The Iowa plain dealer. [volume] (New Oregon, Howard County, Iowa) 1867-1895, 1884-02-07

It to the banks at ~. The course
pursued gave tho money to the
banks. The prices OF everything
were up, contracts we're out and to
meet them money must be had; and
~ It had oil been turned over to tho
banks the only mode Of obtaining It
was to 90 In debt to the banks for It.
Unless some Spectator borrowed
the money to buy the products Of
the farm, the price went down until
the farmer was compelled to borrow
money for ordinary expenses. In
any event the farmers time to go In
debt had come. The net work Of
causes which the bankers and bond.
holders had been weaving about
him were ripe for results. As tho
money was destroyed or retired from
circulation the prices continued to 60
down and the farmers kept going
In debt till they got In rs deep rs
tho money kings would permit, and
then the farm went ut one-third It's
value to pay out. And this was the
golden shore Of resumption. Tho
finances Of the country were 50
shaped rs to compel the farmer to
60 In debt and when he could no
longer carry the load the fuse to the
long chain Of causes was fired, shy
locks took the property and they
and their echo, In tho form Of re.
publican newspapers. read the farm.
er \ homily on
THE FOLLY OF GOING IN DEBT"
And yet "the best banking system
the world ever saw" IL founded on
debit Their notes or bills are only
debit Their exclusive business IL to
create and deal Ia debit They con-
troll the volume currency on
A DEBT BASIS.
Now. farmers. when debt Is the ba-
sis OF our monetary system, how are
you, or any one engaged Ia produc-
Ing wealth, going to escape its bur-
dens? The entire indebtedness OF
the country In one form and another
nearly equals its entire value, and
the financial policy Of the govern
ment seeks to perpetnate as . con.
slant burden on the wealth producers
. nor. taxable. interest bearing ma
tional debt. That debt 10 the foun-
dation, the corner stone OF the sys-
TEN Of usury that has robbed fully
one.third Of our people OF their
homes and still holds one-half the
remaining farmers in vassalage to
the usurers. 1t Is idle. it IL lunacy.
aye worse, 1t Is crime to preach Of
business on a cash basis while the
entire policy OF the government Is to
perretuatc q national debt with no
higher motive than to enable one
class Of men TO live ut tho expense
another by getting them In debt and
then taking from them the products Of
their labor in payment OF interest.
And this is the very essence OF mod
ern republicanism.
INDIRECT ROBBERY.
Taxes levied to promote ono in
dustry ut the expense OF another is
taking money from the consumers
Of the products OF that industry
without any equivalent. The tax
under the name OF tariff thus levied
upon nearly all implements Of agri.
culture and industry, upon lumber
and fence wire and also upon
salt and wooden goods are OF this
character. Just governments ut.
tempt to distribute the burdens OF
taxation In proportion to ability to
pay and to benefits received, with
cut Discrimination in favor OF any
class or interest. Now how has the
republican party answered this just
expectation and right OF the people
According to the report OF the secre-
tary OF the treasury the indirect
taxes collected from the people have
an annual average Of over $500. 900,
OOO. The census OF 1850 shows the
amount Of state taxes OF all the
states to average annually $2l2.75o.-
700. Then to this Is to be added the
local taxes for county, road and
school purposes, aggregating more
than Federal and state taxes which
are $672.750,700 annually. Three.
fourths OF all taxes. falling upon the
farmers Of the.eountry. ought to an.
swer to all intelligent persons the
question, why don't farming payi'
HOW UNrAxED BANKING PAYS.
The First National Bank OF Indian
apolis Is . fair example OF what the
institution Is. When II had been in
operation fourteen years Its presi-
dent resigned and In his letter to
the directors Of the concern gave
tn. followig glowing figures from q
capital OF $500. 900:
Capital returned to stock
holders, : COG, OOO
Dividends paid to stock
holders. 1886. ESQ
Undivided earnings, 327. OOO
A~~l~ % n6Nn