The Labor enquirer., 1884-10-11


to whom tlss debt was due, and dehiting him
who owed 4 These credits were made legal
tender, and were at premium over coin, b.
cause al debts due the government and the
people had to be paid In them. s
The present Bank Of France succeeded the
Royal hank which failed about 17a0 The
charter has been renewed several times. It
was and Is chartered by the French nation.
At first, its capital was only A, 900 600. and
now 1t is 900 francs. 1t is located in
Paris, but has seventy eight branches in diff
ferent parts of the nation. No bank but this
one can issue paper money in France. The
governors and two subgoyernors are ap-
pointed BY the nation. There are fifteen
regents and four censors, who are appointed
by the stock holders. The bank receives and
holds the money OF the government, but
allows no interest thereon. 1t Is the disburs-
Ing agent Of the government, and makes ad-
vances to 1t upon treasury and mint bills or
bonds, similar to the exchequer bills Of
England, or interest treasury notes of the
United States. The notes of the bank are
legal tender for all debts due the nation.
They are SO made by law. The law does not
are controlled by demand for the bills.
The Bank of England commenced existence
in 1894. 1t was born Of tn exigencies of war.
1t has monopoly of furnishing a paper cur
rency based upon inte restbearing national
bonds. This was the first bank that issued q
paper currency In the form Of a promise TO
pay" At first its notes were based solely
upon the debt of the nation. The currency
it issued was its credits against the nation.
1t drew interest on its credits, paid by the
government, and issued Its own notes, based
on its credits, and received interest from the
people. Not untila large amount Of coin had
been received by sale of its own notes, which
were smade receivable for all government
dues and bills of exchange, were their notes
even professedly payable in coin. From the
establishment of this great monopoly, per-
mitted to drain a double interest out of the
products of labor for currency, commenced
the accumulation of debt, and impoverish-
ment OF the producers
The national debt of England has steadily
grown from that time, till it has reached the
ominious sum of ss,7O0,0O0,OoO. AtS per cent
the interest on this debt taxes labor Sill ,0oO,-
900 annually. Compound this intesest for
forty years, the time Of a single generatio n,
and it would swell the debt to more than 81, :
000, 900, 900. In one generation labor must be
taxed to pay tribute of more than SS,00O,O ,OOO,-
900 interestto support an idle, naughty and
voluptuous class. This enormous tribute
added to the other necessary burdens of
labor inevitably dooms the toiling masses to
helpless drudgery and squalid, degrading
poverty. E5 fsg
Z Such is the present condition of the pro-
ducere Of Great Britain. The class to whom
interest is paid has absorbed the SOIL and all
other sources of wealth. and collect tribute
from every stroke Of toll. No marvel that
Ireland staryes, and on the verge of despair,
revolts. The oppressors of the poor ''sow
the wind" and are sure to "reap the whirl-
wind.s The harvest ripens fast.
: | have analized the English system of
double usury drained out of the products of
toll, for currency, and limited at the nearly
ripe. fruits Of terrible retribution to suggest
the measureless folly of our statesmen, who
with open eyes have copied it.
Our banking system before the war, with
its great imperfectionsfwas step in the adj
vance of civilization. We; have passed on
from it. Only those who "learn nothing and
forget nothing think of going back to it, IT
is a graveyard out of which there is to be no
resurrection We shall never return to q
currency supplied by state authority. We
have learned the value of paper currency
resting on the credit of the nation, and there
fore, alike good in every state of the Union.
THE COST OF ISSUING CURRENCY ON THE