The Iowa plain dealer. [volume] (New Oregon, Howard County, Iowa) 1867-1895, 1884-04-03
A TwO-IlilliOn Pet.

A Two Billion Pet.
Here are the figures: s2,O25, 900, 900
in twenty years.
1t only takes ten figures to express
the amount, but If it were put in the
shape of the actual products of labor 1t
would be absolutely startling.
There lies before us piece Of paper
upon which are imprinted these words:
"Ihe Union National Bank of Chicago
will pay the bearer on demand S."
1t is Ours. We exchanged the prod
ncts of our labor for IL.
Now, then, we want to know il the
Union National Bank of Chicago does
not owe us the sum of So?
This piece of paper is o promise to
pay the bearer IS, hence its very words
imply that it is indebted to us, the pres
ent bearer of it, in that sum.
Three months ago business man
borrowed this piece OF paper of the
Union National Bank, agreeing to give
for the use thereof the rate of per
cent. interest.
Tomorrow, after getting it of us
again in exchange for the products Of
his labor, the same business man who
borrowed it returns it to the Union Ma
tional Bank, with 10 cents in addition
for the use Of it.
Now, then, that 10 cents is exactly
what the Union National Bank has
drawn in interest money upon-what?
Upon So which it has actually been
owing for the last three months.
This piece OF paper, commonly called
q national bank note, is not the only
one which the Union National Bank Of
Chicago has loaned ont during the last
three months. It has probably loaned
out nearer quarter Of q million dol
lars OF them, upon which it has drawn
= per cent. interests per cent. inter
est upon $3.50, OOO of its own indebted
ness.
In short, the Union National Bank is
IN as ociation of individuals who are
living upon the interest Of what they
owe!
The two thousand and more national
banks in the United States are SO many
associations of individuals who are
drawing interest, at various rates,
ranging all the way up to as high as %
per cent. per annum, upon what they
owe.
These two thousand national banks
have ont upwards of $3.50, OOO, 900 of
these promises to pay. In other words,
they owe the great multi lde of holders
OF these notes upwards of $3.50. 900, 900,
upon all Of which they are drawing in
terest!
The total interest which they draw
would, ut an average rate Of 10 per
cent, simple interest, amount to $685.
OO,OCO per year.
They have annually drawn thirty-five
millions upon what they owe!
They live in reality as the worthless
vagabond Affects to live when he in a
careless, rollicking mood tells you that
he is living upon the interest Of what
he owes!"
In twenty years they have drawn from
the people, in the shape of interest
money upon what they owed, the enor-
nous sum of S7OO,OUO,O0O.
Not only have they drawn this amount
upon what they owed, but they have
been, during all tins time, drawing in
terest from the people, through the
Government, upon upward of $iOO, O00,-
900 of bonds, amounting to not less
than 1916, 600, 900 more.
From the people direct, and through
the Government, they have drawn as
interest upon their untaxed bonds, and
as interest upon what they owed, the
sum of not less than 81 ,O75, 100000!
t., 1.l:%.~n ~, The %ha,, l. 1n,,nI
out, on an average, deposits" money
which business men have temporarily
deposited with tn M to the amount of
slit, O00,0 900 per annum, the interest
upon which has amounted to 81, $780,
900 year, or 500, 100000 in twenty
years!
From interest upon what they owed,
800, 100000!
From interest upon untaxed bonds,
S375, OOO.OOO!
From interest upon other peoples
money, $3.50, OOO,0OO!
A grand total of S2,025, 100000!
This is the tribute which the nation
al bank system has extorted from the
productive enterprises of this country
in twenty years.
This national bank system is the cit
adel of the Money Power.
Against this system the Sentinel says
the Greenback- Labor party should hurl
its forces.
Against this national bank system
the Greenback-Labor party should raise
the black flag, and give or take no quar-
ter till it is wiped out of existence.
A Government loan direct to the peo-
pie is the club that will knock the
brains out of this gigantic Shylock of
the nineteenth century.
And this is the pet institution which
the United States Senate, by a vote of
II to II, has just passed q bill to still
further aid and enrich by granting it
100 per cent. circulation on its deposit
ed bonds, instead of 90 per cent, Us
heretofore. Chicago Sentinel.
LET the World ReiOica