The Louisiana populist., 1897-12-17

for the use of the people, should be
the custodian and distributor of that
essential medium Of trade and indus
try, and never permit it to remain in
the hands of monopolizing class who
make use of the power thus given them
to exploit an entire nation; and this
power given the banking class over
money is rapidly assuming the
strength and dominion Of an oligarchy
which is tramping the people down
in poverty, dominating courts, dictat-
ing acts of Congress, and virtually
making laws that no despot at the
present day has power to do.
If the government were to take the
control and distribution of the money
of the country into it's own hands and
out OF the control Of exploiting banks
run by banking corporations, deposi-
tors money would always be safe in
the custody of the government. The
government would have no incentive to
fleece the users of money by the sys-
| tenn Of interest or to loan wind called
credit by the banking exploiting class,
and would transact the entire banking
business of the country at the net cost
OF the work, which it is pretty definite
ly ascertained would not be more than
q charge of one-half of one per cent
per annum.
There would be no wind loans by
government but the amount of money
the business of the country required,
which would be determined by the Sc
curity offered, would be always kept in
circulation. The business Of the coun-
try would be relieved from the period
ical financial panics that the exploiting
system of the banks creates, and the
producing and business class would be
annually richer by the hundreds Of mil
lions they are now fleeced out Of by
our present financial system Of private
banking. The bankers would simply
quit business, as no one would deposit
in private bank il he had a govern
ment bank to place his money in, and
no business firm would pay high in
terest for the use Of money when, If
engaged lin a legitimate business, mon
ey could be had at nominal rate from
government banks. There would be no
pilihg up hundreds of millions in the
treasury and other reserves held out of
use to meet checks drawn against wind
loans, but under government control
the entire volume which now accumu
lates in government sub-treasuries
would be kept circulating through the
governments banks. Under govern
ment banking system the money would
not flow in a constant stream from all
points in the country to the great cities
to be used in making corners on grain,
stocks and all kinds of products that
can be handled by these exchange
gamblers. #t
The advantage that would accrue to
the public under a financial system
conducted through government banks
are so many and benef1cent in their re-
suits that it is impossible to enumerate
them all. There would no longer exist
a gold combination against the remon-
etization of silver. Wall street would
have no interest in fighting bimetallism
or spending millions in substituting the
press to spread its pernicious .sophis-i
tries on finance.
The power and danger Of the mon
eyed oligarchy were never before
shown as in the election campaign of
1896. The entire banking class of the
country was combined, and under its
control every corporation from the
great railroad systems of the country
down, including manufactures and
large mercantile establishments, were
assessed and taxed to create monster
corruption fund to bribe voters, subsi-
die the press, distribute lying litera-
ture, and pay prevaricators, to deny
facts, corrupt the elective franchise of
the nation, and beat the people.
Fraud, bribery, intimidation, promises
of impossible things. all were resorted
to by this domineering, cruel, relent-
less, tyrannical oliarchy. And while
1t is allowed to tax the whole industry
of the country at will by the exaction
Of tribute for the use OF money, it can
never be oSerthrown. It has fought
the people since the foundation of the
government to rob them Of their prop
erty and their liberty, and is stronger,
more arrogant and domineering to-day,
than ever before. 1t must be smitten
to the death, not scotched and driven
back as In times past. The peoples
money in the peoples CONTROL under
the allpowerful arm Of their govern.
ment, Is the only remedy.
Government by Injunction.
We have been ruled by a king. we
have been governed by an aristocratlc