The Kinsley graphic. [volume] (Kinsley, Kan.) 1890-1940, 1892-01-01
day only gold has been issued as de-

day only gold has been issued as de
scrihed.
Much money has gone to the people
through the natio iai banking system
and lew tarmc5ys H. has, been who have
boU-0 wed direct from banks. Specuia-
tors hnve done the borrowing, at
enormous rates, always presenting
their account to the producer when
they bid on products. The masses are
not conscious of how dependent they
are on national banks The farmer
goes to market with his product, wheat
say. When the spsculutor comes to bid
on it he knows his price at the elevators
he knows the cost of storage, insurance
aud trans portationi he knows the cost
of interest in the bank for money with
which to pay for same; all this he
counts in and then makes a very wide
margin for the fluctuations consequent
to speculation in futures Then it is
that he makes his bid, the farmer losing
all these accidental expenses The
SPECTATOR gives his check on "A
bank with which he has previ-
lading (Which simply transfers the
wheat to the banlS) until the wheat is
sold, thus securing the bank These
banks do not deal altogether with money
extracted from the channels of trade.
To begin, few men-at least hVe-
must take ont articles of incorporation
and, in q town of small size, purchase
s5a. 600 worth of United States bonds.
In larger tow ms 500, OOO worth. These
bonds are held by the government,
locked in the vaults as security for -
per cent. of their value, which may be
issued to the company in new bank
notes at a tax of one per cent This
gives an auxiliary amount OF money
Note here the bottom, backing or secur-
Hrr rrfrT TOR Fan
is the bond of the United States, an
obligation, IL you please, of the United
States TO payi so it is the government
taking its own paper as security We
are not afraid to say it is the first case
on record where an evidence Of inde bt-
ednes7 is accepted Hs security. 1t is
clear that on the government sOlveucy
depends the entire banking system
The governments promise to pay is the
sole backing for the national bank
notes; then why is it not sufficient
backing for treasury notes issued as
money independently OF ths national
banks2
Thus we see the methods adopted to
carry out the provision Of the cOnstiLu-
tion relating to the coinage of money
With metallic money. the free coinage
is an admirable plan It gets iuto cir
culation viLliout being preys upon by
the money vultures- It is true as its
drifts through the channels OF trade it
frequently lodges in the national bank
vault, where 40 is held for a ransom
No one has been heard 20 complain
that it was class Legislation TO allow
the gold or silver miner to have his
product changed 30 money The sys-
TEN Is void Of complication. Not so
with national banks They Sc cure the
money at simply the cost of Issuance,
just as the miner does Then through
their gigantic com biHation- they not
only retail the auxiliary volume out to
the people at a usurious rate, but clutch
every dollar from trade for speculative
purposes
How would a system do by which the
volume OF money Ia circulation was
made absolutely dependent on the de-
uaud for money! Let the metho OF
issuance partal1e somewhat of each OF
the present plans Let it be issued as
IN free coinage to a producer and not
an aecumJslat1E Let there be @ back
ing Tor fhe issuance as with national
banks. but let that backing be an evi-
deEcs Of wealth and not au evidence OF
a1de ptedueas- Was ever such q plan
proposed bsfore2 Certainly. read the
Oes-is demand As u1cdr6ei at Indian
Gpoliss
lallzs. iFe dieHland that the govern
1cpcsitsrias in lhe several states. which
aiia.tl issue mcney direct % the people
e 3 low sa+s af t-Estign. not 20 exceed
s1Fc e--- pee unRnul. ou uua-llr-
taT2 acts snd also $500