The representative. [volume] (St. Paul, Minn.) 1893-1901, 1893-12-06
A RINGING
PROCLAMATION
From Gov. Waite of Colorado
"Old Blood to the Bridles'
Talks Right Out.
1.-THE South and the West Must
Unite or Die"
PART II.

PART II.
MR.. EDITOR:
AS to the plan to issue more gov
eminent bonds or to revive the state
bank idea, the west is and will be in
unalterable opposition. We stand
upon the doctrines of Jackson and
Calhoun, as to the entire banking
system, and we invoke the people of
the south not to abandon the faith
of their fathers. Any banking sys-
tenn which provides for bills of issue
as currency, is fraud from the
ground up; it gives to the banker as
a privileged class the right to drdao
interest upon has debts, and that is the
main object of the banking system.
All other effects that may be benefi-
cial, such as increasing the volume of
the currency, an issue Of greenbacks
will better accomplish without
the unconstitutional provision that
bank corporations or any privileged
class may emit bills of credit or coin
money, which right has been taken
away from the states and is possessed
alone by the national government.
The difference between money cir
culation issued by banks and by the
government, is radical. Both in a
degree relieve the scarcity of money.
A bank loans thousand dollars for
80 days. During that time the mon
ey stringency is that much relieved.
The borrower buys his supplies or
pays his creditors and these credit
ors pay theirs; but how long does
this particular era of good times last?
When the bank note becomes due the
maker must collect and pay back to
the bank not only every cent that he
borrowed but also the interest there
upon. The scarcity of money actual
ly becomes worse than it was before
the loan, and must so remain until
the bank chooses to issue it's money
on a new note. But if government
loans money directly to the people on
long time and at low ties of interest.
and there is no good reason why
governments should not do this direct
ly as we'll as through the agency of
banks, state and AUTOMATICALLY the
annual interest is paid, and the prin-
ciple, once loaned, remains in circu-
lation among the people for ten or
twenty years as may be provided by
lava substantial increase of the
currency. The unparalleled business
prosperity Of the moth and west dur
ing the late civil war, was due to the
fact that an immense volume Of mon
ey was in circulation among the peo-
pie, which was not borrowed from
banks upon usury, but was paid 10y
the general government directly to
the people, for salary, for pay Of SOL
diers and sailors, for clothing of all
kinds, for horses. mules, beeves, wag-
OnS, corn, wheat, flour, and munitions
of war of every description. Pay
ment was made for all these articles
in treasury notes, in greenbacks, in
mpOund-intereSt notes and in 7-3O
bonds which were issued in the shape
of bank bills and designed to and did
circulate as money. All this curren-
cy (and it amounted January l, 1866.
to one billion six hundred and eight
cen million, seven hundred and five
thousand dOllars-see p. 3l9 Blaine's
Twenty Years in Congress, Vol. o.
and this amount did not include two
hundred million dollars national bank
bills also in circulation at this date
was issued for value received and be-
longed to the people. 1t did not have
to be gathered up every 60 or 80 days
and returned to some bank with in
terest for its use, to be reloaned at
the pleasure Of the banks and. if
loaned at all, loaned under such con-
ditiOns as virtually compounded the
interest four to six times year. Is
it any wonder that the people of the
north and west, relieved from this
burden of usury, which any banking
system whatever imposes, relief in
this instance not due to the states
manship of any of our politicians,
but compelled by actual necessity,
should, amid all the horrors of civil
war and Notwithstanding the i'm