The Dalles times-mountaineer. [volume] (The Dalles, Or.) 1882-1904, 1890-05-31
Rork's Jugglery of Figures.
Editor TIMEs-MOUNTAINEER:

Editor TINES -MoUNTAINEER:
When the writer first heard Professor
Rork's lecture attacking, among othel
things, the National banking system, ht
felt very much disposed to enter into the
Union party crusade against bankers, onsthe
moneyed monopollsts of this country and
England. A very little study, however,
| convinced him that the professors figures
would not do to swear by; and he now be-
lleves with his whole soul that never, dur
ing somwhat extended life, has he listened
to SO many false statements and misrepre-
sentations told by any public speaker, as
fell from the lips of Professor Rork during
the relatively short space of the couple of
hours occupied by his lecture. The profess
sor's lecture (for he had only one, however
often he might speak in the same place. was
gotten up regardless of facts or truth, to
subserve purely political purpose. At
present, the writer will only notice his rep
resentation of the National Banking system
to prove the truth of the above statements
According to the professor any party
wishing to start National bank has only
to deposit say 100000 worth of U. S.
bonds in the U. S. treasury Tine U. S.
government would then give the party back
500, 900 in bank notes, and pay them per
cent interest on the bonds. The bank notes
could be loaned out at 10 per cent interest,
which, together with the 5 per cent paid by
the U. s. government, would make Is per
cent for the investors. In the same connec-
tion it was stated that the Rothschilds own |
400, 000. 900 worth of u S. bonds, on which |
we pay per cent or 10000, 600 year.
What shall one say of such statements as |
these? Can the professor be so ignorant as |
not to know that there is not per cent |
U. s. bond on earth? A few regular U. S. |
bonds, due, and redeemable next year, and
now being bought up by the government,
bear ~ per cent. These are worth 211
'ents premium. The only other regular in.
crest bearing bonds bear per cent inter-
'st and are worth to-day in New York %
cents premium. That is it will take Sl22
o buy one of these $l004 per cent bonds.
Now if want to start National bank I
must buy my bonds in the open market at
he market value. But if an 500 bond
'ost me Sl22 only get per cent on the
ace value of jle bond, which gives me
omething like 81 per cent interest on my
Investment. But must suffer loss OF.
learly per cent on these bonds, because
he premium becomes smaller every year, as
he time is neared for the redemption,
which in the case of the per cent bonds Is
n 1901 or IL years from now. must. be.
ides suffering this depreciation, pay tax
o the U. s. government of ! per cent on
ny circulation, or bank notes. must also
'ay one-half of l per cent annual tax, on
ny average deposits, and one-half of per
ent on all ny bank capital not invested in
J. S. bonds. Besides, all this, must de-
'osit 5 per cent OF my bank notes in the U.
J. treasury, and all notes burned up or in
ny way destroyed go to the benefit of
Jncie Sam, who holds In the treasury the
'onds or their equivalent till the last note
8 redeemed.
Here then IS true statement of the U.
J. banking system which proves that no
National bank makes quarter of cent
interest on the U. S. bonds deposited in
he treasury to secure circulation.
am not writing for political effect, and
will only add that shall be much pleased
o see any one call any of the above state
nents false or Misrepresentation, if he
viii only prove it to be SO.
Prof. Rork, in the opinion of the writer,
J dangerous, untruthful demagogue,
vhose stock in trade Is misrepresentation,
nd as he deals with questions, many of
'hich are beyond the reach of ordinary,
very day people. it is not strange if he has
brown dust in the eyes of the people that
rill blind them till after election day, when
hey will surely wake up and find it all a
elusive dream. A. GRANGER.