The Kinsley graphic. [volume] (Kinsley, Kan.) 1890-1940, 1891-11-13
NO. 3.


EGsia,' % upon which this iaPudsat as-
sumption IS built
But viii Mr.. Wheeler tell ua just
where the government borrowed any
money 81 four per coutf Does he pre-
sumo to tell Intelligent meu that ths
calling ia and destruction OF the pec-
pies money aud the Issuance OF inter
est-bsaring bonds In its stead. const-
tutsd the act OF borrowings That Is
new name for it. The people have ale
ways called It robbery. And now for
Mr. Wheelsr's implied threat which
italicized just above as follows: 'Aud
this loss must be borne by the people
In the way of tax OF high interest TO
the borrower" That 81 to say that tt
the people, in their organized capacity
as a governments do not uccede 60 the
demands and bow to the dictation OK
the banks granting them such terms
as they demand, then in that ease. the
people, as individuals, viii IN any event
have TO pay the demanded tribute, In
the shape Of high rates o. interest
upon the money they must have and
which they can obtain from no otheg
source. This should cause Andrew
Jackson 90 turn over in his tomb Aud
Obi the impudence OF it. the calm as
sursnce aud mighty assumption These
men aspire 70 usurp the peoples pre-
rogativa OF coming money and reEulat-
ing its value by controlling its volume
and debating the rate Of interest it
shall bear, and having almost reduced
the masses of the people To a condition
OF Berfdom with tn ir Internal gold
basis, they now seriously attempt to
affiN q limit beyond which the volume
of money must not go. This Is the
peoples first indictment against the
banks THAT they usurP rights, which
are the sole Prerogatives OF the whots
people through their congress" Il
were defined aud demanded as followEs
The right to make and Issue money
is a sovereign power to be maintained
by ths peop,e for the common benefit,
hence we demand the abolition OF
national banks as banks of issue and
as a substitute for national bank notes
we demand that legal tender treasury
notes be issued in sufficient volume 70
transact the business OF the country on
a cash basis, without damage or special
advantage TO any class or calling. such
notes to be legal tender in payment OF
Gll debts, public and private"
And now I have a question to EsiE
! Mr. Wheeler. lie demands that the
| government shall refund the bonds at
l one per cent which he says will just
| about defray the expense OF engraving
/ the currency plates, etc, and then Upon
| those bonds issue 20 the banks their
/ face value in bank bills, redeemable in
]
| know IS: II the people were
I to loan their credit to themselves,
. as individuals, instead of 70 the
/ banks at a rate of interest 70 cover eX-
l penses, how long would &c take the
| people 70 pay of those bonds, with a
I sinking fund amounting annually 70
/ the sum they now pay banks in the
form Of INTEREST," And the people have
been studying this question, aud have
arrived at the following conclusions:
Firat-The national banking system
I Is simply an intermediary loan bureau,
/ through which the government loans
| TO the people, such money being fur
nished TO the banks at cost OF issue and
loaned by them 20 the people at an
| exorbitant rate of interest
Secoud-TEe national banks and other
| ban king institutions claim 'louus aud
discounts amounting to i've billions OF
dollars As there Is only five hundred
millions OF money In ths hands OF the
people, exclusive of bank reserves aud
known boards, this shows nine dollars
Of bank credits 70 one Of actual money.
Third-Ths financial statemeuta OF the
national banks show that their capital .
surplus aud undivided profits are in
cluded in the item, "loans AMI diss
counts" so their soIveucy depends upon
their ability 90 realize upon loans
secured by chattel and personal secur-
ity.
Fourth-The vast sum Of i've billions Is
loaned at an average rate of not less than
ten per cent, thus involving aa interest
charge to the people OF five hundred
million dollars per auuum-
Fifth-If the people could loan their
: own credit direct 70 themselves at two
g per cent, they could. with the same
money they now pay as interest wipe
out the intercs f-be airing national
. I debfu in houg two wears
Reasoning from other premises, the
people have discovered
{ First-Interest enters into oil bust
ness calculations aud Is a factor iu de
, teFmiuing all prices The current
r prevalent rate OF interest is the basis oi
5 computation Of all profits and values
5 including land aud Investment securi
, ties
j socoud-Iuterest represents the earn
: iuFz Of capital or money The net an
8 nuai Increase in national wealth, oi
e residual Increment" D." represents boil
. the earnings Of capital and the ne
e wages of labor.
/ Third-If the rate Of interest equal
/; the per cent OF net annual Increase IL
5 national wealth. capital absorbs tht
) total net product OF the nation whil'
/. labor gets nothing
& Fourth-If the rate OF interest is Il
Z I excess OF the rate per cent OF net an
L
Z mnst be paid out Of the wealth pos
e aessed by lab at tine beginning OF tn
J. year
:. Ftfth-Thcse laws or facts, couple
.t with the high rate Of interest prsvaisH
IS during the past twenty years, accouu
q for the absorption by a few individual
r. of the thirty billions of wealth create
d during that time and ten billions pos
"a sesssd by labor at the CONNIE Esstueu
{ Z Of such period
e Sizth-Laws against usury are Hbsg
d lutefy poverless TO correct this deploi
y able state of aIaira- Driven by nscal
Y sity, borrowers combine with lender
s. 20 evads the Law. The people as
ID government must establish a uniforI
"a current rate OF interest by enterin
ID into competition with individual none
,r lender; thus, not only issuing moue5
y but regulating the value thereo
% Nothing else will do IT,
Y Profoundly Impressed with the feGl
81 Eul sieynifcance Of these facts Of graz
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