The Columbia herald. [volume] (Columbia, Tenn.) 18??-1935, 1899-03-31

population and business. The year
ly addition to the money supply or
the two metals Is inconsiderable. |
We have In this country about ST.
800, ,0OO, 900 OF money including all
kinds. The banks of this country
have on deposit $5500,000 900. The
loans of the banks amount to $4,000
100000. The banks have on de-
posit, S3 700,00O,O0O more than the
entire amount of money in the coun-
try and the amount in the banks
consist of bank credits. Upon this
bank credit the people have to pay
interest. The difference between
credits and the actual amount of
money in the country is the addi-
tional amount of money the people
of this country need as a medium of
exchange with which to do business.
They are now paving the banks $3.50
100000 annually in interest to furnish
them credit with which to do busi-
ness. While it is the function and
duty of the government to manu-
facture 3-3 enough money needed
by it's peorle as medium of ex-
change, it is now only supplying "a
the amount used and required. The
money supplied by the Government
Is non.interest bearing, while the
credit supplied by the banks is in
terest bearing.
There are, in round numbers, l.
200, 900 firms and individuals doing
business in the United States. This
does not include professional men.
The amount of investment, in busi-
hu "a
few dollars up to millions. A con
servative estimate, acquiesced in by
eminent students of this branch of
political economy, places the aver
age amountneeded by each business
institution at $4,000. This amount,
multiplied by the number of firms
leaves a product of $4,000, 100000, an
amount nearly equal to the combin-
ed currency aud bank credit of the
country. Therefore she most accu-
rate calculation we can make, based
upon existing facts and conditions,
discovers a deficiency of over 3d.
| 900, ,000,0 900 needed to transact the
business of the people of the United
States. The bank credit system has
been fastened upon other civilized
and commercial countries in about
the same proportion. The earth, up
to the present time, has yielded
only SO 3,000,000,000 of silver money,
and it is not a rash assertion to
make that, if we had on hand now
all the silver that will be produced
in the next half century, the de-
mand would be greater than the
supply with the mints open to both
metals alike, at the ratio of l6 to |.
Most of the bankers are in favor of
the single gold standard and bank
credits and against bimetallism and
non interest bearing money. The
reasons are plain. 1.-The monopoly
of money gives them great pecu
mary profit" as w. J. Bryan has
most truly said. They can afford to
employ the metropolitan press to
befog the minds of the people with
articles on National Honor"
CHEAP Money" "Silver is Dead
etc. They can afford liberal contri-
buttons to presidential campaign
fund to elect man who will pledge
himself to the maintenance and pre-
servation of the bank credit system /;
and whose representatives in Con
gress, as did the last House Com
mittee, vote for Currency Reform
Bill" which provides for funding
all the greenbacks and other gov
ernment circulating notes on which
the people save the interest, into in
terest bearing bonds, the banks tO
hold them and draw the interest,
giving their notes without interest
for them, the people to be taxed tC
pay this interest. In addition, the
banks to have the exclusive right to
furnish all the paper money of the
country, now and hereafter, this pa.
per money to be their notes without
interest, for other notes drawing in.
terest and we'll secured, restrict and
, expanding this paper money a;
deemed most profitable. And this
Republican crime is likely to be
come a law at the next session oil
, Congress. GRETTS.