The midland journal. (Rising Sun, Md.) 1885-1947, 1899-08-25

power is granted Dy government 10 create
or make money Even if all individual
take gold of coming standard, nine-tenths
fine, and put 25.S grains in the coin for
each dollar it represents the maker would
be condemned as counterfeiter and sent
to prison., SO jealous Of its financial pre-
rogative is government. But as if in
mockery of this sovereign function the
government will grant special privileges
to banking corporations to issue currency
to answer all the purposes of money and
make it good to the holder if the assets CT
the bank fail to be sufficient. All Of these
special grants have been wormed out of
the government by system of sharp
practice in legislation, giving favored
class the power to fleece the people in
every line of their business, and success
in their schemes to maraud the public has
so emboldened that class that it now
assumes to demand the sovereign right
from the government to take entire con-
troll of the nations money and place every
line of business and the whole property
of the people, or what remains of it, in
the power Of this banking trust or
oligarchy.
There is but one remedy in sight for
these multiplying evils, which is that the
peoples government shall take charge of
the peoples money, to safe keep, loan
and distribute it i'll place of the private
corporation banks which have monopoly
of the business.
The interest cxacted by banks for their
labor amounts to more than the profits of
business in every line Of industry, after
bare living is taken out for the people.
With this condition of business it is
readily seen that it is only question of
time when they will deyour or suck into
the nav of the octopus all the wealth of
the country, and reduce the producing
class to a state of vassalage TO the money
power. That power is now stronger than
all the trusts, combines, and corporations
in this country.
The people can shift that power from
the bloate9, arrogant money power into
their own hands by a single, simple
movement of the government exercising
its prerogative, which is now exploited
by the national banks. Their charters
need not be repealed, or the banks i'll
any manner interfered with All that is
necessary is for the government to estab-
lish repositories for the peoples money
and transact their business i'll the ordinary
banking manner.
Every person would deposit his money
i'll government bank in preference to
any private institution, and no person
would borrow from private institution
when for the same security lie could be
accommodated by government bank for
a fraction of the discount exacted by the
private concerns in the business. The
private usury sharps would soon go glim-
mering under such changed conditions,
and the people rejoice in their freedom
from financial bondage.
Their power to regulate the quantity of
money to the volume of business OIL a
level of prices which would have the least
variation would be very simple. Every
loan bottomed on security that guaranteed
its payment at maturity would be bus
mess barometer that would mark the line
between speculative and legitimate wealth
producing business. The interest OIL
money would be fixed at the cost of tran
sacting the business, which is probably
one-half of one per cent. This could soon
be ascertained.
Such rate Of interest would smash the
usury business which is devourng the
peoples substance as cancer eats into
human flesh. The great bank octopus
which has created financial bedlam of
the country over its gold standard, the
silver craze" national credit, the
dangerous greenback, and many more
consummate humbugs, would be cast OH
the shores of the stream of trade amongst
the thousands of business wrecks it has
caused, a financial monstrosty to astonish
its victims and those who have escaped
lis dovouring jaws.