The great West. [volume] (St. Paul, Minn.) 1889-18??, 1892-11-18

Nsana q Llfting> the Great Debit E1Us
tho Naclxa 81 the Taonla

- A<AA - ~ 9fEOSS xA01t =
tho NscIa Of the People. 'ss
One Of the Peoples party demands
IS for the abolition 81 national banks
as banks Of issue and the substitution
Of, legal tender national currency is
sued BY the government directly to
the people id lieu Of bank currency.
The chief arguments in support Of
this demand are to be found in the
power Of the banks to control the vol
ume Of money in circulation. and also |
in their power to influence lsEisiation
in the interest OF capital. The Peo-
pies party holds that congress has
no right to delegate it's authority to |
coin money to corporations and with
Jefferson. it holds that national banks
are more dangerous to the liberties OF
the people than standing armies.
The Republican party and the sup
poriers Of the present system make
no answer to the arguments presented
against them. but as reason WY
the national banking system should
not be interfered with they protest
that the business is improbable. and
that those who are engaged in it are
losing money. A long array of
figures is presented to prove this
proposition, and one OF the chief
factors in this mathematical demon
stration ia the premium upon the
bonds deposited with the government
as security for the notes. In present
ing this argument our friends seem
to forget that those bonds were
originally purchased at an average
cost OF sixty cents on the dollar. and
that by subsequent legislation they
have been raised to par to a premium
above par. They forget that this
advance IS in itself matter OF clean
profit They forget also that it is
hardy legitimate to offer the fact of
q premium upon their bonds which
has been brought about by system
OF gambling among themselves en-
couraged by national legislation. as
an element in q calculation Of this
character
If we admit the claim that the bust
ness Is Improbable we must agree
thas those who are engaged in it are
q set OF tho most consummate numb.
skulls in the country. says the To-
peka Advocate and Tribune or they
would not desire to continue in it.
There is no compulsion about It
There is no law upon the statute
books requiring anyone to engage in
this losing business. Why don't those
fellows get out. Of it? In a great
country like this in which prosperity
is running wild and overtaking every.
body. however much he may try to
get away from it certainly business
opportunities are not so rare that q
man must continue in losing enter
prise all his life !. The people do not
require such a sacrifice at the hands
of any class OF men. and If the claim
Of the bankers is true they might
very easily satisfy our people and
quiet their murmurings upon one
subject while at the same time pro-
noting their own interests by simply.
going out OF business This would,
end one calamity howl. and; ii their
story Is true. would be money in their
Pgckets at the same time -
1--WE shall not at this time otter into
any contest Of the figures presented
to prove that there is no money made
by national bankers upon their cir
culation. Admitting it to be truo for
arguments sake that is not the ques.
ton involved in this controversy. The
great objection to the national bank
ing system is in the power 1t pos
sesses to control the volume OF money
IN circulation, and this is the propo-
sition that the advocates of the sys-
tenn are endeavoring to keep in the
background. They want to obscure
this issue by the cry OF loss upon cir
culation. The great profit growing
out of the system results from its
fundamentally in making money
scarce and thereby increasing the
purchasing power Of the dollar The
money classes whether bankers or
stockholders in railroad and other cor
porations and all who enjoy fixed in
comes. OF course are Interested in this
increase of the purchasing power of
the dollar. while the man who tolls
and the producer of wealth. and the
great debtor class of the entire coun-
try, constituting by far the greater
part OF our people are being robbed
every day by this high priced dollar.
These classes are interested in q
large increase Of the currency which
would give increased wages to labor
and increased prices for the products
of industry. By this means there
would be a possibility OF lifting the
great debt cow hanging like mill
stone upon the neck of the people.
and prosperity might thereby be ex
tended to the masses instead of being
limited as at present. to the favored
few.
Those Rotten Eggs.
Not a single Republican paper in
, the country has heard OF the egging
Of Mr.. Otis at Princeton in Franklin
county, except the State journal Of
this city. and it is very uncertain
about the correctness Of the report.
These enterprising journalists can get
the most minute details Of the egging
of General Weaver's party from away
down in Georgia and they boil over
with righteous Indignation at the OUT
rage perpetrated against free speech