The Penn's Grove record., 1897-03-26

ONfSSANS NhA WIN Os % NOUD-
troller and gets bank notes $500
Is out only 800
Get 8 per cent, interest on the
bonds ITO
Loans the bank notes for G per
cent. but has to pay the Govern
ment l per cent. leaving o per
cent. On S4,500 225
Interest, 1915
Why did the Government need goldP
No body needs it but foreign bankers
who sell it as a commodity, for it ceas.
es to be money as 500 as it leaves this
country, until the stamp of another
government is put on it. The more
bonds there are issued the more bank
notes there can be issued to loan by the
banks.
What is the bond founded upon?
The credit Of the Government, the law
to conliscate every dollar of property in
the United States, yours and mine, to
pay it and the interest on it. But some
say the Government needed revenue to
pay bills. In that emergency the U. S.
Supreme Court says Congress can is.
sue treasury notes and make them a
legal tender money for the people to
pay debts. They are issued on the
credit of the Government, the same as
the bond, and are just as good, but the
objection is they draw 10 interest, from
I the people like the bond and bank note.
The people would then have 5000
more real moaey with which to do bu-
siness and would not have to pay 1915
interest.
What are treasury notes and green.
backs redeemable in? When paid by
the government to the soldier, post.
master, and Iahorer, they represent so
much labor given the Government,
Being "a legal tender the officials gets
them redeemed is~eyery thing he buys.
Aud when the Government received
them at face value for all government
taxes, including duties on imports,
they are as good as gold, just the same
as an order issued by a township COM
mittee for labor on the roads when re-
ceiyed for taxes, because they answer
the same purpose as gold and the Gov.
eminent redeems q million a day. AS
long as the Government stands the
greenback is as good as the bond and
supplies the people with plenty of money
to make them prosperous.
The more silver there is coined the
more hard cash the people will have to
use and the easier the Government can
pay off the bonded Indebtedness, for
every dollar is paying in 412t grains of
silver. When there is no bond, there is
no foundation for the bank note. When
there is no bond nor bank note the
bankers don't get the 1915 of interest,
and the people have it in their pockets.
When you get that in your head you
become an anarchist, because when
that becomes law Morgan, Belmont,
Rothschllds & Co. are out of a job for
it breaks up the gold trust and money
trust.
Until last year Salem national bank
stock was assessed at $40 and Woods
town at $500.
Last year the Gloucester county
Board Of Assessors took the sum Of the
capital stock, surplus and undivided
profits and divided by the number of
shares and assessed at that value which
is near the exchange price, or value.
That brought Salem national at sos. SO;
City $131; Woodstown 1888. They
agreed to assess Salem National at 500
a share; Salem City $50 and Woods
town at $500. This WAS less than Ok
change value while farms were assess
ed more than they brought at public
sale.
What thenp At tax paying time the
officials of Woodstown Bank, which
we're assessed lowest, according to true
value, fought the payment, for only
$500 per share. The county Judge
told the collector he had no right to re-
NIT one.third the tax. The Borough
Council chosen to defend the people
who owned a million Of property, and
to whom the Collector was held respon-
sible, refused to defend the collector
as the bankers threatened suit, and
bowed to the money power of $250,O00
when they were elected to defend a
million of property. The collector got
only the tax on $3.50 a share and the
other property of the Borough will have
to pay the balance. The argument
used was that the capital stock was In
government bonds which we're not as
sessable, but this fac: was not brought
out that for every 500 of bonds the
bank has 500 OF bank notes, at almost
a free gift to loan out in place of the
money paid for the bonds.
The question before the County asses
sors is whether Bank stock shall BIZ As.
sessed at its true value OF less and
whether farm land SHALL be assessed at
its true value Or more The more there
is on bank stock the less tax there will
be on bank stock, the profits derived
from which is is on money practically
given OIL loaned free by the people to
the bankers,
Ninetenths of the owners of bank
stock outside OF the large cities own
more property than stock and are loos.
ing every day more money by support
ing that legallzed system of ~inancler.
ing than they gain from it.
Many new assessors come into office