The advocate., 1894-01-24
GREAT PROBLEMS SOLVED
By Getting at the Bottom Principles on
Which They Are Bssed.

in point. How many are constantly
protesting that they can't fsthom the
secrets Of banking nor understand the
national bank scheme. And how few do
really understand il; and only because
they don't think themselves able to COM
prehend such things, and, therefore,
don't try to understand it. Yet 1t is one
Of the simplest devices Of man, as well
as one of the most affective for feather
inR the nests Of the shrewd and cunning
who live off the sweat and toll Of their
fellow beings. And these (the shreWd
and cunnipg) are interested in keeping
this fact from their victims, and there
fore pretend to q wonderful sleight Of
hand in the exercise Of their craft, and
involve it in intricscies and perplexities
on purpose to confound the common
mind. Therefore, men, as in other cases
supposed to be too complicated Tor the
mBsses to understand, accept the newt
able, and are hattersd by the bank Ru-
thorities that their institution is dis
pensary Of blessings to the needy and
afflicted in pocket and mankind in gen.
ersl that couldn't be spared. And 90 the
masses have no time to philosophize or
to seek out the principles OF even those
things that most concern them, they SUIT
fer on till cstsstrophY like thSt we are
now undergoing, and which is the legiti-
mate and unavoidable outcome Of the
system, is preCipitated upon the country,
as 1T has been every ten years Of our ex-
istence as people, bringing sadness and
sorrow to millions, and depression and
prostration to all the great industries OF
che nation.
The old and ordinary system Of bank
ing in vogue among US previous and up
to the war Of the rebellion wRs bad
enough; but we have one now that far
transcendB that in iniquity; and is as
hyperion to sstyr in its capacity to
sponge up the proceeds oflabor and thus
exhaust the energies Of the toilers OF the
land. That conferred upon q select and
favored few the power and privilege of
issuing their notes, or bills, as they were
called, to the amount Of $3 and "a for
everyone they had on hand to redeem
them; and this privilege was 30 generally
stretched TO $40 and $40 for every dollar
held in reserve, and sometimes to the OK
tent Of hundreds Of dollars, that it
might be called the general rule. And l
needn't say that this was privilege not
enjoyed by any individual member OF
society, and therefore was in the nature
of a monopoly at war with the principle
Of equal rights to every member OF the
body politic which is the fundamental
principle Of our institutions. And these
bills, remember, were nothing more than
their own promiasOry note to pay when
they were able or when they chose to
pay; and, unlike the note Of the less
favored citizens, actually drew interest,
instead of paying interest, az the unfa-
vored man Is required and compelled to
do-and that interest from TO 10 per
cent, according to the poor mans neCes-
sities or the hsrd-hearted bankers
caprice. Yes, actually drew interest on
their dsbts-an anomaly in trade, traffic
or business unknown in any other
instance Of political or social economy.
The capitalist, unchartered by govern
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