The great West. [volume] (St. Paul, Minn.) 1889-18??, 1891-05-29
Wisconsin.
EAU CLAIRE, WIS,
April 26. 1891.

That capital is oppressive under
our present condition is aself-evident
fact. That it will become more bar
barously oppressive as it's power is
increased by concentration in fewer
hands is also self-evident. These two
facts are generating vast amount
OF thought and study, and some
measure OF alarm in the minds OF that
portion of the laboring class who
read and think. There will be an end
to this oppression, but who can tell
us how it will be brought about,
whether by peaceful means or by the
storm of ruin and destruction! All
efforts at a peaceful solution of the
difficult question should be resorted
to first, and if we can find way to
gain our just rights without violence
it will be best for all. The financial
question just now is attracting much
attention, and the people are learn
ing some points in the issue. The
idea that gold is the only thing that
can be called money is losingground.
1t seems that the government stamp
or fat has to be put on the gold to
give it it's money value, and if this is
a fact then the stamp or fat will give
to piece of paper the same value,
and with this fact established there
can be no necessity for scarcity OF
the circulating medium or for high
rate of interest. At present the mon
ey has to pass through the hands
OF set OF long fingered tricksters
who are privileged to saddle it with a
high rate OF interest before any hon
est man can get it to use in any legit-
innate business. These sharpers who
now hold the key to the vaults can
make the circulating medium scarce
or plenty to suit their own convent
ence and cupidity. Why should the
people put up with this rascally con-
dition when there is not the shadow
of any necessity for it?
The people own this government,
constitution and all; if the present
constitution is not broad enough to
give us our rights, the people can
change it, even if it takes another
war to bring about the change. In
the interest of peace, and to aid in
destroying the expressions OF capital
by taking the circulating medium out
of the grip of the Shylocks, legal
thieves, and panic wreckers, and plac-
ing the banking interest under gov
eminent control in the interest of the
whole people, we can adopt State
national banking system, if it is con-
stitutional The State to give it's
bond to the general government to
an amount equal to $50 per capita
OF it's population, the bond to draw
interest at the rate OF 1 per cent per
annum, the general government to
issue to the State government a
greenback or national currency to
the amount of the bond. The State
to establish banks to accommodate
the business interests of the people,
the Secretary OF State to be the head
of the banking interest. The banks
to be subject to inspection and SUI
pervision by the general government
and loan money to the people on
substantial real estate security at a
rate of interest not to exceed 3 per
cent per annum. All profits accruing
from the banking business after pay
ing the interest on the bonds to be
turned over to the State treasurer
to be used annually in paying the
expenses OF the State government,
the amount to be deducted from the
annual tax levy for that purpose.
II. SELOvER.