The Caucasian. (Clinton, N.C.) 188?-1913, 1890-06-05
THE MONETIZATI0N OF LAND.


Z.
says, "There are five methods
by which the Government loans
money to banks. ~ Upon de-
posting 100000 III bonds with
the Government, the depOsitor
is loaned 100000 or 90 per cent,
Oh which the bank pays one
half of one per cent every six
months, or one per cent per
annum. (2) By depositing one
million in bonds with the gov
eminent, it will deposit with
such depositor one million and
one hundred thousand dollars
i u money without requiring any
interest whatever. (3) By DE-
posting large amounts with the
disbursing officers i'll banks
where il can be used, and upon
which no interest is paid. a.
By manipulating the per cent
fund for the redemption of
national bank notes, 50 the
portion of one bauk ID held by
another DESIGNATED by the Score
tary Of the Treasury. ~ By
having a postotfice account. the
necessity or function Of which
cannot be clearly defined"
We made q statement III our
last article that there was no
earthly reason, except unjust
legislation, why any man upon
good security could not borrow
money fer not more than three
per cent, and in view of the fact
that banks very often are
charged no interest at all, and
when they pay interest to the
government it is only at the
rate Of one ger cent per annun-
i'll view, we say, Of this fact,
can any one deny the truth of
our statement? Ard if it is
true, is not the national bank
ing system which stands direct
ly in the way Of such a result
the most mOnstrous evil that
has ever oppressed any people.
We think it is, and we are sure,
that if once the people under
stand the expressions that are
put upon them BIZ the III ney
power they will not longer
submit to it. If the newspapers
would do their duty by instruct
ing the people, such a system
Of organized robbery aided by
law, could not survive year
longer. AS it is. we look with
confidence to its downfallin the
near future That powerful
organization, the Alliance, has
taken hold of the matter, and
iitss, o0uoo1 10 UG U.Uu.ht for
l ward in Congress the sub
Treasury bill. This bill, il
passed, will, we believe, DC
much good, but it does not g
far enough. It doctors the bit,
and will doubtless help the
wound some but the true idea
is to kill the dog at once, by
, abolisn!ng root and branch the
! national banking system. Ii
the United States can supply
money to the national banks at
.. not more than one per cent pei
annum, why cannot the Peep e
get it for not more than three
per cent? Why not allow the
= people, who are not flush in
bonds like the Gonlds and
J Nanderbilts, to organize a sys
: tenn Of state banks, based upon
land value, and thus secure the
currency which they need as
cheaply as the national banks:
AS matters now stand, any at,
tempt to organize a system OF
State banks, such as we have
! suggested, must fail because
2 the United States levies a tax
upon such banks of ten per cent
upon their circulation, for the
very purpose of preventing tt e
people from organizing them,
!. thus protecting the national
banks by a kind Of internal
: tariff against State competition
and by these means rendering
it extremely difficult to obtain
, money by giving eight or ten
per cent interest, when it should
be plentiful and easy to obtain
upon good security, for thee
per cent. The re NEEDY is simple
and easy, repeal the law taxing
State banks. This can only be
done by Congress, and the peo-
pie should see to it that candi-
dates are sound upon this
question. How far the State
: Leg stature can remedy the
evils, by the issuance of interest
, or non interest bearing Stat q
!. tonds of small denominations
l receivable for state taxes, and
J, all debts due to the State, and a
legal tender for all debts due
the citizens Of the State, re
g may discuss in some future ar
l ticte. Our present purpose is tc
l show that Congress by prope,
E leg station, which ought to BE-
$ at least half as fair to the PEG
/ pie as it is to the banks, cal
5 provide a system of currency
secured, not by gold or bonds
| pied up in treasury vaults, bu1
based upon land, the founda
e ton Of everything, that would be
: folly as safe and as we'll adapt
ed 10 all the wants of the peo
ME aS thnt .o .