Wichita eagle., 1890-02-22

the transaction of our business; nothing
but money will pay. debts &nd taxes,
and although we boast of a peoples
government we are left wholly
at the mercy Of the banks, and
are not they in good way
to possess the property of the country?
Now Isubmit is it right for the gov
ernment to create demand for money
and delegate the power to issue money
to the banks, and make the people who'll
ly dependant upon them for the money
to carry on their business? If the law
compels the people to pay all debts IN
money, should not the law provide some
manner by which the people can always
be supplied with an ample volume OF
money at cost of issue. and make them
independent of banks? Is there any
good reason why the business of this
great country should be left to the ca
price of about three hundred national
bankers, who can without warning to
the country, contract their currency and
depreciate the property OF the country
hundreds of millions or dollars. wreck
our industries and fill our country with
tramps and paupers, that few million
aires may add few more millions 10
their boarded wealth:
Money is the key TO the situation; II
the people want good prices they must
have money. GIVE Us S50per capita and
we will have war prices again. And
give US a system of finance, not con-
trolIed by banks. so that our currency
can not be cornered. and we will have
no more overproduction OF farm pro-
ducts.
Let us exennplify our financial system.
Senator Miller says. and he proved his
proposition true, that all the money IN
actual circulation in this country. except
| 3 per cent, is narrowed before 1t reaches
the channels of trade. This being true,
suppose barrow, 81 900 upon my farm at
! 10 per cent interest. and for the purpose
| of the illustration we will let the $1,000
represent the entire circulating money
of the country: it goes upon Its mission,
| exchanging property and adjusting
debts. One year expires, and pay my
interest, 500; which is drawn out of
| circulation, but there Is added TO the
circulation during the year, according
to Miller, 3 per cent of the 81 900 or $50.
/ Each wear | draw out of circulation SlUO
| to pay NV interest, and each year IS
| added to the circulation $50. Now If l
keep this money (S1 900 for ten years l
| have paid it all back in interest. and yet
owe at the expiration of ten years $1,000,
and if [ get all the money remaining IN
| circulation (the per cent on the LOO
the ten years, 5000 and pay it on my
note. l will yet owe $700. and must lose
my farm for lack of sufficient amount
! of money in circulation to pay the
debts. II you will observe, the
paroxysms come with regularity about
| every ten wears. which would Indicate
an average rate of interest paid by our
! peoplesof something over 10 per cent per
annum, and these periods of depresslons
arise when the debtor and creditor class
are compromising their differences, there
being not sufficient volume of money
to pay the debts.
DO you remember in rs the banks be-
gan to break and period of depression
lasted till the beginning of the SOS.
Then in 'S3 the Mechanics National
bank went down, and in the fore part of
"a was followed by Grant, Ward q Co.,
Donnelson, Losen & Simpson, ETC., fol-
lowing in the footprints of the '70s and
the depression is still on, but / think the
light is breaking.
The person who lends his money takes
no thought of the principal so long as
his interest comes regularly, but IN about
| ten years the money circulation of the
country is all absorbed by the lender as
interest upon his money, and the bor-
rover cannot meet his interest payment
and then the lender becoyaes alarmed
and wants his principal. Chattel prop
erty is first sold under mortgage, then
real estate is foreclosed and a period of
general depression prevails for six or
eight years, until the differences between
debtor and creditor are adjusted and
| business starts in anew, only to be re-
peated as before. If you want to pre-
uent the recurrence of these periods,
change the system. If the system Is
continued it will bring about a system
Of landlord and tenant, the same as it
has in the old world. The object of the
system is to create landed and money
aristocracy on one side of the line and a
system of serfdom On the other.
, Farmers and Iaborers, what are you
going to do about it:
Yours, ETC., q. CAMPBELL,
Mound Valley, Kansas.