Weekly Chillicothe crisis. (Chillicothe, Livingston Co., Mo.) 1878-19??, 1881-09-15
Extract From a Speech Delivered by
General Weaver.

ChCc dO W lllldLlSpOlt, IT,, ny ucltI
y James B. Weaver:
}, Now | would like to illustrate no
G you start national bank. Five (
S us conclude that we would rather NJ
4 be bothered by the payment of take
: that we do not like the annual visit {
0 the taX-collector and we convert OF
S property into money-$2OO00 eacl
1t is all we have, but We put our MOI
: ey into 100000 bond. We get til
+, bond, and we feel proud of it; the bes
t investment we ever had; and we loo
5 at 1t and say to ourselves: Short crop,
good crops, hail, flood, fire, hog cho
era, blight, mildew, nothing can effeC
that bond, no, nor grasshoppers; the
might eat it up, but it is registered
e and ii will not hurt our investment
We feel proud of our bond, so we cor
= clude that we will take a railroad pas
and 60 and see the controller of cur
rency at Washington. We walk up t,
the controller and say: "Plcase exam
inc our bond" "That is a CAPITA
bond; registered, 100000, drawing sil
per cent interest. What will you hay,
me do with it? Keep ii in the vaul
with men TO watch it, safe from bur
glars and fire? 1t will not cost Il cent 2
ave thought we would 60 into The
national banking business, and W,
would talk over matters at headGuar
tiers and understand it for ourselves
Weliyein WilliamspOrt, Pennsylvania.
Capital idea! Best banking system
the world ever saw. 1t will put more
money in circulation in VillamspOrt,
help the manufacturers pay taxes, and
settle the bonded debt and help pay
the city debt" GLOW much money
will You give us ON our bond?'
"Ninety thousand dollars" "Then we
will have ten thousand dollars in the
bonds drawing six per cent? "Why,
don't you understand the national
banking system any better than that =?
We will pay you interest on the whole
bond" "What! and let us have nine
ty thousand dollars back" "Why,
yes" "Well, | guess we will 90 in.
What else will you do for u.s." "Well,
we will let the whole bond draw inter
est, and then it shall be exempt from
taxes, and the interest will also be
exempt from taxes" "Why, we did
not know that" "Read the law; the
bond and interest thereon shall be ex-
empt from all taxes, nominal state and
municipal" "Well, we didn't know
that. We will go in. When we
had our money in the farm we
would have been satisfied if the
farm had been exempt, we would
have been willing to pay taxes on the
product of the farm. It's certainly the
best banking system the world ever
saw. "What else will you do for us?"
81 have not near told you all your priv
ileges. have told you We will keep
the bonds here free of cost, pay inter-
est on the whole; it will be exempt
from taxation, principal and interest.
The government pays you interest at
this end of the line, and you take $780,
900 to WilliamspOrt and loan it out at
interest, so you draw interest at both
ends of the line "Well, it is a pret-
ty good system. Any other privileges 2"
"Oh, yes, the law passed in 1864 gives
the secretary of the treasury the right
topay your interest one year in ad-
vance, without charging you anything
for it," "Well, we will go in. Best
banking system the world ever saw.
Any other privileges?' "Oh, yes, other
privileges also. The law passed June
20, 1874, gives you the right, if you go
into the banking system, to retire your
money from circulation whenever you
please, in whole or in part; private
affair of your own. That will enable
you to control the price of property.
When money is scarce prices are low
and times are hard. That will enable
you to bring prices down, then you can
buy in this property" "What would
we do with it?" "The law passed June
II, 1875 gives you the right to issue
the money again whenever you please;
that will bring prices up; then you can
sell it back and put the money in your
pocket" "Well, we never saw such
bonanza us that. Any other privileg-
esq" "Oh, yes, the treasurer of the
United States, James Giliillan, in his
public report to Congress, page 20, says
that in the face of an active demand
for more money, the banks have in the
last twelve months retired $25000,000
of their circulation. Giving you that
much less money" as that the way
it works?" lie gives you an illustration
of bank TO show you what is the rule
among them. One bank had three
times, within as many years, decreased
their money from Si5O,000 TO $4,000,
and had as often increased it again to
$i50,000, so that at one time said bank
had in circulation $Sj2,000 of their
notes, when the law only authorizes it
to have $450000. This was double,
you see; and this, gentlemen from Will
Transport says the controller sis
the official showing of the treasurer of
the United States, If the banks can
have twice the amount of circulation,
and loan il out TO the people, and draw
interest thereon, don't you sec that
they are drawing interest upon three
times their capital, and that is the
greatest privilege that have shown
Won vet II is the hest banking sys.
tenn The world ever saw"
| have given YOU The banking law.