The farmers' union. (Memphis, Mo.) 1891-1895, 1891-10-08
NATIONAL BANKS ILLUSTRATED

"An Men Are Born Equal" in This
Country, But What Is Sauce for the
Raker's Goose, Is Not Sauce for the
Peoples Gander.
If you want to start a national"
bank, you must be bondholder and
not = small one at that. Nothing less
then $50, 900 will do, but you may have
As much more as you like or can rake
together.
Suppose a bank is started with $780,
900 in bonds. By depositing these with
the comptroller of the currency in Wash
ington, that gentleman. after the neces-
sary red tape has been complied with,
VIII issue q national bank charter to
the holders, and in addition will fur
nish them with bank notes to the
amount Of 800, 600, for which they are
charged interest called "ta1" of one
per cent. year.
The bonds which must be left with
the comptroller as security for these
notes, are safely locked up and taken
care of by the government officials,
and although practically paid up to
ten cents on the dollar the government
continues to pay the full interest on
the whole debt.
IfJones owed Robinson $1,000, and
Robinson came to Jones to borrow
5000, offering to leave Jones' note as
security and Jones was to let Robinson
have the 5000 at one per cent, and
then continue to pay Robinson full in
terest on 81, 1000, Jones' friends would
60 into court and ask to have a guar
dian appointed over him. But if sixty
million people calling themselves the
United States do such thing, it is
called "honest money" and everyone
raising his voice against the barefaced
fraud is called crank, socialist. anarch-
ist, demagogue, dangerous agitator
and other pet names.
Suppose the people of Boomville,
who being old fogies enough to believe
that all men are equal, and who want
to raise money to build up their town
by starting, say an agricultural imple-
ment factory, hear Of the little game
by which the banker gets the money
to run his business. They organize a
company of people who own, at low
valuation, 100000 in real estate
They elect board of directors and a
president and send him to Washington
to present their case. He walks into
the office of the comptroller of the cur
rencv, and knowing the solid backing
he has, addresses that official:
''Mr. Lacy, am told and under
stand that it is the custom of the gov
ernment to give bondholders who want
to start national bank, 100000 in
money Mt one per cent. on their de-
posting $780, 900 in government bonds,
and that you charge them only one per
cent. for the use of the money, con-
tinue to pay them full interest on their
bonds and do not tax either bonds or
nones, or permit them to be taxed by
estate or municipal authorities" (See
Sec. 5411 Revised Statutes U. S., and
Sec. 1, act of June 80, 1861 Now we
believe all men are equal before the
law and we demand the same privi-
leges that you grant the bondholders.
It is safe to assume that Mr.. Lacy
would be rather surprised and might
ask:
what do you mean?"
"Why 1 mean this. We have Or
ganized company in Boomville to
start an agricultural implement factory.
By SO doing we will furnish market
for the produce of The farmer, enable
him to obtain cheap implements with
out paying exorbitant freight and
other rates; We will also be able to en-
ploy about 200 workingmen Mt good
wages, as we need not make much
profit because We get our capital" at
advantageous rates; they will be able
to patronize the business men, and
purchase the produce of the farmers,
thus creating home market, instead of
compelling our farmers to compete
in the Liverpool markets with
the fellahs of Egypt OF the
ryots of India, who work for about
four cents day. The workingmen
being we'll paid can secure lots and
build homes, and thus give employ
ment to men in the building trades.
In this way You see, Mr.. Comptroller,
we can boom our town as it never
doomed before, and all classes will
prosper"
well, but what have to do with
that?" Mr.. Lacy would ask.