Barbour County index. [volume] (Medicine Lodge, Kan.) 1880-current, 1891-07-08

Dor and its products Even a very con-
siderable reduction in rates of interest
Will not avail to counteract the evil ef-
fects of currency contraction, because
the increased value of money more
than effects the reduction in interest
Mark the potency of these sinister
facts in connection with our present
system of private individual and corpor-
ate banking, under which the banks abb
solutely control both the volume of cur
rency and thes rates of interest The
various banks and loan and trust COM
panies have on deposit with them and
keep loaned out about four billions of
dollars of credit money; that is, each
dollar in circulation is loaned to from
four to seven different persons The
interest the banks pay for these de-
posits will not average three per cent.
They loan them out at anywhere from
to "a per cent. This means an alb
sorption by these leeches of society, of
anywhere from $50, 600, 900 to 81, OOO.-
100000 of the products of labor each
year.
What is the remedy?
First abolish entirely this pernicious
system of private banking and estab-
llsh system, not of paternalism, but
OF fraternalism, by putting into opera
ton peoples banking system, of, by
and for the (whole) people. Establish
safe deposit and loan and discount
bank (sub-treasury) in all cities and
towns where banking facilities are de-
manded, and let every bank official and
employe be servant of the people-a
government employe Let these
banks pay one per cent for time depos-
its and loan money at two per cent.
Simply let the people as an organized
community loan to themselves as in
dlviduals, their own credit at the cost
OF performing the service.
Second, Exalt the alliance principle
OF equal rights for all, special privi-
leges to none" and add to it in italics.
mot eren to tile holders Of gold and sileer
ouItiOn." Money in its ideal perfection
Is purely creation of law. Money is.
or should be intrinsically, utterly value
less The fiction that money should
and must possess commodity value has
done as much or more than any
| erroneous superstition to enslave man
kind Money possesses or should pos
sess, representative value only. All
value attaching to money belongs to
| and inhereS in the material wealth
| pledged for such moneys security and
redemption, it being understood that
the redemption of money means It's ac-
| ceptance by the people, severally and
| collectively, in settlement of all debts,
| public and private. An agreement to
this effect is what is meant by legal
| tender" This value above mentioned
belongs not to the lender but to the
| borrower of money
Under the present system gold and
silver are singled out and accorded spe-
cial privileges, in fact they alone of all
the multiform species of endurable and
non-perishable products of labor and
natural wealth are accorded the priv
ilege OF being coined into their repre-,
sentative money, being made In their
own proper selves, the material out of
which money Is made or being received
as pledge or security for paper money.
Gold and silver coins in the one case:
gold and silver certificates and paper
money redeemable in specie in the other
case.
we, the people, must change this Or
der of finance. Gold and silver must
be dethroned, demonetized and rele-
gated to their proper position as COM
modities. Under the beneficent opera-
ton of the peoples banking system
any person who has a tract of land. a
horse, stock of merchandise or a bar
OF gold, herd of cattle, bin of wheat.
bale OF cotton or a silver brick, will
be able to go to the nearest sub-treas-
ury and get his individual holding of
the national wealth coined into repre-
sentative paper money, thus securing
the people, as it were, for the indorse-
ment of his note. Money is a Joint
note, signed by all the people,
In February, 1892. the Cincinnati plat
form should be amended so as to read,
To be loaned to the people at rate of
interest not to exceed two per cent
upon any security now considered good
by the banks under the present sys-
tenn" personal note signed by three
individuals having a certain amount of
property not subject to execution. is
good security to the present banks Wbv
not equally good to the peoples bank?
Elevator and warehouse grain receipts
are Al security to the money shark.
What's the matter with the sub-treas-
ury plan? Let us nationalize the bank
ing system in the interest of the people.
-George G. Ward, in Topeka (Kano
Advocate.