The great West. [volume] (St. Paul, Minn.) 1889-18??, 1892-12-02
PEOPLES BANKS.

Our Platform Should Demand the Nation
alization OF the Banking System of the
United States.
The debt burdened farmer, the pov-
erty-stricken laborer and the business
man who is trem bling on the verge of
bankruptcy, all suffer from the same
causes, and 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 bv
law are enabled to dictate the manner
of it's distribution.
This legalized monopoly of money
is equivalent to monopoly of all that
money will purchase. The people
create wealth by labor, but money can
only be created by law, and the few
who have secured 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 it's command false ideas are
disseminated among the people. The
press and the politicians raise false is
sues and seek to keep the people
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 letter
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 the legal me-
dunn by "hich debts must be paid. To
pay the debt would stop the interest
and cut off the income of the creditor.
and such creditor as this imperial
money power, which is the product of
usury in it's varied forms, will not per-
NIT this. Hence the people are com.
PEELED to compromise, turn over the
products of their labor at price fixed
by the creditor, pay the interest," ex-
tend the mortgage, and in case of de-
ficiency, negotiate a new loan, and
thus increase the burden of debt
UThis imperial power of money stands
between the producer and consumer.
and exacts a tribute from each. With
its control over the medium bv which
debts must be paid and exchanges effect
ed, it is practically both the 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 very small
percentage of money to pay balances,
and this may take the form of check,
secured, perhaps, by a. Kansas mort
gage. The money thus saved by
minimizing the demand for ii, is loaned
to producers and to those who pur-
chase their products and furnish their
supplies In every exchange effected
bv 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,
To be paid by the consumers Under
this system it is only the farmers,
yoaoe workers and retail dealers who
have any pressing need for money, and