The Iowa plain dealer. [volume] (New Oregon, Howard County, Iowa) 1867-1895, 1882-07-27
Why is this p

W.T. 40 GAAAo
Il it because the banker is worth more
than the farmer2 Well, the farmer
would get rich, too. il he could force his
neighbors to pay him interest on what
he owed them.
The farmer cannot force his neighbors
to take his notes and pay him interest
upon them.
Why cant he?
Because the Government does not
make the banks and everybody else in
dorse and stand good for the notes of the
farmer, as it makes the farmer and
everybody else indorse and stand good
for the notes Of the banks, and because
the law says that il the farmers or any.
body except the bank issue anything to
be used as money they shall be fined
and imprisoned.
So the banks have monopoly Of the
business of getting interest upon what
they owe, and the rest Of the people
have to indorse and stand good for the
notes Of the banks and then borrow those
notes and pay interest upon them.
No one need borrow the notes of the
banks il they do not want to, nccd they
No: but If somebody does not borrow
them the wheat cannot be sold.
II takes currency Of some kind to bny
wheat with, and as no one but the banks
are permitted to issue that currency. some
body must borrowi it of them and pay what
the banks choose to ask, or else the
farmer cannot sell wheat Mt any price.
But there is the money which the
Government issues, the gold and silver
and the greenback they will buy the
wheat.
There il not enough Of them to buy
all the wheat ~ inst rs it Is offered, and
when more want to sell than can find
buyers the prices run down. II there is
enough gold and silver to buy the wheat
and do the business Of the country with,
then there can be no excuse for the Gov
eminent making the people indorse and
stand good for the notes Of the banks.
But the banks hold the notes OF the
Government, that is, the bonds, and
they deposit these bonds rs security for
the notes which the Government in
dorses.
Certainly. The bank note is based on
a Government bond, which is q note Of
the people. Now, If bank note based
on the note Of the people is good, it is
only because the peoples note is good.
Then why not retire the bank note and
use the note of the people in business
instead Of paying interest to the bank,
first upon the bond and then upon the
note Of the bank itself.
Remember ali of this interest paid
upon the notes Of the banks that moves
the wheat crop must come ont of the
price OF the wheat. Or. in other words,
by forcing the people to indorse their
notes and use them in business, the
banks take such portion Of the wheat
crop as they choose, and the farmer can
not help himself.
Does not the law say how much inter-
est the banks may take?
Yes, but the banks pay little or no
attention to it. Borrowers are made to
understand that if they kick against the
rates asked by the bankers, or refuse to
pay more than the legal interest, they
will not be accommodated, no mat
ter how badly they are in need, and SC
they keep still and pay whatever inter
est is asked, and this varies from per
cent year to per cent. a month, and
even higher, and they must either buy
low enough or sell high enough to make
up the interest paid, and it all comes il
the end out Of the labor of the men who
work upon the farms and in the shops
and mines, for the laborer produces all
wealth and pays all interest and debts.
-IndidnapOiis San.