The farmers' union. (Memphis, Mo.) 1891-1895, 1893-08-31
ABOUT BANKS.


Neither is the Populist party tie enemy
of banks. TO the contrary We are the
| friends OF bankers, but are opposed to
some Of the present practices which We
shall take pains to explain.
In the first place We want it distinctly
understood that We know what We are
| talking about. and precisely what we
are thinking about. and furthermore we
| intend that the people shall know what
| We are talking about.
The Populist press and the Populist
leaders have never said one word
against the private banks Of the coun-
| try for this reason: Private banks are
private enterprises for which the pub
lie are not responsible. If a man put,
his money into a private bank it is his
| own business and if he loses it the pub
| lie does not have to answer for it,
The Populists have opposed the
| national bank system. not because they
| were opposed to banks but because the
system is wrong. Let us fully ex-
plain.
The national bank system is founded
on an interest barring debt. Its life
depends on a continuance Of the debt
for if the debt is paid. the banks are
| annihi!atcd. AS long as the banks
exist the people must pay interest.
The system was conceived in cO,rlp-
ton and was Il robbery. Let us explain:
| In 1866 the war began over. the money
power induced the government to burn
| up 1924, 400 Of legal tender paper
money and issue instead interest barring
bonds for a national banking basis. In
1861 the government burned up S4.l.-
10000 and issued more bonds for the
people to pay interest on and for a
banking basis. 1868 the government
destroyed S425. 443.SOu of legal tender
money and issue interest bearing bond ;
for banking basis. The following
years less amounts were DESTROYED
S341, ,6Sl. .OlG of United States notes.
commonly called yreenbacks. Nearly
all the bonds were issued after the war.
were issued to furnish a banking basis
and to contract the currency by des-
troying it, and upon the ashes of that
money the people have been paving Il
| gold interest and will eventually have
to redeem the bonds in gold for which
the bankers paid paper money. These
are the cold. uncolored facts and if it
was not the greatest robbery ever com
mitted please tell lis what the name OF
it is.
Nor is this all. The government,
after having destroyed the money and
issued instead interest bearing bonds.
takes the bonus on deposit and issues
to the bank 80 per cent of their face
value in bank notes. These bank notes
are loaned to the people at big pc,
cent. and oftimes return payment is
exactcd in gold coin. In this way the
ba'kcrs get two interests on the ashes
of his paper money and gets gold in re.
turn both for interest and principal
These are some OF the very pcrtinen,
reasons the people have for opposing
the national banking system. but ar,
not all. Another reason is that the
national bank is not national bank
The name is misleadiny 1t is national
in name only. The government doe:
not @uarntee its safety. 1t simply
Euarntees to redeem its notes and re
quires that it keep certain per cen
OF the deposits on hand. The failure:
Of national banks proves that they az.
not entirely safe. What is wanted i:
Il genuine national bank with :he GOV
ernment behind it. Such bank wou,
be safe and no runs would be mad,
upon it because when Il man puts hi:
money in such 4 bank he knows he vii
get it again. Such a national banking
system would have made the prcsen
panic impossible.
We have 10 unkind word for tn.
national banker As an individual, bu
we are opposed TO the system. The
people deserve something better ant
they are going 10 have it, The CT,
that Our banking system is the be>
the world ever saw is Il lie on the fac.
OF Il. for England has had Nationa
bank III which no depositor ever los,
dollar and upon which there has been
no run in POO years.-Auburn. Ind.
Times.