The advocate., 1890-01-30
The National Banking syatem

hNANNAAHANNNhANNN'
known as the National banking debt, is the
only roason the iirst Is nj all tolerated or the
latter believed 10 be n reality. II is Of the
so.called National debt we wish TO speak Of
now; and first we affirm that the S3,OOO,OOO,-
900 Of National swndle that Capital was TO
SEQ TO II was fastened on the Nation) never
need have been--that we could have carried
on, and emerged from the four years war,
with not . dollar Of indebtedness, every con-
tract honornbly complied with, and every
cent paid in full. Now, reader, do not DO
astonished-cry nonsense, "cranS," and re-
fuse TO read farther, but keep on and my
word for il you will DO more surprised at the
proof that have to offer than at tho bold
ness OF the claim.
Il is universally acceded now although
once 30 strenuously denied by the money
power, that congress has the power TO coin
(paper) money. That alone should be suf-
Acient proof that congress could have issued
money sufficient to pay the expenses Of tho
war; but at such an idea as this the friend Of
National banks, the dupes Of Wall streets
willy politicians will take up the cry Of their
leaders and after laughing the idea TO scorn
say, "Why sir, had the government issued
sufficient greenbacks TO pay tho expenses Of
the war IL would have been 30 worthless that
to have gotten anything for them at all
they would have been sold by the
cord and then would not have brought
more than seventy cents per cord. Now |
assert and defy contradiction, and tho books
in tho troasurer's Office and the report Of the
comptroller will bear mo out when say thqt
there was not only enough money issued 20
pay the expenses of the war, but all other
expenses Of government during that time
PROOF.
Now lot us look at tho treasuror's report
and SEQ how much II would have required 10
meet the whole expenses Of government dur
ing this four years Of death and distractions
and il we find the amount issued equal to
the expenses of government have we not
proved our assertion2 For 1862 the entire
expenditure was $l75,0 600, but $77, 100000
of this was for interest and discount. Bear
in mind that had IL not boon for tho excep-
ton clause there would have been no dis
count, no bonds, nor interest, no doprocio-
tion OF the currency; ns the groenboclSs is
sued previous TO that always were at par
with gold, paid interest on bonds and duties
ON imports dollar for dollar with gold, and
as tho infamous exception clause was un-
necessary, save to purposely dopreciate the
greenback treasury notes rob tho peopleand
put billions in the pockets Of bond holders
and bankers, on which they both draw inter
est both ways ON what they have and what
they owe; 80 this $77OOOOOO was unnecos-
sary and must be subtrOcS9d from actual
necessary expenses, leaving S308, 900 now
as the.e was $57,OOOOOO income from taxes
there would have been but S341, 600 900 need
cd. In 1868 total expenditures we're S7l5,-
100000, with l0SOOO,0O0 for interest and dis
count, leaving but $517, 900 as legitimate
expenses; take from this the Sll2,O 600 col
lected in taxes, and $A05,0OO,00Oisal thnt
was needed. For 1864, total expenses $780,,
100000, from which take $6S3,0O0,OO0, as dis
count and interest, and $284,0O0,OOO paid in
taxes leaves but $1s,OOO,OOO, of an issue nee
essary. For1S65total expenses 81 ,297 900, 600
from which subtract $46S,OOOOOO, as
interest and discount and $33S,0OO,OOO
taxes, and but S4Oi, 100000, of an extra issue
would have been needed.
Now in footing the entire expenditures we
find them to be Os follows; $3,3520OO,00O,
from which take the unnecessary expenses
of discount and interest and but 81, On, ,O00,-
0OO, will remain Os actual expenses, Again
take from this ST7l 900, 900, the amount paid