Weekly Chillicothe crisis. (Chillicothe, Livingston Co., Mo.) 1878-19??, 1879-03-20

Inc national bank association
"What is its magnitude?'
1t has nominal capital of nearly $780,
100000, divided among 2,0j3 banking in
stitutions, thoroughly organized and uni
fod, extending all over the country and
into every locality, and holds under its
control the commerce Of the country, regu-
lates the finance of the government, and
wields in almost irresistible political in
uencc.
"HOw does it exert such a powerful po-
litical intlucnce?'
Whenever corporate capital desires
special legislative action, or nOn-actiOn, it
has ever allied itself with that political
party with which it can exert the greatest
influence. 1t uses political parties as ma
chimes to effect such moves on the political
chess board as it desires. In reference to
This matter Randolph at Roanoke said, in
discussing the dangers of the national
bank system Of 1916:
at will be in politics and finance what
The celebrated proposition OF Archimede
was III physics-a place for the tulclum,
from which at the will Of the executive the
whole nation could be hurled to destruc-
tion, or managed many way at his will or
discretion.
aside from politics, how do the banks
exercise dangerous power over society?
They alone exercise the power to contract
jnu expand the volume of money. By
this means they can lower Or raise the price
Of every species OF property and products
whenever they please. They can dcpress
the value of farmers homes, and increase
the value of the mortgages upon them.
they can deprive labor of employment,
md set aside the will of the people, as eX-
pressed in the laws OF congress, all Of
winch they are successfully doing. They
an make money scarce and prices low, 70
us to bid in mortgaged farms for Il song
then make money plenty and prices high,
50 as to sell out at an eXtravagant figure.
as it safe fora people TO trust cnOr-
nous and dangerous powers to corporate
monopoly
1t is not; still the banks and their lack
ays claim that the people are incompetent
70 determine how much money the husi-
ness of the country demands, and CON
Iress is no more capable of Judging than
the peoplc-that banks, like kings, pos.
.css divine rights" the one to rule po.
iitically, and the other dictates inan-
tally.
Are bank notes any safer Or better
than greenbacks?'
All the money value, or safety, the bank
notes possess are furnished by the govern
mcnt. A bank may fail and every stock
holder become inSOlvent, still the notes
are current, because they are based upon
The government credit, and the govern.
ment will redeem them.
Are bank notes any cheaper than
| greenbacks?"
The greenbacks cost nothing, while the
| bank notes cost the government over Sl4,-
| 10000 per year The government not
only loans the bank bills to the bankers,
| mt pays them a ra.c Of interest on their
| upital stock varying from A. to per
ent. which makes an average of . per
| 3cnt.
"What is the difference between the
ost Of bank currency and greeubacksi"
The bank Lote is put in circulation at a
cost of ) per cent, and the greenback at
no cost whatever. 1t must be borne III
nind that the only tax paid by the banks
to the government in their circulation is
| per cent.
The comptroller reports that the banks
had on deposit in the treasury November
|, 1873, bonds amounting to S3i9, ,4Os,9oo,
and the total circulation was $}22,iGl,'
rs.
The interest IN these bonds paid to
the banks each year is,...... .sl747O44j
Deduct tax of per cent....,.,.. 3,22l6J9
Annual cost of bank circulation sli,2i5,s3S
Sufficient to aythc back pensions every
two years.
"llow much have the banks made ont
If the government since they went into
| nperatlOn?'
Interest on the Nv erage amount OF bonds
deposited by the banks since the passage
If the act is SIG, 900 annually.
The total amount paid by tho
government to the banks ON
account of their circulation
Curing the fourteen years of
their existence aggregates the 80.
stupcndOus sum Of. .......... S23l, l,OOO,OOO w
Deduct tax paid by banks. 39,776,SlI Oh
Total net receipts from the
treasury y................9l9l,2 ,22l, ,le3 w
"Then the banks have been pad nearly
two hundred million dollars as Il bonus to
accept their powers and privileges How
otherwise do they make money!
The banks after receiving this So, 900,
900 as free loan from the government,
put it out at interest among farmers and
business men at from to ~ per cent.
Or in other words. the people, through
. | thnir opants thn Government payo the
banks tree loan of 1922 100000 oi
money, pays them Sl4,OOOOOO a year
for taking it, then borrOws it back from
them at from to 90 per cent, secured by
: mortgages on their farms, factories and
, homes.
"How much have they made by this
double transaction
If they have loaned their clrcuations 1t
per cent. (which is low estlmate), 1t
, amounts to an aggregate of 1886, ,OOO, 900.
, Add to this the amount paid them by the
treasury and you have total net gam o
1921, ,22i, lS2, and yet they dcnouncc as
extortion the per cent. tax they have tc
pay on their circulation. "
"Where did congress get its authority
; to delegate this enormous sovereign powel
to corporations"
, 1t never hal such authority. 1t has
, been usurped, but was never conferred
The entire national banking act and ma
chinery are unconstitutional, usurpatlons
l of power, never authorized by the people
] to be exercised by any but their own rep
resentatives.
Wives for Western Jews.