The farmers' union. (Memphis, Mo.) 1891-1895, 1893-05-18

take the place of this gratuitous loan.
During President Cleveland's previous
administration, according to the Trca
sury report of 1889, he had caused to
be deposited in the different national
banks, enormous Sims of the public
funds. These deposits amounted in
April, 1883, to the vast aggregate OF
sol .92l .2?l. Such a fragrant misuse
of public trust has had no parallel in
modern governments. At the rate of
s per cent. interest. silch as the farm
crs and laborcrs Of this country have to
pay. when they loan money these de-
posits We're an annual gift of S4,O13,-
1882 to the banks of The country.
This amount has been reduced to SO,
55o, $50 at the present time, which at .
per cent, is sill 4 gratuiiy of $SS4.
06G IS yearly. The real skin game at
tempted was IN Issue fthonds. which
the banks would huv Of the Govern
ment. with the money the Government
was loaning to them withou. interest.
Th, banks could take the Slp, 800. S3G
of money loaned them by the Govern
mcnt and buy Sln..,5o. $50 in United
States bonds and have issued to them
30 per CEN. of their face value. or
-. i41. 752. 30. in National Banl. eur
re,lrv, which they could loan ont at $
per cent. to the people. The result
would be RS follows:
Interest on $40 800 $50 III bonds at
3 per ccnt. 3l6.:,25.o>. In interest on
-, ,4o5. 754 10 in National Bank cur
rencv. 800. 6GO. 1o, or total of II orc
1927. There is 10 cutting loose for
this computation or the fact that the
banks ronld make Use Of the money
now on deposit with them by the Gov
crnmrnt in this manner. That this
was the object of the gold scare there
is no doubt. that the banks would
have made the most of this opport ur-
i,v, the entire history OF their past
would Sustain.
Drcciv,nS the People.
To one who understands the tinan-
cial situation Of the United States.
nothing tmore aisgraceful than the
present gold scare" is imaginable
10 prove this let us give the ,lain
facts and figures without comment.
The total debt of the United States
last December (sec Chicago News
| almanac, page 1o5-we could give a
! later date. but we want to let all have
an opportunity to find the authority
was: Non-interest bearing SogS :}G9
| Gj6. Interest bearing 500, ,U32 $50.
Debt On which interest has ceased.
| -, l32. .0l3. 26. On the same date the
cash in the treasury amounted to
| 500, IA o02.:5.
This caah is held as a matter OF
conrse under all kinds Of fraull,nt
t legaliZed pretcnses to all the Hi!lio'.
aire money lords in maintaining thcig
! perpetual corner III money. When
currency rcfnrmnrs protest against t:i>
inillity. and show tat the stringcncy
Of the money market cramps business
and cau>e1 innocent failures on til.
part Of honest. energetic business men
poverty TO farmers and ill.ncss t
lah"rlng people, they are llowlel dowl
by a misled OF hir"ling press. Who
ever heard of Il business man having &
total debt of 81 ,1SG that kept 500 cas-!
on hand to meet obligations most o
which are not due and payable, ano
that no one for a moment suppose:
| Will be presented Tor payment. eXcep'
in very small amounts. Now ad,
millions 10 thos" figures ana YOU ca,
apply it to the United States. Ans
with 500. .ODD, 600 to meet 81, 1S6, 900.
900 and an income of over $500. .0Ho.
600 year. the government official
claim that the ercii. of the country l.
in great danger.
What is their remedy? In thre
words: to issue bonds. In other word
in order to maintain its credit. tn
government is to increase its debts.
Can any one imagine a more iaioti'
policy than this: And both old lar
ties and their organs advocate thi
olicy. Ii it We're done by privat
individual his friends would send hin
to the insane asylum. -Nnnco,uformist