The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1881-01-22
$l,7l6,20O,O0

But we must not overlook the interests upon
all this interest and premium. They amount
70 81 ,22l 200, 900. Interest at per cent, upon
this sum is, for 8 years, 1886, l7I,20O, which,
added to Sl,7l620O,000, makes 3O2,36LNC
This is all made by the investment OF 81 r.
600, 900 IN United States bonds at 500 to the
500 An investment is considered tirstclass
if it will double itself in 10 years. we leave
our readers to figure. up the interest made each
year for IL years upon these investments.
These calculations are made at the lowest
rate Of interes, which these banks under the
law charge. In New York the legal rate is Z
per cent and in most of the Western and
Southern States the legal rate is 10 per cent,
We have taken no account of the money and
assets of the banks at this time, but only OF
what they have made out OF the people upon
a coin capital of not more than $l15,OOO,O0O to
start with No wonder the people are OPP
pressed and poor.
5. But we are asked if those banks have
paid taxes to the Government. We answer,
they have paid on their circulation about $780,
100000; but this amount Is more than made
up by the vast expenses OF the Government
since 1864, in preparing their plates, printing
their notes, and employing clerks and incurr-
ing various other expenses Tor these banks
We have no doubt If this sum could be Oh.
|
greatly exceed S100,0O00OO.
But we are asked If these banks do not pay
a lax on deposits as well as upon circulation,
and also a stamp tax. We answer, yes; and
so do all State banks and private bankers
THIS tax is not peculiar to national banks. All
banks and bankers pay it alike. Ihey nave
no right to receive credit for 1T more than 9th
er banks. Mr.. Knox says that since 1864 these
banks paid $l000 100000, one,half of which
only was upon circulation; the other was this
kind of tax. AS far as the stamp tax is con.
cerned, these banks stand upon the same foot
ing as the merchants who pay the same tax.
e. You inquire If 1t would not have been
better to give this money 20 the poor. We
think it would, so long as we had the poor
with us; but 1t is wholly wrong to have poor
people IN the United States Every human
teing here should have enough to eat, drink
and wear But for our infamous laws IN favor
Of banks, bonds, interest and corporations,
which make Il few men rich and all others
poor, we need have no poor in the United
States.
SO long as we permit a few men, under char
tiers from Congress, to make $4,000 COO
,upon $l75,000 600 IN sixteen years, SO long we
will not only have plenty of poor people, but
the poor will increase from year to year. A
com currency and bank notes professedly
based upon coin have, in all nations using
them and relying upon them, elevated one
tenth of the people to power and wealth, and
reduced nine.tenths to poverty and wretched-
ness. The same influences will produce the
same results IN the United States, ii contin-
ucd. We are now making rapid strides to-
ward this state Of things. Our banking and
funding laws have that effect. and no other If
our condition be this now, what Will 1t he
when our banking capital Is $1,000 0O0 600 or
50 600 100000? We will state II question in
double proportion, which our young friends
may work out al their leisure 1t is thus; II
$l75 100000 give $2,210000, 600 in sixteen
wears, how much will $1,000 100000 give in
twenty years. II will give enough to make
rlnctrnrhs Of the people poor and one-tenth
very rich.
Z. Paupcrs are those who live at the expense
of the public, ard not Ivy their own labor. As
in all Europe, SO in the United States, we have
the rich paupers and the poor paupers The
rich live without labor upon the interest which
labor pays. The poor and afflicted paupers
who cannot obtain work, or are physically
unable to perform 1t, are compelled to live off
of labor also. Occasionally rich man makes
II donation to the poor that 1t may appear in
he newspapers; but as general thing the
support of the really poor comes out of labor.
Labor pays the taxes
We are now writing for Tile National Vte,o
II series of articles upon national banks. We
shall soon be through with those of Europe,
and will then take up those of the United
States We shall give our own national. bank
system a thorough consideration, answering
every question that can be propounded relat
ing 10 national banks. We would answer
some questions propounded by other friends
in this number, but the compositor is pressing
US for copy. They must wait until next week,
when their questions will be answered.
WARWICK MARTIN.