The Iowa plain dealer. [volume] (New Oregon, Howard County, Iowa) 1867-1895, 1880-01-02


fssA h shem ~ Ne I~aras .ms n skeas
@AsMiAe&s
wh%n sh~ lssmsss ssAs tHa. .ua. .on -
e@sanN.mr II m~sss lscm shs r~etle,
W. isss~s s~~~asr IN arrle ~g~iv~l~ns
N she ~hesv~ishai ts e,csA@ snA se~i
sA~ms~ls~s. When iss ls~s<~ ssa
rAy~araAha ~ I.~iA shrss i~~., shs r~~l.l%
ss~. - rule. ssi~ssss%sy compensated
f"s shs r~tiay ~ adv,e~ shas II t~a@.
A~iai " h~sss~sa and health. Mh~M the
ssosvae~ress aad m~tehahss draw IN
the rsss~a II the people. shess ~ In
eschAAe~ commodities which msMist<s
n The hsc~seities III their civilization.
wkea The assisss, authors. and teachers
obtain mcn~y from the pnhite, The ,s.o.
pie have the Aeecuns balanced hy shs pos-
s~ssion II what affords them seasaoHa os
int~llcctnal pleasure md profit And
when The woFkmcn receive their wAees
the people are compensated Toe the
outlay w The products of labor. Thna
All who follow industrial purxuita,
whether ci The mind os hand, furnish
IN equivalent Tor the money they 70.
ccive. Then how, In that manner. do
the national bAnks comply with this
universal ruleS What bene6sa have
the national hanks bestowed upon the
people IN exchange for Tho N, 800. CO.,.
100 paid 10 them ont of the wages and
products Of labofS
What have Tho managers of tho m.
tionAl hanks themselves "a sAv upon tls
subjccty Asa set.ofr 10 che &l 400, ,00o,.
600 paid by tho people they show that
tho bAnha have paid t2sl5. .00O. .0O0 Tor
State and Federal taxes also. <i2D, ,O00,.
O0O for losscs Ia business: also, &:DOO,.
100000 for tho expenses of their busi.
ncss. and tho remaining tO0B, ,OOO, 600
received from the people was the net
profit sccruine 10 them Tor allowing the
people tho privilege 10 nsc the funds
which were q tho disposal of tho banks.
Lot No cxamiue tho nature Of these
assumed benefits conferred upon trc
people In return for ti.30O. OK, 900.
Tho t2O5. .OOO. 900 paid BY the banks Tor
taxes would have been great boon ~
tho people had they been paid out of
resources belonging exclusively % tho
banka. and not been derived from the
people. Hut tho banks flrst taxed tho
people Tor tho money, and then handed
u over 10 the State and Federal author
tiles: % that tho banks, while crcditinR
themselves with besving snch burden
ol TAXATION, really compelled the people
70 supply the funds for that purpose,
and then took credit 10 themselves for
paying the taxes. Nor wss this MI.
Tho banks by nO means paid over 10
tho constituted authorities al the
money given by the people on account
ol taxes Tor these institutiona. The In.
torcst received by the hanks on the
bonds deposited by them st Washing
ton Tor currency and other purposes
amounted to tsJO. 100000. Tho whole
oi this sum Was obtained by taxing, In
some shape or form. tho labor and In.
dustsies of the pccplc; and of those
e9OO. .O0O. 900 the banks paid, N 70 have
aeen. e2O5, ,0OO. 600, thereby making the
snug profit Of over si5O, ,O0O, 400 out Of
tho difference between tho taxes paid
BY the people for tho benefit of the
hanks and tho tAxcs paid by tho banks
Tor the benc6s Of the people.
Where the advantage lies with tho
people in tuch au arrangement no or
dinsvy mortal In able to discover. New
sFtheless, Comptroller Knox and his
fricnds. tho hank Presidents, profess TO
500 In IL nouGht hut disaster 10 national
banking; consequently they arc clam
oring 10 retlin still lAsgcr slice 81 tho
taxes paid By tho people toward their
support.
Tho national banks slso claim thst
The ei .3O0. 900. 900 paid 10 them by the
people out Of their easnings wcrc partly
used to meet tl2D. .0OO, mo of hank losses.
u waa certainly very kind Ia tho people
10 pay the bad debts oi the banks, but
wherein this Wan ol particular advantage
70 tho people u not very clear.
True. these losscs represented % much
money tho hanks expected but failed 20
gst ont Of tho people, and tho latter
may thuA In ) certain sense be said ~
have been bcnaftsd 10 that extent: IL
must 30 admitted, however. that this hen
e6t ~. of m exceedingly negative char
acter when ~ reflect that the delaulting
cussomcm oi the hanks failed 10 pay
their dues beceuse tho sxActious and
monetary sscapadcs ol the hanks con.
tributed greatly toward making their
cuseomss bankrupt.
Tho national banks Alao claim that
o3OO, 900 900 of tho ti ,3O0, 200 .O0O given
10 thom BY the people were returned 20
tho givcrs In tho act oi dcfraying the
expenses ol Tho banking business.
There u philanthropy OF tho Robin
Hood and Dick Tnrpin Kind, which con.
sisla In returning 81 tho victims Of rob-
beSy very small fraction of thcir own
property 70 1ccp them from starvation.
The returning 20 the people of the
t3OO. ON. .O0O hero under consideration
might b Ikencd 10 the muuiiccucc of
tho gentlcmanly lootpad, rere u free
0it; but tho national banks do not
emulate No generosity 81 the Dick Tur.
pins 10 the extent of giving anything
away Tor nothing: Tor. while Il n true
they did mot keep Tho e;,OO, ,ODO, 900 taken
stOA tue poupVes - 49, Au0 suuy usss
MOI part With them without exacting .
full equivalent Tor Whist properly b.
lonGcd 70 The people. Tho bank -
peutlcd the sum chiefly Tor salaries,
vaGse, rent. fuel, stationery, etc and
those who resolved tho money used II
IN making purchase % maintain their
households. - clolhs themselves and
families; In defraying tho cost Of
schooling, of amuscmeuts, etc.. I'll of
which appears, - tho drst blush. 10 have
been eminently advantageous 70 the
people - stimulants 70 tsade and on
couragsnSnts 70 industry: bnt u I, .
merchant. IN forced 70 give 10000
without compensation, viii u profit mo
mach should tho ds&poilss como 70 ny
warehouse With ny money, and pur-
chase of No that anount of goodsi IL
should b remembered, W asc here dis
A. Al ~.