The great West. [volume] (St. Paul, Minn.) 1889-18??, 1891-07-17
AN "HoNEsT DOLLAR"
Tho Bankers Idea OF 1t and How He
Reaps Them.

AN HONEST DOLLAR"
Tho Bankers Idea OF 1t and How He
Reaps Them.
The necessity for financial reform is
beginning to dawn upon the mass of
the people. The conventions every
where demand the abolition of the
banking system. Whyp A banker
buys 500, 600 worth of bonds. He
leaves them on deposit at Washington,
and night and day they draw interest
for him at per cent per annum. The
government guarantees their safe
keeping, charging him nothing for the
service. In the meantime, in addition
to drawing interest the bonds serve as
security, and he receives from the
government 80 per cent of their face
value in currency. That is he brings
$50, 900 in currency home to his bank
to lend out to his neighbors at or
or 10 per cent. He had but 500, 600
to start with, and now has $3.50, 900
drawing interest And yet if the
farmer wants to borrow on the secur-
ity of his land, the best security in the
world, the sanity banker bowls about
class legislation. Why so? He is
patriotic enough to save the govern
ment the trouble and risk of s'going
into banking business" and is willing
to supply the peoples need of money
ON good security, and at 2 per cent
a month. OF course if the farmer and
other classes should borrow direct
from the government that would
leave the banker out in the cold,
and his occupation, like Othello's
would be gone. He is greatly
interested that the dear people shall
not be taken in by ''class legislation"
or a dishonest dollar financially
interested. In the war times when
gold was at a premium of $50, the
banker took $1cO. 900 in gold and ex-
changed that for $3.50, 900 in green
backs. These remained on deposit in
Washington drawing interest. With
their security he borrowed from the
government 80 per cent of their face
value. or 1925, 900 in currency. This
he loaned to his neighbors at high
rate of interest. Thus, in place of
500, 900 with which he started. he
had $475, 600 drawing interest for him.
He talks now very piously and very
loudly about an '.honest dollar"
What does he mean by itP He means
that the $3.50, 900 of bonds which he
owns, and for which he paid only
500, 900. and which, besides. has kept
1915, 900 at work, day and night for
the last thirty years, drawing interest
for him, shall now be paid, not in the
same kind of deprecated money he
paid for them, but in gold, or in cur
rency as good as gold. For each dol
lar he had in the first place he de-
mands now $3.50, although the people
have been paying him interest
on it as if it were $4.75. That
is the bankers idea of an "honest
dollar" Is it any wonder the
people are getting suspicious of such
honesty and are demanding the abo-
lition of the national banking system?
Is it any wonder that they are growing
tired of the brazen hypocrisy of the
capitalistic newspapers with their sick
ening, sniveling cant and pious bowls
about the dishonesty of repudiation?''
1t is like the thief which has stolen the
farmers horse, whining about being
compelled to return it without COM
pensation." In the name of all that's
holy and true, the thieves who have
stolen enormous riches out of the pub
lie treasury ought to consider them
selves fortunate if they are allowed
quietly to put back the stolen goods
and have no questions asked That is
what they call Reputation. They
ought to thank their lucky stars if the
outraged people are content with that
and do not demand that the robbers be
sent to prison for the remainder of
their lives. They have shown them
selves unfit to be trusted. They hound
to Jail with me rciless severity the poor
wretch whom their financial system
has reduced to starvation, If he steals
a loaf OF bread to keep alive his starv-
ing wife and babies. They have them
selves stolen millions of times that
much, and then. with satanic, flint
faced effrontery, instead Of quietly SUBJ
hitting to go to jail when caught, they
turn upon the ones who ask them to
put back what they have stolen, and
accuse them of being dishonest dem
agogues and repudiationists.
And the fool people who have been
robbed year by year listen to these
loud professions of innocence and
think it a shame that the poor honest
banker and bond-holder should be so
prosecuted. Then they begin to shout
for an 'honest dollar" Carlyle said
the people were mostly FOOLS, As
yet, however, nobody has offered to
sue him for libel. But even these
poor befooled people are beginning to
get their eyes open. They catch a
glimmer of the truth that the national
banking system has outrageously rob-
bed them, and the muttering thunder
that demands its abolition swells loud
er and louder. They call for dollar
that will be truly honest and they
are not much longer going to pay
tribute to the golden calf -Farmer's
Advocate.