The great West. [volume] (St. Paul, Minn.) 1889-18??, 1890-05-16

g. W. Ballet, Of South Dakota,
writes us a letter in which hesays serf- !,
lom and pauperism of Europe is
;he legitimate fruit of tyranny and
oppression OF Kings and Emperors.
The pauperism and serfdom OF this
nation is but the natural fruit OF
class legislation and protected mon
opolies. Absolute slavery OF the
black man was swept from this con-
tinent by the bayonets OF the army
of freedom, but while we were fight
ing, for our homes and our friends
and to establish justice and promote
the welfare of humanity, there was
an enemy in our rear, more danger
GUS than the armies of Lee or Johns
ton, secretly undermining the foun-
dations of Republican institutions
while we men were in the field. The
bankers of the country were devising
shrewd plans to enrich themselves
by the necessities OF the government.
These bankers were not patriotic
enough to risk their money when
loyal men were willing to sacrifice
life. The q. S. Government was
without q navy, without arms, mu-
milton OF war, or money, to arm and
equip the greatest army OF modern
times.
The government issued it's notes
(non-interest, bearing greenbacks)
upon it's own credit. The money an
swered every purpose, the army was
armed and equipped, and their SER
vices paid in greenbacks. The money
passed readily at par among the peo-
pie, and in the marts OF exchange.
The bankers saw that if this system
of finance was allowed to become
permanent, their opportunity to rob
the people would be lost. Consequent
ly they focked down on Washington
like buzzards on carrion; they impOr-
tuned congress to allow them to as
sist the government financially, and
through the ignorance OF some men,
bers and corruption of others con-
gross was induced to pass law de-
monetizing the greenback Then
they got a bill passed to fund these
greenbacks for collaborating 6 per
cts bonds at par. Then they got con-
gress to pass the National Bank Bill
which enabled the national banks to
use these U. S. bonds as a basis for
the bank notes issued to them.
quote from article by T. A. Bland:
"With their boarded wealth they
bought greenbacks at SO cents on
the dollar. With these they bought
bonds at par which were paying 6
per cent interest in gold. This in
sured them II per cent in gold
They deposited their bonds with the
government as collateral security
and received 80 per cent OF their face
in bank notes, issued by the govern
ment. These they loaned to the peo
pie at about 8 per cent per annum
thus securing a safe investment fol-
their money at about 8 per cent
year."
They have robbed the people Of
$5, 900, 100000, (more than the en-
} tire cost of the war, and still hold
a debt against the government fol
twice as much, as the government re-
ceived from them which the wealth
producing class Qaborers) must pay
principle and interest.
Mr.. Bland illustrates the situation
as follows viz:
I'm 1864 W. E. English and Johr
C. New organized the first Nationa.
Bank of Indianapolis. Greenbacks
were then worth forty cents on the
dollar in coin but were taken at pal
for 6 per cent government bonds
Mr.. English bought 500, 900 in U. S
Bonds, at a cost of 100000 ir
coin which he deposited with the sub
treasurer of the U. S., for which he
received $45O.OO0 National Bank
bills. These were loaned at an aver
age of 10 per cent per annum. II
his bank report for 1877 Mr.. English
shows that the bank had returned ev
cry dollar OF it's original capital to thu
stockholders, that it had paid yearly
dividends on the stock of 16A pei
!, cent, and still had a paid up capita
= of $1,OOO,OOO. Statement Div
dends. 81 ,133, 1888; capital returned
$500, 900, capital increased, $500,
. 900. Total $2,133,333. Now tn
:. reader will bear in mind that tn
!, capital invested in this bank was bu
5000, 900 of coin-that this had bee1
= returned to the stockholders the frs
. few wears of the banks existence