The Caucasian. (Clinton, N.C.) 188?-1913, 1894-11-08
aud IS practically made legal ten


owner. and produce owner cannot
f. do so.
This advantage alone would con
stjtute an enjoyable element in any
well regulated 'fpicnie."
! Il He can lend the 800 at 5 pei
I cent when II costs him but I pei
cent man who cannot get up q
pic nIc' on little bonus like that
must be a chronic victim to the mel
; AL holy.
( !. The government agrees 10 take
his notes in payment OF taxes. ex
cIses. pulic lands, and all other dues
To the United States, except import
duties. All salaries and other debts
! due the United States TO individuals,
or corporations of this country. shall
be legally payable in these notes
! No such privilege and power is
/ given To any other citizens note.
/ Import duties must be paid in coin:
30 must the interest and principal OF
the pubic debt.
What Is the public debt2
The bonds held by these National
Bankers.
Why IS coin demanded for import
duties!
In order that the government may
he able TO give it to these Bankers
Therefore the law says that Ma
tonai Banker can compel every 9th
er national creditor to accept MS
notes IN full pay ment. but that the
Banker himself can refuse to accept
his own note, and can demand coin
a man who cannot smell "picnic'
all along here, must have let his ma
sal catarrh stand too long.
3. The guaranty of the govern
ment is what sostains the value of
the National Bank Note. The bond
holder pays nothing whatever for
this guaranty.
y. The government guarantees
payment of the notes, free Of charge
The people borrow notes at per
cent. interest.
What constitutes the government!
The people.
Therefore the people endorse a
note for the National Banker, free
Of charge, and then turn round and
borrow that note at per cent. This
is plcnic-"but not for the people.
10. National Banks become depos-
itories of public fnnds-paying moth
ing for the use of them.
The New York banks have had
more than $l5,OO0,O 200 of the tax
money of the people all this year.
The administration can thus enrich
IT'S favorltes at the public expense.
Few Southern banks enjoy this side
dish of the "picnic." The North
and East get the lions usual aIlot
ment.
AS stated in our former article
the government reports show the
full fatness Of this system on page
~ of the statistical Abstract"
The figures for 1898 stands thus:
Capital $68I. 800, ,67S
Surplus 248, ,l22 .9OS
Total Net Earnings 68,760,351
This table shows what the system
has actually yielded III the way Of
profits on the banking privilege
alone. 1t was ten per cent in 1898
L LIC tCbtIC tiOtS uOI l1cIuUc iHt III
come from the bonds themselves.
Nor does the table show what the
exemption from the tax is worth.
The income from the bonds must be
added to the profits made from the
banking and then you will have the
grand aggregate of the double reve-
nue. derived from the money invest
ed in the bonds.
The Washington banker seems to
be skeotical as to the existence of
the ''picnic."
Let us ask him this:
If National Banking is not a good
thing why do the numbers of Ma
tional Bankers so constantly in
crease? These men are the lords
of wealth. They are not tied down
to farms, factories or mines. They
have freedom of choice. They have
on their sides the autocracy of cash.
They can dictate their own pleasure
The fact that an increasing number
of the men who have Unlimited and
untettered choice of business choose
to go into National Banking, is the
most convincing proof that the "pic-
nic' is there.
Upon one thing we were wrong
and the Washington Banker is right.
National Banking is not restricted
to cities having at least 5000 inhab-
itants. Memory misled US on that,
to our regret.
On page IS of "Watson's Cam
paigu Book the is properly stated
thus:
In cities of 5000 or less a Bank
may be Incorporated with d capital
of not less than $50, 200. Where the
population exceeds $4,000 the capi-
tai of the bank must not be less tnan
$500. 900. Between these limits of
Population the bank must have a
capital of 100000.
The fundamental objection to Ma
tiOnal Banks is that the right to is
sue money is sovereign power
which should be exercised by the
government alone. 1t should not
delegated. To farm out to any in
dividual or to any Incorporation. the
tremendous privilege of expanding
and contracting the currency is to
make class the absolute masters OF
the situation They can contract
the volume of money, force prices
down. and buy; they can initiate the
currency, force prices up, and sell.
They can do this upon a regular sys
tenn which the balance of the busi-
ness world is powerless to check.
Thus all other kinds of property is
at the mercy of those who WELD this
tremendous power.
Jefferson and jackson and Benton
saw this, and they fought National
banks with all the strength they pos
sessed. But the party of Jefferson
jackson and Benton is controlled by
National Bankers, and we find good
Democrats everywhere disputing the
existence of the "picnic.' The rea-
| son is plain. They are ENJOYING