The representative. [volume] (St. Paul, Minn.) 1893-1901, 1894-01-31

beef, timber and other products abroad,
and much more than we ever received
In return, to England. The enslave-
ment of our people was accomplished by
the British system of finance, introduced
after the war of secession. Money had
been made as scarce as posi- BILE, in Or
der to expand bank credits. All large
business transactions were carried on
| ~ means of checks, drafts and other
bank paper. Each and every one of
these pieces of paper was to all intents
and purposes promise of the bank to
pay an obligation they invariably failed
to meet when payments were generally
called for. To illustrate: Suppose Jones
deposited $1,000 in bank subject to
check; he would receive no interest.
Brown, owing Robinson 81, 600, borrows
the money from the bank. giving secur-
ity for the amount and paying the bank
interest. Robinson, having no imme-
date use for the money, would deposit
subject to check and receive no inter-
est. Then Smith, needing that amount,
borrows it from the bank, also giving
security and paying interest.
In that case, you see, the bank was
drawing interest from Brown and Smith
on Jones' money, and while both Jon es
and Robinson had a claim for 81, 900
the bank had none Of the money on hand
should they call for it.
but, worse than that, Jones in all
proba bility did not deposit ready cash.
but check-the note of bank. Brown
when he borrowed it did not take cash,
but made check for Robinson, and he
simply deposited the check in the bank.
And SD Smith only took a check or
handbook, which is note of the bank
er, certifying the amount of his debt to
the holder of the book Thus you see,
81. 600 worth of business was done, and
not one dollar of cash was used in the
transaction, nothing but bank paper
bankers debts. In this manner the
bank could loan Jones money 20 times
over and draw interest on it every time.
The bank which had a capital of 49,
600, 600 would often loan out money to
the extent of $50, 100000
Suppose Jones gave Brown a check
for 81, 900 on the Merchants bank, but
Brown, doing business at the CONNER
cial bank, would deposit the check in
his bank. Then the right check would
go to the wrong bank. This being the
case in numerous instances, the banks
would sort those checks after banking
hours, and a messenger from each bank
would be dispatched to the back room
of one of the banks, where the checks
would be exchanged and the accounts
cleared. Suppose the British syndi-
Gates wanted to buy an American
gold mine for, say, $1,0O0,000 The
sum, as l explained, would not be
paid in cash, but in some form of
bank credit. Suppose it was a draft
on the Bank of England. Now you
see that paper was in no sense real mon
ey, although it did the service of mon
ey. After the syndicate had taken pos
session Of the mine, it would employ a
| number of American citizens to work
it. After time the profits of the mine
would amount to 1000, 600, and this
would pay the note originally given.
Then the syndicate would own the mine,
the American people be in debt to them
81, 900, 900, and have nothing in return.
by this system the syndicates soon
obtained possession of everything of val
ne in the country. You all understand
the fearful power of usury to increase.
Capital at per cent compounded will
double in less than II years. Once
having the control of $40, 900, 900,
the syndicates could. without investing
another dollar of their fictitious capital,
and figuring at only 6 per cent, increase
their holdings in 10 years to $40, OO0,
600, 900; in "a years to $40, 900, 0O0,-
600 and in SO years to $50, 900, 900, 900.
After that the rest was easy. The syndi-
cate owned all the great newspapers, the
American farmers had become tenants
on the lands their fathers had wrested
from the wilderness, while all large en-
terprises that had been organized into
trusts belonged to British capitalists.
LAS far back as 1898 a British cap
italist named Carnegie advocated the
union of the United States and Great
Britain in magazine essays and speech
es, but at that time our people were
comparatively free and independent, and
very few paid any attention to him.
After the syndicates owned nearly
the entire country, including the peo-
pie, who had been degraded to the level
of serfs and tenants, only too glad to be
able to earn enough to keep soul and
body together, it was comparatively easy
to accomplish the union.
'Carnegie's statement that the people
of both countries were OF one blood and
one kindred was brought forward
again. the newspapers all favored the
plan, and the people-well, they were
compelled to vote as their masters and
the landlords dictated. A few sturdy
patriots raised their voices against the
union, but the papers and the politi-
clans. who were mostly the hired at
torneys of the syndicates, denounced
them as anarchists and socialists and
drowned their cries in torrent of ridi-
Guile and abuse, so that when the 'pleb-
iscite' was taken very few votes were
cast against the union of the two coun-
tries.
The rest you know. You know that
this farm, cleared by my father and left
to me unencumbered, belongs to Lord