The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1898-01-06
FINANCIAL DYNAMITE.
Charles Bonsall Writes 10 Warn the
People Of the Danger That
COnfronts Them,

People Of the Danger That
Confronts Them.
Editor News -Demoorat:-The oflicla
report of the comptroller Of the currency
for the fiscal year ending June 30, 1896
reveals startling array Of facts, which
when properly analyzed are all evi
dence and testimony against the wisdom
of that financial policy supported by the
Mckinley administration, outlined by
Secretary Gage and Comptroller Eckes
so conclusive and irrefutable as to make
their recommendations appear either as 0
wicked conspiracy or stupid blunder In
blind obedience to the Wall street bank
ers. Let me ask your readers one and
all, especially merchants and other bust
ness men, to focalize their brain powers
on few facts of mighty import, brin
full of direct and thrilling interest &c
them, as they will realize before very
long.
On page 10, volume one, Of the comp
troller's report, Is condensed table Civ
ing the aggregate resources, liabilities,
ect., Of all national banks and banks
other than national in the United States
on June 80, 1869, 456 in all. On the
books Of all these banks, under the LEDGER
title of "Loans" the aggregate given is
81, 172, ,7S4, 122. Bear in mind that this
represents the fate of all promissory
notes held against the people for money
borrowed from the banks. Under the
head of Deposits" the aggregate is 81,
$50, 1894 This represents deposits by
the people, subject to sight check. Then
under the head OF "Cash" on hand, the
aggregate is s122, ,341, 963. This en-
braces every dollar of gold, gold certi-
fcates, silver dollars, silver certificates,
green backs treasury notes, national
bank notes, fractional silver and currency
certificates, in short everything available
as money in the banks Juue 80 1896,
with which to cover said deposits subject
to check. On Page 22, volume one, the
comptroller says that in December, 1896,
the deposits aggregate over $4,000, 900,
900.
Now look Through what system of
legerdemain or hocus-pocus has been
evOluted the financial paradox of the
banks loaning three times as much
money as there is in existence in the
whole country, and drawing interest on
billions Of nothing, and having deposits
subject to sight check to an aggregate of
three and one-half times all the money,
with just about ten cents on the dollar
in cash with which to satisfy and meet IA
run on them in the event of panic or
loss of Confidence.
Why, simply the loaning and re-loaning
and re-re-loaning of the same money left
on deposit about eight or ten times over.
Is there man with brains so dull who,
after analyzing these stupendous facts,
can doubt tnat they are full of dynamite,
and that under this monstrous system
Of banks of issue, which the great Jeffer-
son warned his people against, the point
has at last been ached VIII re an explo-
sion is liable to shake sleeping CONT
nent almost any month"; Is it any wond +
that General Horace Porter, supsrint n
dent of the census, IN his last report, ex-
press alarm over ths nearly N million
mortgages on the farms and homes of the
United StatesY
Does not President Mckinley know
that to destroy our greenbacks and treas
ury notes and fund them into idle inter
est-bearing bonds, and turn over to the
banks the full control of our currency,
would greatly widen and deepen the
horrible gulf batween loans, deposits and
debt on the one hand, and availabls
cash on the other, and precipitate the
greatest panic of all history? If he does
not, he is .oriminally ignorant as Presi-
dent of this republic. If he does, then
he has committed a public blunder
worse than "a crime in recommending to
congress the piratical scheme of Score
tary Gage.
1t is high time that the business men
and common people were speaking in
thunder tones all along the line.
The patriot of Hungary, the brave
Kossuth, once said: "The fool in revolt
against oppression is infinitely wiser
than the philosopher forging learned
apologies for his chains"
CHARLES BONSALL.
Salem, Ohio, Dec. 81, 1897.