The western sentinel. [volume] (Winston-Salem, N.C.) 1887-1926, 1889-10-10
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1 y
!, witness Mr. John NJ Palmer, one
OF the dires;tors of the Bank of Eng
land. Have you any further testi-
mony to submit as to the working
of that famous bank?
A-When asked as to the effect of
your (the bank's) contraction of vol
ume of the currency, Mr.. Palmer re-
| piled. cit destroys the labor of the
country. The depressed state of la
Dor is entirely owing to that circum-
stance
Mr.. Palmer was then asked: "Does
this pressure of the bank produce
foreclosed sales?"
He answered: at stops credit at
the bank, and sales have to be made
to meet private payments. There is
no means of supplying the bank
with gold except bv diminishing the
bank notes. which Immediately con-
tracts the currency and lowers prices
by increasing the value of money"
Q-Is there no opposition to the
exercise of such power by the bank
among English people? Is there no
protest against it, no dissatisfaction
with it?
A-Oh, yes, there is complaint even
in high places. The Chamber of Com
merce of the city of Manchester made
a report in 1859, in which may be
found the following language, viz.
although it scarcely comes within
the scope of the present object, the
board will add reflection upon the
subject of the undue privileges as
sumed by the Bank of England
That such a power over the property
and even over the lives of the people
of this country can be allowed to ex-
list is one of the phenomena of our
| civilization. That heir directors.
twenty-six in number, can in secret
session, without the consent of their
constituents, decide the value of all
property, is to be regarded as one OF
| the greatest crimes against modern
civilization.
Q-DO you say that our national
banking system and English banking
| systems are Identical?
A-There is no material difference
both are based upou bonds, a
bonded or national debt, the object
and purpose of both being to absorb
the wealth created by laboring men
into the hands of idlers and drones
Banking is simply an ingenious piece
of machinery by which the hard earn
ings of damphools are turned into
the pockets of damrascals.
Q-Why does not-the English Par
lament do away with a system that
has been the cause of SO much pow
erty and degradation?
Ave will answer your question
| by the introduction of Il witness who
is himself a member of Parliament
and whose competency is unquestion-
able-Mr. Courtney. He says: sit
must be admitted that the obstacles
to legislation, supposing legislation
to be desirable, are considerable. The
bankers of the Kingdom are largely
represented on both sides of the
House of Commons, and they are, on
the whole, well contented with the
present state of the law, while the
great body of the public ar. pro
fOundly ignorant am! uninreivsted
in it. The inaction 10 be overcome
is SO great, and the force available
SO limited, that nothing will be done
except under the influence of IL com
mercial crisis, when almost anything
may be DONE
| Q-When the people of the United
States become enlightened on the
money question, and, in the spirit Of
Thomas Jefferson, move against the
banks, what will they find to be the
main obstacle in their way?
A-BankerS. Bankers in the front
bankers on the left and bankers on
the right. They will find the bank
ers, as MIR. Courtney says is the case
in England, largely represented on
both sides of Congress, ready with
millions to defeat any legislation
that may be proposed in the interest
of the people.
DIDO you think yourself able to
establish the position you have ia
ken on this question?
| A-Abundantly, as you shall see at
the proper time.
| Q-Why not do SO in this paper?
| A-Because yon are not yet in .
condition to see clearly even the out
lines of the monster iniquity, or. as
the Manchester Chamber of Com
merce very fifty styles it, 'the great
est of crimes against modern civili
zation."
| Q-Do you think Ineed some intro
ductory or preparatory lessons?
Al do, and will now proceed TIC
the investigation, which will clear the
way to standing point, from which
you may see tie fountain whence
come woes, as the sands of the sea
innumerable.
| Q-Will you now stick to your
work, and not suffer yourself to bt
led off into a discussion of side is
sues?
Al will, SO far as in me lieth the
power to stick. 1t is not an easy
thing to do, as you may imagine
but is worth an effort.
| OFF money, as you say, is purel,
creation of law, what is the pur
pose and object of it's creation
What is it's use and object among
men?
A-Savages know nothing ofmoney
absolute money, a Representative,
of value. Among barbarians, wht
have no conception of the principle
of money, all exchanges are carrie,
on by barter-by exchanging on
commodity for another.
i Q-What was the first improve
ment, or advance step beyond thi
barbarOus system of trade or ex
change?
| A-The first step in advance of tn
barbarOus method of exchange b,
Gle of trade by the people, which, b,
common consent, was, to be received
, in exchange for other products an,
in payment of debts.
Different nations have used differ