The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1891-10-20
TWO GREAT DEMANDS.
Abolish National Banks and Give Us
Free Silver.

Some Facts Which ShOnV the Justice Of
These PzankS IN the Alliance
PJdtform-TIme to be
up Und Doing.
downright, 1891, by the Reform Press News As
sociatiOn. New York
Two specific demands of the Alliance
are:
The abolition of national banks.
The free and unlimited coinage Of
silver.
The Alliance lays as much stress on
these demands as on any other, but
the first named above shrinks from
open discussion in some way, and
efforts are made by the plutocratic
press to obscure 1t altogether by MAX
ing a terrific onslaught on some other
| Alliance demands-the S~ub-Treasury
| plan, for instance, which the pluto
cratic papers fail to state is designed to
take the place Of the national banking
system.
The national banks are like the scrip
tural fire that is not q~uenched." 1t
| seems they c. n never get enough.
They already have privileges that
| ought to satisfy the most r]apaeiOus
gang of robbers r the most eXacting
and despotic monarch. They can de-
post 500, 600 worth of bonds with the
| government and continue to draw in
| terest on them. They can issue $50, 600
of currency on these bonds, which
they can lend at s per cent.-perhaps
more. But if it be s per cent, they
can realize 81, 200 per year on this cur
rency. Add to this the 81, 600 per year
they receive on their bonds, and it APP
pears that they get $11, 200 per year
for the bonds they have deposited with
the government.
A bank depOsiting these bonds and
issuing the 800, 900 in currency is
charged only 1 per cent. per year by
tie government, or in other words, is
charged 5000 per year for the use Of
$50, 900. Besides all this, many of the
''favOrite" banks (Which are usually
banks in which some government Off
cial is interested) are given the use OF
fabulous sums of government money
for nothing. At one time these banks
held $50, 0OO. 900 of government money
which they loaned out to the people at
stiff rates of interest, but they did not
pay the government one cent for the
use of this money. These banks have
about fifteen millions of the govern
ment's money to day for which they
are paying nothing, but which they
are lending out and getting interest on.
Now, in the name of justice and rea-
son, ought not all these especial privi-
leges" satisfy the banks? Well, they
are not satisfied. They seem to want
the earth. Isn't the charge of 5000 per
year small enough for the Use Of 800, 600
per year? Any reasonable person
would think so, but the rapacity of
the banks so completely blinds them
that they can't see it. They don't
want to pay that 5000. They say it is
an unconstitutional tax, and they ar
going to law about it, and if the future
may be judged by the past they will
win the case.
The ground on which the suit is
brought is that the portion of the bank
ing act charging the 1 per cent. Origi-
mated in the Senate. The banks claim
that this tax is levied for the purpose
of raising revenue, and that it is uncOn-
s]titutiOnal because the act provides
" that bills for raising revenue shall
originate in the House Of Representa-
tives;" and since this charge of l per
cent. originated in the Senate, it is I'm
constitutional.
ANON, ICtL uICIS, pIOuuCCIS, "OIhIlS-
men everywhere; you whose brawny
arms and unceasing toll give value to
the bonds which are used by the banks
for without you the bonds wouldn't
be worth gas, what do you
think Of this latest caper of the money
power? Are you going to stand idly
and listlessly by and let this power get
such control of you and your public
institutions that it annever be broken?
Are you going to permit the Oppor-
tunities for robbery and eXtOrtiOn to
increase around you? Do you mean
anything by the demand that the pres
ent banking system be abolished? Can
you go to the government and get the
use of money for nothing or for 1 per
cent ? Wake up, men! Look around
and about you. Read! Think! Talk!
Educate yourself and your neighbor.
Forces are being aligned now for a
great struggle against white slavery in
the near future. Are you ready for
the fray? Are you a noble freeman or
a contemplate henchman?
The work and proceedings of the
banking power show plainly that it
does not believe you are sincere in your
demands, or if you are it has power to
prevent you from securing it. For in
the face of your demand and in spite
of the great agitation now going on all
owe the country, new banking and
loan companies are being formed, and
in every large city in the country new
buildings are going up with the words
" National Bank" carved in large let
ters over their doors.
The second demand quoted above is
the free and unlimited coinage of
silver"
The Alliance is sincerely in earnest
about this, but does not make an over
shadowing issue of it. It would bring
relief, but the Alliance does not believe
it would give all that is needed by the