People's party paper. [volume] (Atlanta, Ga.) 1891-1898, 1896-10-16

into the q 10 per cent
on State s repealed it would
afford thes cry all the relief need
ed. Such an idea is very erroneous,
as it would simply be the privileges
of the National banks extended to
the States. The entire system is
wrong from the fact that it is based
upon special privileges and bonds:
We want money that will be put IN
circulation without having to be bor-
rowed. 2
Our people have borrowed too
much already, Any increase in
the NationaA bank circulation, or
State banks, Ander the same system,
would be of very little benefit to the
people.
We want United States treasury
notes put in circulation by paying all
demands of the Government, and
when once in circulation they belong
to the one who ''hustles for
them.
Banks don't run any industrial en-
terprises, to put their money in cir
culafion. They loan money to others,
and that is the only way their money
gets in circulation. Suppose we
start State bank in our town; how
will their new currency get in circu-
lation? 1t will only go out as it is
loaned out.
When the notes mature, won't 1t
have to 90 right back into the bank
in payment?
Won't it carry more back than
went out? OF course, it will carry
back interest with the principal, and
then if some other man don't borrow
it, or the first borrower make another
note, it will remain idle in bank, and
we will have less money in circula-
ton than we had before.
When the silver mine owner car
ries MS silver to the mint, and coins
it into dollars, he pays it out to the
miners, who in turn pay it out in
trade, and it goes out into circula-
ton and belongs to the people.
Not so with the bank notes. When
the governor endorses them, they
are turned over to the bankers, and
not paid out to no one except as
they are loaned. The governor can
not get dollar of it without borrow
ing 1t. Now let us take into consid-
Grafton the fact that not one dollar
of paper currency is now issued, nor
has been in twenty-five years, that
goes into circulation except as it is
loaned. We cannot readily under
stand why every banker who issues
money wants the coinage of silver
stopped. The people have no money
except coin, and the three hundred
and fifty millions of treasury notes
that was not retired after the war.
The balance belongs to the National
banks, and whenever they think the
peoples collateral not good they
stop ioanang, and then the money
stops cironlating. as it has in the last
SIX months. q
Let Us suppose for il fstration, that
( the people had one billion dollars n
con, al Il Il ssd TWO billions ia
40 -he hsssl $500. coantry. ! ne
other billion ssfl have to be sup
piled with paper, and the governor
instead of issuing and paying its OBJ
legation in this paper money, and
thus getting it in circulation, issues
bonds to pay its obligations, and gives
the banks the privilege of issuing
that billion of dollars, and putting it
in circulation by loaning to the peo-
pie.
Now we start out even. The
people have one billion dollars Gust
half enough) to do their business, the
banks have the other half, to loan the
people. Now take into consideration
the fact that every dollar loaned by
the banks carries one dollar and
twelve cents Con an average) at the
end of each year, and any school boy
can tell what will become of the
peoples billion. 1t will in a few
years be in the banks with the other
billion, and the people will be just
as they are now, completely at the
mercy of banks.
That's our financial system; and
that's what's the matter with "Han-
nah" just now. The chartering of
State banks would just simply be an
extension of the National system
that has brought us to our deplora-
bic condition.
W. f. SMITH.
Flovilla, Ga.
CAMPBELL COUNTY ALLIANCE
"a "a