Indian chieftain. [volume] (Vinita, Indian Territory [Okla.]) 1882-1902, 1892-02-11
PEOPLES BANKS.
Our Platform should Demand the nation
Rlization OF the banking system Of the
United states.

RltxattOu OF the Hanlting system ot the
United states.
The debt burdened farmer the pow
erty-stricken laborer and the business
man who is trembling on the verge Of
bankruptcy, all suffer from the same
causes, aud would be benefited by the
same measures of relief. Neither the
producers Of wealth nor the legitimate
business classes who render useful
service by its exchange have any con-
trolling power over the machinery by
which all exchanges are effected by
law and custom, money is the medium
by which all debts must be paid on the
demand Of the creditor The price of
products is expressed in the language
Of money, and when products change
hands money Is the consideration
Hence money is the chief factor in the
mechanism Of exchange, and money is
controlled by the favored few, who by
law are enabled TO dictate the manner
OF It's distribution.
This legalized monopoly OF money
is equivalent 10 monopoly of all that
money viii purchase. The people
create wealth by labor, but money can
only be created by law, and the few
who have secured a monopoly of
money also control the law makers
elected by the vote OF the people This
imperial power OF money controls the
press, the politician and even the pull
pit and at its command false ideas are
disseminated among the people The
press and the politicians raise false is
4
divided into warning factions concern
ing matters which have but little or no
bearing upon their social or financial
condition, while from the pulpit they
are taught to owe no man anything; to
pay all their obligations to the utmost
farthing according to the strict lettor
of the contract
All agreements to pay are agree
ments to pay money, while the masses
of the people have nothing to pay with
but the products of their labor. Or
ganized wealth is the creditor, and or
ganized wealth controls he legal me-
dium by which debts must be paid To
pay the debt would stop the interest
and cut off the income OF the creditor,
and such creditor as Nhis imperial
money power, which IL Vie product of
usury in its varied forms will not per
nit this. Hence the people are com
PEELED 20 compromise, turn over the
products Of their labor at price fixed
by the creditor, pay the interest ex-
tend the mortgage, and ia case Of de-
flciency, negotiate new loan, and
thus increase the burden Of debt
This imperial power of money stands
between the producer and consumer
and exaets tribute from each. With
its control over the Medium by which
debts must be paid aud exchanges effect
ed, 1t is practically both tho buyer
and the seller of the products of labor
and hence has but little use for money
The large operators who constitute the
imperialism of wealth, effect all settle
ments through banks and clearing
houses, where one account cancels
another, requiring only a very small
percentage Of money 20 pay balances,
and this may take the form Of a check,
secured, perhaps, by a Kansas mort
gage. The money thus saved by
minimizing the demand for it, is loaned
TO producers and 70 those who pur-
chase their products and furnish their
supplies In every exchange effected
by this borrowed money the interest
is added TO the product that is sold and
deducted from the product that is pur-
chased, thus heaping usury upon usury,
10 be paid by the consumers. Under
this system it is only the farmers,
wage workers and retail dealers who
have any pressing need for money, and
the large operators who control the /
supply see TO it that they are not able /
TO get the use of il without high rates /
of interest secured by cut-throat mort
cages on property.
II is thus that the producers Of all 1
wealth, who are also the great mass Of /
the consumers, have become the great /
debtor class OF the country, while the 1
few who control the medium by which .
debts are paid constitute the creditor 4
class The debtor class, as producer
IF wealth, pays interest to the creditor
and as a consumer, il pays profits to
the same class. Thus this imperial
power of money robs the people accord
ing 70 law, and has established a despot-
ism, in the name of ofliberty, more power
ful than any political despotism that
has ever been established on earth II
absorbs all the wealth created by the
people, as interest profits, etc, and is
re-investing its accumula-
tions in interest bearing securities, up
on which the people must pay interest
The more wealth that is created by the
people, the more this Unsuitable credi-
tor is enabled TO absorb, and the more
is it enabled TO oppress the
debtor without violating single law
Of the state or nation, and in strict ac-
rordance with the popular code of busi-
ness morals which has been established
among men bv the false teachings Of
money despotism.
According 10 law and custom, all
possessing a money value is
as entitled TO percentage Of
Increase equal to the legal interest that
would be allowed for the use of the
money that it would sell for in the
market Even many reformcrs recog-
nize this as a correct principle, and in
the cost of any Enterprise. add
interest on the Investment as some
hing that justly belongs 70 the invest
lr outside Of a full compensation for
All the services rendered to society, to-
yether with cost Of repairs and insur- |
lnce against loss Such calculations are I
presented with a simplicity that would
-e amusing 10 an acute reasouer, were
L not for the serious nature Of the error
10 which they give countouancc. by
his rule, a railroad, FOR instance, that
,o-t 500. 900. 900 TO construct would be
iuf1ly entitled to legal interest on sl0o
700 600 in addition to full and equitable
,on pensation for all the service rem 1
iered to the people. Il thus becomes
IN effect a permanent iuterest-bearing
iebt The same principle applies to I
any manufacturing establishment, fac {
.orv. mine. electric light plant or other
enterprise. This principle, regarded as
legitimate and just by so many, if il .
D.. ssufua~zaf1~ arrIfaH would .