The midland journal. (Rising Sun, Md.) 1885-1947, 1892-08-12
Bank and Banking.
No. I.

signifies place Of deposit of money, and is
derived from the Italian word banco, a seat
or bench, the first custodians or dealers In
money in Italy having been Jews, who sat
on benches in the market-places of the prin-
cipal towns. In the infancy of almost all
modern civilized nations, the earliest money
dealers were Jews.
In the reign CT Charles 1, Jews and gold
smiths, to whom valuable property had
been assigned for safe custody, began to
exercise the profession Of bankers in Eng
land; but till much later period there
were several eminent bankers in London
who still keptgoldsmiths'. shops. CLEANERS.
In this account of the origin of English
banking we find the germs of the present
gold basis barbaric system which is still
made use OF TO defraud the producing classes
and exact usury.
The true system Of banking was estab-
lished by the little republic of Venice in
I'LL. There was no gold basis used in the
Venice system which was born of the neces-
sity Of war like our greenback money system.
but it was not followed up by fraud like
our government bond scheme. The credit
and power of the government of Venice was
pledged for the legal tender quality OF the
Venician system, and this was continued for
six hundred years.
This English system which grew out OF
the pawn-broker business originated by the
Jews in Italian towns as Chambers informs
lis, was attached TO our monetary and
national banking system, and the entire
volume of our money placed back in the
pawn-broker's hands SO that the same old
barbaric system of usury could be contin-
ued, the gold basis fraud.
There meyer was more contemplate
fraud imposed upon an intelligent people
than the worse than Hindoo fable that gold
is a necessary basis of financial system. In
fact it plays no part in the system except
that OF defaulter, a panic breeder and
pirate. The same class who sat on benches
in the Italian towns and received jewelry
in pawn for coin money from the needy and
extravagant mobiles, charging them heavy
usury for the accommodation, have succeed
ed in improving on and simplifying the
fraud, by depositing in a strong box one
ounce of gold and issuing to the industrials
and wealth producers ten times its value in
paper notes or credits on tine ledger in eX-
change for endorsed notes, or evidences of
debt, to the amount of the credit, drawing a
usurious interest. The gold coin certainly
has no part in that transaction. One dollar
of gold can in no possible event redeem ten
dollars of debt. 1t does not, when the
transaction has run Its course and the debt
has been cancelled, play any part in the
action. The debtor pledges his property
for the return of the money or notes at the
end of specified time. If he fails to do SO
the banker sues him, sells his property by
ment for the condemned property and the
transaction is completed. The government
has made these bills legal tender for the
payment of debt and for the purposes OF
money in all the transactions OF commerce.
The gold has no part or parcel liz it, and
serves no other purpose than that of hea-
then god locked up in temple TO frighten
ignorant, superstitious people while The
priest robs them.
Money cannot be redeemed. 1t can be
and is often swapped-metal money for
paper, or paper for metal. And then what
follows? The metal coin is handed oyer TO
the merchant for goods, and the paper note
is passed over to the same merchant prob
ably in payment for merchandise, and
neither pays for more goods than the other
This paper and this gold piece of money
perform exactly the same Office 1.-THE gold
is wanted TO make jewelry or to apply to
any personal use the money must be de-
stroyed. 1t is money no more. The gov
eminent endowed both with the function of
money and if they are not in every respect
equal as money it is because the government
chose to curse one and like Cannan make it
a servant 10 its brother, by placing on its
face twill pay'' or some other degrading
mark
This mark of the beast should be removed
from our money and this gold god which
has been carried down from the half bar
barrie ages, from the banco in the market
place and set up in the palaces in our mod
ern cities called banks, dethroncd.
So long as modern nations continue to
make money of gold and silver, as prin-
ciple of business the United States should
continue to do so, because we produce more
gold and silver than any other nation, and
as they are of more value manufactured into
money than in the bullion state, we should
put them in that shape which commands
The highest price and that is coin. When
we coin all of our gold and silver there will
be scarcity of bullion in the market and
its price will always be equal to coined
money in weight. 1t is possible for these
metals to rise above coin value but it is not
possible for them 10 fall below when all is
coined that is brought to the mint. On
business principles we shuold coin all Of our
precious metals, but there is no other finan-
cial reason for doing so.