Act repealed all limit on
the amount OF circulating notes to be
issued 10y the banks, and now just DIS
much, OF just as little currency as the
country needs, can and will be given it.
The laws OF supply and demand will
govern it, and the banks will issue or
redeem, as there is or is not demand
for their bills. +@4-..G -4i
= 10 repeat, any tive persons may or
ganlZe a bank, and there is no limit to
their issue, SO long as it is properly Sc
cured. ..9 .u 1m.ef h
The second position that the banks
yield no revenue, is plausible. but UNI
fortunately for its supporters, is not
borne out by the facts. On the con-
trary, these institutions are more thor
oughly taxed than any institution in
the country. They are taxed in the
beginning by the general government,
= taxed by the States,- turned over
and taxed by the U. S. reversed and
taxed again, and then turned over and
taxed on the other side. For every
ninety cents in currency which they
issue, they are obliged to deposit with
the Treasurer OF the u. s. one hundred
cents in Registered Government bonds,
and five cents in greenbacks; and
must keep on hand fifteen cents in
greenbacks for every one hundred
cents of deposits. Now on these 20
cents OF reserve, of course they get no
interest, but the use of the money en-
ures to the Government, and IS so
much revenue. So here is tax to
start with. -,
Their bonds draw low rate of in
terest. In round numbers 44
|$74,0oo,Ooo. draws per cent.
196,50O,000 draws 5 g
100000 draws Az 6
3O,O00,000, draws g
an average OF 500 per cent. ~
Now money, us every one knows is
worth more than per cent, and can
be invested On first class security at
from s to 10 per cent But such secu-
rites would be taxed and the profit
consequently diminished. The Gov
eminent, however, takes out the tax
at first by making the rate low: and
says in effect, lend us your money, and
pay your tax in advance by rebate of
interest. The advantage is that every
bond, and every dollar of every bond
pays it's tax In advance, and cannot he
hidden in an old stocking when the
assessor comes around. Thus we see
another tax imposed.
But, again, every bank must keep a
list OF it's shareholders, accessible to
the assessor. He goes to this list and
makes his assessment therefrom. The
owner cannot lie about the amount,
nor escape by changing his residence.
There can be no shuff1ing,-no "hiding
under bushel." Every dollar must
be returned and is now taxed by the
State like any other property. You
may have known men who return to
the assessor a few hundred dollars of
notes and credits, and yet live on their
interest. And instances may occur to
you, where, if the old stockings and
teapots were unearthed, thousands of
dollars would appear, where hundreds
only are taxed. But the law has
placed this privileged GU class where
they must contribute to the last dollar.
So here we find them taxed again. In
addition, the State taxes the real es-
tate OF the banks, precisely as it does
the land Of individuals.
But we have not finished yet. They
must pay to the general Government,
every year in monthly instalments one
per cent. on their circulation. So, here
they are taxed again. But this is not
all. They must pay to the general
government each year, one half per
cent. of their average deposits.
Thus they are taxed again. But this
is not all. Lest some corner should be
overlooked, they must pay to the gen
eral Government, each year, one half
per cent. of the excess Of their capital
over the bonds deposited. And thus
they are taxed again. Perhaps some
of the fiat-shriekers can devise some
means of levying further contributions
on this SO highly privileged class: but
how they would go to work is a mys-
terry. We commence by taxing the
whole body; we do this twice; once
for the State and once for the United
States. We then tax the head, then
the eXtremities, then the trunk. and
after that the intestines. Is there an
ything left out? How in Heavens
name,' can we do any more, unless we
turn them inside out and commence
over again? You remember the curse
IF Ernuephus told about in Tristram