The Iowa plain dealer. [volume] (New Oregon, Howard County, Iowa) 1867-1895, 1882-07-27
The "THO Per Cents. y

only 1865 per cent interest, the ma
tional banks and the entire repnbli-
can party scoffcd at the idea as one
OF the absurdities OF the greenback-
crs, John Sherman as secretary Of
the treasury being the champion OF
those who opposed reducing :hc
rate OF interest.
Now these same bankers have the
aid OF John Sherman in foisting a
J per cent bond on the country, after
having declared that n 1866 bond
could not be Aoated ut par.
Now what is the secret Of this
change on the part OF tho banks
and their allies3
Is it in the interest Of tho people,
or OF the banks?
The National banks to continue
their existence must soon surrender
the bonds which secure their notes,
for bonds which command q prcmi- |
UNI OF from 20 to q per cent, the
"Nindom's" which they now hold
being liable to call at the option Of
the secretary OF the treasury. The
two per cents will run for 8 years
and are cxchangablc for the Win
dom's, as they are SO called, or the
continued bonds at par. Thus it
will be seen all the advantage is IN
behalf Of the banks saving them the
premium on the bonds and provid-
ing them with 5000, 100000 security
for their issues for eight years yet.
In exchange for the 5000, O0O, coo
bonds they will receive $4,000. 900
In bank currency which is loanable
at from to "a per cent, depending
| upon the locality and the need ofthe
borrower. Thus instead OF 500,
OO0, 900 attwo per cent they will have
$3.50, 100000 at interest beside the
loans from deposits Of individuals
doing business with them, probably
aggregating rs much more.
But are not our republican friends
rather hasty, and speaking anadyis-
edly, in pronouncing this loan ut its
rate per cent, without precedent?
This wonderful achievement has been
totally eclipsed in two noted instan-
ces in American finance, which some
how seems to have escaped the at
tention Of those parading this lean
before the public. We believe all
those who cite this loan with SO much
satisfaction, pronounce the green
back as a forced loan from the peo-
pie. With this definition Of the
grcenback, rut upon it by the re-
publicans themselves, the govern
ment has been in the full enjoyment
OF loan OF $3.50, 100000 for nearly
twenty years without interest and
absolutely at par. It is also true
that at one time the amount OF this
loan was four times as great as i,
is now, but was foolishly funded into
!, interest bearing bonds at high rate
at the dem and Of a few creditors
while the present loan is held by tho
great majority OF the creditors in tht
face Of coin payment on demand. I
is also true that $6O,OOO,OOO, thu.
loaned ir 1862, always remained a
par with gold when that was com
handing $3.50 for one dollar Of til,
!. other loan. These loans constitute
the greenbacks and the fractional
!, currency which are carried by thu
people for the government without
interest. Further than this, those
!, who are carrying these loans for til,
government without interest, or,
:, carrying still greater and constant
~ increasing loan for the nationa
banks without a cent OF interest
The evidence of this loan. in tn,
form OF the promises OF these banks
: passes from hand to hand as money
but is loan all the same and no
4 one cent OF interest ever has been o
: ever will be paid by the banks t
: those who hold "their promises I
pay
= Thus it will be seer there are nov
two loans aggregating more tina
!. three times the amount OF the pc
!, cert bond loan held by the people
: without charging either the govern
= mont or the banks one cent of il
terest.
!, The people instead OF pressing til
- government for pay on its obligation
! which they hold, absolutely refuse
reduce the debt by accepting ii
- golden hoard provided for their pa,
- ment. In addition to this the bi
for rechartering and continuing tt
re national banks for twenty years, q,
h. thorizing the issue Of their notes
n. the limit Of the public debt as sec,
nm rity, is virtually authorizing tho
nj institutions to become indebted
* the people to any extent their cupi
AS ity may suggest, without paying Oh
ur cent OF interest upon a single doll
is OF the debts they may owe the pc
~ pie. And it is predicted that ere t,
80 years the banks will owe the peop
10 q thousand million dollars( Isl 600 Ol
IL OOO) every dollar Of which the pc
= pie will carry without receiving OF
$. cent Of interest.
Editor Plain Dealer:-permit \
y to ask you in a friendly spirit, vi
he the democratic party is not equal
cir assaulted, with the republica
through the columns OF your pape
ENQUIRER.