Iron County register. [volume] (Ironton, Iron County, Mo.) 1867-1965, 1884-01-03

AprOpoe OF this idea, let me call tht
attention Ofyour readers to an article Ia
the December number Of the North
American Revie,o, by Prof. J. Law.
renee Laughlin. and entitled Evils OF
the Sub-Treasury System" mention
1t because such artitles in such publ.
cations often foreshadow legislation by
Congress. The evils of tho present
sub.treasury system, according to this
easayist are, that, under the act Of
1S46, U. 8. Treasury officials can not
loan, or deposit In banks, the funds OF
the U. g., except, under the act OF 1884,
the moneys derived from the Internal
Revenue; aud his proposition Is to let
the banks, especially the New York
banks, deposit U. 8. bonds as securi-
ties, and take out the idle money in
the treasury to increase their own
loans. That's a pretty cool PROPOSE
tion, to say the least Of 1t. The writer
assumes that our commercial system is
credit system, based upon loans; and
the more loans we have the brisksr
and more fush trade will be; but he
never stops to ask who pays, In the
end, the usury upon these loans; or
who 10 to bear the cost of this specula-
tive gambling which sells every bush
el Of wheat, corn, and every bale Of
cotton, over . hundred times before
they are put to any real use. This
wouid-be statesman aud financier does
not seem to realize that our CONNER.
cial system, being credit system, 10
a system Of !egaliasd robbery. He
waaId extend this system, by increas-
ing loans, increasing the burden of
usury the lsboring classes have to
bear, and which is driving them into
want and poverty, the vices and
crimes that poverty engender, while
the income classes wallow in the luxu-
ry and dissipation of unearned gains.
Verify "wAom the gods would destroy
they hrst make mad" Laughlin rid
icules the Presidents recommendation
to apply surplus funds to some good or
needed public improvements; sneers at
the idea of lessening taxation; and
winds ND with spiteful slap at the
half playful proposition Of wouid-be
President Jas. g. Blaine to divide the
surplus revenue amouy the states.
The report Of the Secretary Of the
Treasury, too, has some queer reading
In 1t; queer-because he gives schen,e
tor issuing new, long time, low-inter-
est bond, to serve as q security for Ma
ii nal Bank currency, and then says
~ does not approve of the plan,
though he has the details ready when- |
ever Congress 'catches on" There Is
probably little profit on circulation;
but through the medium OF the Ma
Iional Banks the capitalists and specu-
atora can manipulate and control the
money volume Of the whole country,
md so affect markets and orices; hence
here is 10 wonder the usury shop
keepers are 20 anxious to get the peo-
pie to secure currency for them.
suppose they would actually get us in
% another war, If they could not sue
iced in any other way, SO that they
;ould get more mortgages on the men
who should be patriotic enough to en-
list; and then have Uncle Sam take
heir mortgages as security for more
currency to loan out and get usury on.
The working people of this country
Ire fools If they allow such scheme
o tie played on them. farmer.
MURRAYvILLE, ILL.,, Dec. 25, 's3.