The Iowa plain dealer. [volume] (New Oregon, Howard County, Iowa) 1867-1895, 1882-10-19
Finance Catechislll.

National Because it is unjust to the
people.
Republican, will you make it
plain 50 all can see it rs you do?
National We will try. Let us go
into the bank across the street and
prove it by the banker himself.
National-Mr Banker, how much
money did you loan to the Government?
Banker-One million dollars, sir.
National-What security did you take
for the loan?
Banker-I took the Governments
bond payable in twenty years, drawing
q per cent, gold, interest.
National-Do you still hold that
bond?
Bankcr-No; pawned it to the Gov
ernmcnt, and received on it 500, 900 OF
national-bank currency.
National What did You do with the
5000, 900 Of currency?
Banker-I paid it out to the people
for property.
National What security have the
people that the money you paid them is
good?
Banker-My bond is on deposit a,
collateral for its final redemption by
the Government.
National you have parted with
ilinc tentlls Of your clam against the
Government by passing it over to tho
peope in exchange for their property?
Or, in other words, the people have re-
funded to you 30 per cent. of your loan
to the Government and taken lien on
your bond?
Banker-Yes.
National DO the people draw from
the Government nine.tenths, or their
proportion, of the interest on the bond?
Banker-Oh. no: still continue to
draw the entire interest, without being
taxed; willie the people who own nine
tentls Of the claim draw no interest
and are taxed to pay nine.
National Then really the Govern
mcnt owes You but 100000 Of tho
million, YOU having transferred $780,
900 Of the claim to the people, and ut
the same time the latter are taxed to
pay you interest on the whole?
Banker-Thesc are about the facts
under the law.
National-To what extent does the
law allow you bankers to carry this sys-
tenn Of speculation?
Banker--We are not limited by law.
We can carry it to the extent of the
bonded debt of the nation. 1t is one
Of the incest schemes ever invented. 1t
is like ratchet-wheel; 1t takes all and
gives nothing. The whole people are
taxed to pay us interest on what they
10 not owe. while We are exempt even
from our own burdens.
National--Do You expect to hypothe-
cate more OF your bonds for currency,
and transfer them to the people for
property?
Banker-Yes, as soon as we can get
the internal greenbacks out OF competi-
tion and property values are deprecated
! enough 10 enable lis to rope III S3 worth
for 81 of currency. This we intended
/ to do when we got a clause inserted in
the Redemption act to allow us to in
fate our bank currency without limit.
/ National-What amount Of bonds do
You now hold which you are ut liberty
! to put up for bank currency?
! Banker-Near sa,OOO,OOo,OOO, with
| what We already have up.
Nationally handling the S2.OoO,-
/ ONO, 900 OF bonds and the nlne-tenths or
II 81. 500. .OoO. 900 OF currency, as Won did
your 81 .OO0. 900 and $500, 900 OF cnrren-
cv. what would be the result financially
Of your investment?
Hanker-The result will be we shall
carry but onetenth. or two thousand
millions Of tie public debt, while draw
ing interest on the whole. The people
will carry nine-tenths Of the burden,
draw no interest, but have the privi-
lege Of paving ours.
National-How much will your annu-
al interest amount to?
Banker About one hundred mill
ions.
National-Nhat do the taxpayers get
IN return?
Banker-Nothing.
National-Then YOU contracted to ex-
tend Il certain favor to the Government,
,or which Won we're to receive $lOO. .ODO,-
900 in gold per yer from the people.
But through the agency OF your natlon-
al-banking machinery YOU are enabled
to make the people perform nine-tenths
OF your contract. while you receive the
entire reward. Is not this most out
raeeous robbery swindie upon the
people?
Ranker-tJohn q. Deshler, Presi-
dent Franklin National Bank, Colum-
bus. Ohio,.-If people are such -
fools us to vote for men TO put saddles
on their backs, spurs on my boots, and
then invite me to ride. am not gong
on foot. Ii it is robbery, the people
Who sustain the party that authorized
the robbery are to blame and not the
robbers.
Ii this is not an oserdrawn picture ol
our present system OF national banks,
would most sincerely implore the own
ers Of our national banks to ward on
such a train Of evils as fell to the lot of
Halsi,azzar. is Il consequence OF us not
taking the advice cf his prophet Daalel,
where he saws: u. King. let my coun-
.el be acceptable unto thee. and break
of thy sins by righteousness, and thine
iniuuities by showing mercy unto the
poor" Bv not ayalling yourselves "
the law passed by Il corrupt Congress,
Won will save yourselves AID your conn'
try from the disasters Indicated by tue
hand writing on the wall.
Bastiat the French political econo'
mist, uttered great truth when he
said:
when government fails in its duty
to organize and execute constitutions
| laws. such failure opens the door fol
} the introduction OF all forms OF corrup-
ton and plunder. and that plunaerine
viii 80 on ,ust as long rs plundcring L
: allowed TO be !. profitable business.
1t is time that we made plnaderng un'
: profitable: and hope | shall be SO tort
/ nnate "a to convince the owners o
: national banks that this Is their grea
! opportunity to secure 70 themselves, Z
our country and To tae world one o
: the greatest blessings that ever fell t
tha lot of man.