The great West. [volume] (St. Paul, Minn.) 1889-18??, 1893-12-22

the oppressed for the consequences will be extreme and
During the Mexican war congress issued 500, OOO-
600 il treasury notes which full legal tender
tional money, and were always held at premium of
from to per cent specie. They carried the
try safely to victorious completion 81 the war.
But the most complete money and common sense
currency issued by the law Of 1916 making gold,
silver and treasury notes legal tender for all dues to
the government This benefcent law repealed at
the demand of the everlasting Nemesis Of country
the gold gamblers and bankers Of Change alley and
Wall street, in 1861 1t will be seen that up to 1861
the treasury notes. being legal tender always
good as coin and often at q premium. But as usual
when, in the beginning OF the of the rebellion the
national treasury was empty the government applied
to the bankers for aid they cooy offered loan Of their
suspended bank Of 1857 the rate of $50 for
bonds Of 800 bearing per cent against their coun
the country paid it's soldiers in the best money OF the
world full legal tender treasury notes good and bet
ter than gold But ever watchfu as yutures for car
rOn, his opportunity when by bribery, threats
and promises unpatriOtc congress surrendered to
the money lords and sold their country into long
cesson of oppressive legislation eliminating in poverty
|idleness, bankruptcies and ruin. s5
STATE AND SPECIE BASIS BANKS.
During the interim OF few years, from 1911 to
1916, the state banking system inaugurated JET
ferson Franklin and other influential statesmen pro-
tested against their introduction and demanded
~ national money. After season of ups and downs,
these banks suspended in 1914. They had only basis
legal tender to the United States and issued about
twenty dollars in paper convertible into coin, while
they had not dollar in gold to redeem Them
Congress in 1886 instituted repositories for public
monies in state banks and their notes legal tender for
government Dues They suspended in less than year
owing the treasury $40, 100000 and themselves
frmed bankrupts. This certainly burseye shot
for Shylock
From the foregoing instances we see that from 1886
to 1861 the United States Banks followed by
State Banks They chartered by the states
and were far the people were concerned, conf
dence institutions They professionally gold pay
ing for all debts but without government
They redeemed their notes for time but confidence de-
creased until redemption refused and suspension
ensued disclosing the general condition OF these banks
reported in table taken from the Merchants Maga-
zne being the report of the commissioners OF the Banks
of the State of Connecticut for the years 1887 to 1849
as follows:
Average capital..................$ 8,688, 295O 90
Average liabilities. 13, 139 ,23OOO
| Average loans and discounts II, 669 55a 90
Average specie 47S,119.OO
There is the result of twelve years State Banking in
Connecticut, and it is true to life specimen of gold
basis confidence banking. For the redemption OF the
enormous annual liabilities of 81 90 it held
deem each dollar. They had loaned nearly 100000
and drew interest all of it at per cent amounting
to $4,000 Had they loaned all their coin their in
would have amounted $28 74O So that these
Connecticut bankers annually robbed the public the
vast of $691 10000 of confidence and fraudulent
wealth. over and snoye what they could have ned
cheek to demand payment OF all this interest in ad-
vance, giving them another extoronate levy. Other
instances could be given space permitted, OF equal
extOrtOn in every other state in the unOn wherever
these state banks existed.
By reference to the old United States bank it will be
seen that by the use OF capital OF $35, 900 it
raised itself to the position OF public tyranttoo pow
erfu to be tolerated by free people, It's arrogance
power was so great and menacng that it's suppress
sion long considered impossible. But the daring,
heroic and patriotic forttude Of the noble led by
that grand lover of his country President Jackson
arrested it's schemes OF plumber and political and
ire the G% ss
Now we confronted by similar, but hundred
times more wealthy, powerful and interruptions bank
ing and money mOngering combination Of financial Op
pressOrs, known the
NATIONAL BANKS,
association organized under the laws of 1868 "a
evidently but subsidiary to the former law of 1862
creating the bond system OF the United States with
OOO and with reserves undivided profits and other
assets controlling capitalistc foundation of more
than s., goo, OOO besides organized control o
al the issues-bOth paper and metaic-Of this vast
country.
The reason for the creation of these two laws was
destroy and supercede the already popular and
feet money existence, the interest bearing
ury notes. The existence OF banks and bonds
necessary, far the people concerned but
perfect and cunning instrument for Shylock they
necessity and it's history during the last thirty
years proves it to be a complete success.
According to the report in the Bankers Magazine Of
O0O with full permission to this vast in what
speculations they desired and without exactng
dollar Of security interest and subject to be locked
up in their safes for an ind finite time OF forever,
i the case today in numerous banks OF the country
Besides the treasury and all it's officials and employ
es paid by the people, is completely under the contro
j q I'D IL ection Of this financial Octopo6s
1t is the Omnicient supervisor OF all political assem-
blies everywhere. It's agents at every political
gathering to dictate and enforce their deliberations
has it's grip on every business and business and
holds over them the sword Of Damocles to enforct
obedience encounter ruin. And all this machinery il
guided and it's mandates determined In the fnancia
Iclo of kho han
trolls and dictates the reports and policies Of the
troer of the treasury to sustain and strengthen