The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1895-09-21

from taxation.) This was pretty good
dnanciering, for these bankers to re-
ceive $4,000 a. year in gold on the $780,
00O in currency which they had thus
loaned to the government. But this
is not the whole story. They had their
bank made a public depository. They
soon discovered that there was scarcely
ever less than $1,000, 900 of government
They did not like to see this vast sum
lie idle. They. therefore, took ST.
100000 of this government money
and bought $1,OOOOOO of five
twenty bonds with it. In other words,
they loaned $1,000,000 of the govern
ment's own money to the govern
ment, and deposited the bonds receiv-
ed in the vaults of their bank, on
which they received from the same
government $4,000 a year in gold as
interest. Thus for the 100000 in cur
rency, which they originally loaned
the government, they received annual
ly in all S7S,OO0.'
The great evil of the national bank
ing system is that the banks control
the volume of money, and are making
more strenuous efforts every year to
achieve an absolute monopoly of the
money of the people. The only hope Of
Of Jefferson. Let the banks continue
if they please, but let them discount
for cash alone, or for treasury notes.
The Republican theory, as first pro-
mulgated in America by Hamilton, was
identicdlly presented by Senator John
sherman, when introducing the ma
tional bank bill in 1863:
But it is asked, why look at all to
the interests of the banks; why not di-
reetly issue the notes of the govern
ment, and thus save the people the in
terest on the debt represented by the
notes in circulation? The only answer
to this question is that history
teaches us that the public faith of the
nation alone is not sufficient to main
tain a paper currency. There must be
a combination between the interests
of private individuals and the govern
ment."
Thus the fundamental 'error of Re
publican financial policy is clearly re-
vealed. 1t is to farm out to individ-
uals and corporations a power that is
inherent in the people as a whole. The
power to create money, whether of
gold, silver or paper, is an attribute
of sovereignty; it inherits in the body
polite whose interests are broader
than those of individuals. When pub
lie interests are subordinated to in
dividual and private selishness, the
people are necessarily dominated by
a class. This has been the nature and
cause Of tyranny and OPP
preston since the dawn of history
1t was the natural fruitage
Of Republican policy to revel
in extravaganza. Private jobs and
corporate greed were stimulated and
encouraged on every hand. The great
leaders of the Republican party, like
Blaine, Sherman and others, soon be-
came immensely wealthy. Within ten
years after the close of the war they
ranked as millionaires. But 1t is as
we'll, perhaps that statesmen who
frame a policy of injustice should also
profit by it as that their favorites and
supporters should reap an unrighteous
harvest for it demonstrates the eff
f1ciency of the policy to usurp and
inappropriate the wealth of the coun-
try. When the Normans overrun Eng
land some centuries ago, they divided
the land into separate holdings for
themselves, and they made serfs of the
inhabitants. The means employed in
this case was physical force. Under
Republican policy the same results are
brought about, but the means en-
ployed are not phySical-they are in
tellectual; they consist of superior
shreWdneSS and cunning. No keener
witted set of men ever beguiled a no.
bic people than the chieftains of the
Republican policy. They outclass the
Normans tenfold, for without shedding
a, drop of blood the property and
wealth of the country are passing into
the hands Of the few. and the masses
are slowly but surely sinking into
bondage. The national bank system
above outlined is one of the engines of
Republican aggression. 1t is para
site whose growth, like a cancer, saps
the vitality of the social organism.
There can be no cooperation between
such an institution and the public well
fare, for their interests are antagon-
istic This banking system seeks to
control the volume of money in it's
own interest; and as we'll might the
life and energies of the body be con-
trolled by a cancer. AS we shall see
in the next paper on Contraction, the
greatest calamity that ever befel the
country was inaugurated under the
policy of contraction as means of
promoting the interests of the nation
| al bank system.
EMILY S. RICHARDS.