The Louisiana populist., 1895-10-11

any part of the body for a given time,
disease sets in. and SO with money.
When it fails to circulate freely,
economic cholera results. This ar
gument is quite familiar to those who
read the reform lit rature of the day,
and wether true or not, the fact re-
mains that we have money mOnop-
oily or money power, or. if you please.
financial trust Through the ma
tional banks this is made possible.
A borrower is the servant OF the
lender, and so the country banks be-
ing borrowers from the larger banks
OF the money ceDters are ready to
obey every mandate of the organized
money power or bank combine
Through the concerted action OF the
members OF the money monopoly the
volume OF the currency may at any
time be contracted. The quasi in
dorsement OF the government gives
national banks a standing. hence an
advantage, over the private or indi-
vidual banker, as most people believe
that the government is responsible to-
the dep0sitors in case the bank fails.
Such. however, is not the case.
The authority granted by act OF
congress to national banks to issue
notes to circulate as money is the
foundation for the money monopoly
OF this country. They get interest
semi-annually on the bonds held by
the government in trust for the bank
notes furnished, and pay the govern
ment per cent per aunum for the
notes. and loan these same notes to
the people at from / to per cent per
month, owing to the locality and the
necessities of the borrower, always
discOunting the interest from the face
of the loan.
Let few efforts of this money
monopoly be cited. To 1866 we had
about $50 per capita in circulation.
Money was plentiful (tbe banks could
not corner itl, business was good.
labor employed, contented and happy
and the country prosperous. This
resulted from the use of home capital.
grcenbacks. and the people we're COM
paratively free from debt. This did
not suit the money lenders of this
country and Europe. hence a con-
spiracy to contract our currency. 10
that end congress was beseiged and
on April II, 1866, an act was passed
providing for the retirement of the
greenbacks. The law authorized the
secretary OF the treasury to sell 5-20
bonds and retire the currency, includ-
ing the various issues. For each dollar
of bonds sold one dollar of currency
was taken out OF circulation. This
process went on for years uninterrupt-
ed. 1t proved to be a bonanza to
those able to buy bonds, for subse-
quently the bondholders secured the
passage of law changing the bonds
from q currency debt to coin debt,
it has been said, $500, 0O0, 900
by the transaction in the difference
between coin and currency OBJ
legations at that date. As
before stated, in 1866 the
country was booming, for we had
81. .896, ,6S7, 800 in circulation. Contrac-
tion went on, however, and in 1857 we
had 1856 business failures, with q loss
OF over $50. .0G0. 900. Contraction con-
until in 1876 we had 90S2 busi-
ness failures and 500, 600. 900 OF losses.
But the money power was not salts
fed, and in 1873 congress passed
law and struck down silver, thus max
ing gold the only money Of final ac-
count, or money Of redemption. hence
enhancing the value of all coin obli-
cations and disturbing business rela-
tions generally. Thus we have gone
from bad to worse. seemingly, until
to-day We have. allowing the most
liberal estimate to be correct, OF the
ten kinds of money, all told, but
k24. 25 per capita In circulation for
the entire country, with but from IS
to 50 in the south and west. and that,
too, with . population more than
double what it was In 1855. In 1876
the people were Mortified At the situa-
ton, but iu 1898 the money monopoly
20 manipulated affairs as to cause
200. 900 business failures and loss of
k3, 900, 00O,O0
In this connection it is necessary, to
Iully understand the situation. to re-
Ter to our debts of all kinds. Accord
ing to United States Senator Daniel |
,f Virginia, the ndebtedness of this
people. including the federal debt,
iebts OF the states and territories.
counties. cities. towns, school dis
.ricts. railroads. banks. telegraph, |
telephone, street car, electric light. |
gas and water companies, farm mort
yages, all the corporations and indi- |
vidual indebtedness foots up $40, 900 |
700, 900. Fixing our population at |
50. 900, 900. this gives US per capita
lebt of $579.7l. Ia 1890 our total as
'essed valuation was only $17, 139. $685.
1876, or t497.18 per capita.
Whatever may be the cause. it is
not the province Of this paper to de-
,erlnine. but crime is dangerously on
he increase. In 1860 we had 16.086 |
prisoners. or one out OF every 1647 of
while in 1890 VIC had S2,-