Barbour County index. [volume] (Medicine Lodge, Kan.) 1880-current, 1895-04-10
THE cREssET AND ITS PET HOBBIES

III commenting Ou d1 CULTURAL WHICH,
recently appeared in our columns, our
contemporary, among other things, had
this to say:
The government does not loan money
to banks or any other corporation or
individual al any rate per cent.
National banks do not get monty from
the government.
In answer to the first part of the
above quotation we submit an extract
from the national banking law; not be-
cause we have the audacIty to say that
the organic law OF this nation is para.
mount TO the Medicine Lodge Cresset's
version Of the matter, but only to sub
stantiate what we have said heretofore:
That every banking association shall pay to
the treasurer OF the United States, in the
months of January and July. one half per cent,
each half year. on the averge amount of its
notes I'm circulation.
The Cresset is pleased to call this /
per cent. tax. AS for US we care very
little what you call 1t; we prefer to call
it interest, 1t amounts to per cent. per
annum on the average circulation of
bankhoteS notes secured 10y u. S.
bonds) or in other words, notes secured
by the u. ). government. Thus it will
be seen that the national banker pays
per cent. and receives 10 to % per
cent, depending somewhat on the dis.
position OF the people.
But this is not all; the national bank
ers' swag does not end at this
steal. Whenever body of capitalists
of five or more persons wants to get to-
gether and plumber the people, all that
is required Is to invest in interest bear
ing L. 5. bonds and they are then ready
TO put the pauper making machine into
operation. The association is formed
and allowed to issue 80 per cent. of the
par value Of the bonds in bank notes.
The national banker is now ready for
business. lie draws interest on his U.
5. bonds as well as the bank notes he
issues and loans to the dear people"
InYar ably taking his usurious interest
in advances; he is virtually loanlng out
BO'Oi hhACllO lhOhCJ' AlO udo lib uOuCy
invested in U. S. bonds which yields
him handsome income each year.
In the language of the late Senator
Plumb, the government has gone into
partnership with the national banks to
rob the people. When this national
banking scheme is thoroughly solved
and boiled down the most illiterate can
see that the government loans the mon
cy to the banks and the banks loan it
to the people. When an individual or
corporation invests in government
bonds that transaction is completed.
Now when corporation issues bank
notes, loan them out at say 20 per cent.
and pays the government l per cent
for that privilege, we have another
separate transaction; he is dealing
with government money which he re-
ceiyes from the government at / per
cent. per amum. Besides this, Mr..
Banker is exempt from taxation .on
both bonds and the notes he issues. 1t
IS plain to any sane man that it is an
Infamous robbery scheme and only cal
culated to enrich the rich and enslave
the poor.
So much for the national banks. Now
let us look at the Cresset on the silver
question. In last weeks issue it is
charged that we have never given it's
true position. On that point we can
not speak with any degree of accuracy;
we seriously doubt whether the Cresset
has position at all or not. BE that as
it may, we have only quoted from its
columns and surely it ought to be re-
sp0nsible for whatit says. In the is.
sue of November 14th, 1890 Of the Cres-
set, we find these exact words. 1--WE
favor the free coinage of silver" In
last weeks Cresset the same editor
says that free coinage would drive
every gold dollar out of circulation and
reduce the value of the silver dollar to
about fifty cents"
The question naturally arises, why
would free coinage have demon alizing
effect at this time and would not have
hou OilC SAINT ClCCO III 1OJO' why d
man should be free silver man in 1890
and a gold bug in 1895 is something
that can't be explained, not even justi-
fled. Since the organization of the
peoples party, the Cresset has been
Hopping around on the financial ques-
tion like beheaded chicken, it will
say something one year and in the next
exactly the reverse. AS the matter
now stands we can give Axline's posi-
tion thusly: In 1890 he was free silver
man; in 1891 he was considering the ad-
visibility of a flop; in 1892 he Topped
and In 1898 he was gold bug which
position he maintains at the present
writing. He takes special pride in fly
ing to the aid of national banks and
the single gold standard system when
ever opportunity invites and can al
ways be found on the side of the money
powerand against the masses of the
people.