The Hazel Green herald. [volume] (Hazel Green, Wolfe County, Ky.) 1885-19??, 1891-08-21

banks to pay interest at che rate OF one pss
cent per annum on time deposits. and loan
to the people as demanded by them, at noe
more than two per cent. per nnnum upon
lmperishable products, as indicated IN the
sub.treasury plan, and also upon Improved
farm and elty real estate with proper llmita-
ton upon the quantity OF land and amoun1
OF money, anu upon such other approved
| security ne IL now considered good by banks
| OF loan and discount under the present ays-
tenn.
B)-we demand tho free and unlimited
| coinage OF silver
should like to see this revised de-
inand copied In big, bold type. BY every
reform paper and thoroughly discussed
pro and con by the reform press. The
emancipation of productive labor from
the thraldom of usury, as well as tho
salvation OF the common people from q
swiftly approaching condition of servi-
tude, depends upon the naturalization
of the banking system of the United
States
The control OF the volume of money
and the rate of interest thereon carries
with it the control of all values, the
limitations of all profits and rewards
of labor and the absolute arbitrament
of the destiny and condition of peo-
pie This control should be taken
away from private individuals and corr
porations and vested in the people, TO
whom it belongs.
The question may be asked: Can
money be loaned at as low rate as two
per cent?" In answer | submit the fol-
lowing financial quotations.:
NEW YORK, July 6,--Dar silver-l0lA per
cent. Monoy-On call easy loans ut ~ ncr
| cent last loan ut pr cent closing offered
ut per cent Prime Mercantile paper-5ia
| "a per cent. Sterling Exchange--Quiet anI
firm, at H.s5 for GO day bills and A.s1ls for
/ demand. -.
| LONDON, July 6, y, NC osing Consols
! -Consols, money. 90is consols. account,
| 1855 Bond United States ~, iiSis United
states 4lss, 1902 Bar sllver-i6Ad per ounce.
/ Money i9d& per cent Discount-Rate of
| discount in the open market for short bills,
/ ala per cent; three months bin, lalis per
! cent.
Upon perusal Of the above IL will
bc seen that on July money could be
obtained in New York City, on good
collateral security (bonds, stocks, etc
at , per cent while merchants and
manufacturers had to pay from 81 TO z
per cent upon notes At the same date
merchants and manufacturers In tho
city of London, England, could borrow
money upon good collateral at \ to u
per cent, and upon their notes at from
| to 1 a per cent, difference in favor
of the Englishman of from " TO 5E per
cent upon notes, and 4 TO u per
cent. upon collateral. This matter of
interest upon money has a vast deal TO
do with the tariff question. We must
have cheap capital before we can have
cheap goods.
But IL the condition of the New York
business man is bad compared with
that of the Englishman, what must be
the condition of the business man in
the western part of the United States,
Kansas City, for instance?
Some idea of the rates of interest ex-
acted in this city from bank customers
in good standing, may be gathered
from the following notice published by
Kansas City bank:
\ semi. annual dividend offs per cent. viii
be paid on July to shareholders of the Mid
land National bank Of record July l. One
per cent will be added to surplus. and the
balance of the net earnings for o months,
ending July l. Will BIO carried to undivided
profit account stock books will DO closed
from June % to July 3. BY order of tho
board of directors l.. r.. PRINDLE,
June 2s, 1891. Assistant Cashier.
We here see revealed "A net annual
profit of l2 per cent, besides the
amount carried to account of undivided
profits. An interest charge of per
cent per annum absorbs the whole OF
the average net annual increase in ma
tional wealth. Any greater charge or
rate than per cent must be paid out
OF the wealth which existed at the be-
ginning of the year. Is it then, any
wonder that $1,000 individuals own
three -fifths of the total national wealth
in nation of g. 000,OO0 people, or that
such notices as the following should
pain the eye and grieve the soulp
The business failures for the first six
months OF the present year are reported by
X q. Dun q Co. TO number 5,67a, Iainst
$751; during The same period In 1890 The in
crease OF $50 failures IL unusually large.
The extent of the liabilities IL also excess
slve.
Usury IL the destroyer of nations and
the enslaver of humanity. The peo-
Piles banking system will abolish IL
George c. Ward, In Midland Mechanic
The question Is sometimes asked,
how would the money be raised 10
build the warehouses? IL there were
one to each county, as there are less