The Black Hills union. [volume] (Rapid City, Pennington County, Dakota [S.D.]) 1889-1904, 1899-05-12
GOVERNMENT BANKS.
A PROPOSED METHOD FOR
ABOLISHING TAXES,
The Old Farmers Alliance and Populist
Demand Again Makes Its Appearance
and In IL Significant Quarter
Will he no Trimming in 0

The Mississippi Valley Democrat
and Journal OF Agriculture justly lays
claim to being the Democratic organ
of the central west. 1t is edited by
w. S. Bryan, said to be closely re-
lated to William J.. Bryan, and it's
business manager is George w. Jones,
brother of Col. Charles II. Jones, the
author of the Chicago platform. And
the Democrat and Journal presents its
readers every week a choice selection
of pure Populist arguments, a recent
issue containing the following edi-
torial:
One Of the prominent issues of the
near future will be government postal
savings banks. Only those who are
in close touch with the people can form
any idea of the almost universal de-
mand that exists for institutions of
this character. They are bound to
come. When the people need and de-
mand a thing they generally take the
necessary steps to get it.
Postal savings banks can be man
aged and utilized very closely along
the line of u no tax proposition.
That is to say, the banks will lend
money to the people direct, OF good
security and at a low rate of interest;
and this interest, instead of concen-
trating in the hands of a few million
aires and being used for the further
oppressment Of the people, as under
our existing system, will be disbursed
as soon as collected in the payment of
government expenses. This will not
only lessen the burden of taxation, but
it will keep the peoples money in ac-
tive circulation, and stimulate CON-
MERGE and industry beyond anything
ever experienced in our previous his
tory. Then when a citizen pays his
interest for the use of the money he
has borrowed from the public, he will
have the satisfaction of knowing that
he is reducing his own taxes as we'll
as those of his neighbors, and at the
same time carrying forward enter
prises that will furnish employment
and comforts for his fellow men.
why should not the government is
sue treasury certificates, or greenback
demand notes, as it did in 1S61-'62, pay
off the interest bearing national debt,
and lend the notes to the people? Why
should the people pay interest to the
national banks for the use of a cur
rency by no means as good as gov
eminent money would be, when the lat
ter can be had without cost to the pub
lie? Both systems rest on the same
foundation. National bank notes are
secured by government bonds, which
in turn are secured by the public faith.
This is adding a fifth wheel to the
wagon merely to accommodate the
banks. Government bills stand direct
ly on the public faith, without the in
tervention of the banks or their Shy
lock interest. Greenbacks are as good
as government bonds; the security in
either case being precisely the same,
and greenbacks cost the public moth
ing-hence the anxiety of the Sound
money" party to "impound" and de-
stroy the peoples money and replace
it with shin-plaster bank bills that will
cost more thar 10 per cent. Some day
that portion Of the people that you
can't fool all the time will take this
matter in their own hands, establish
postal savings banks, and pay off the
bonds with greenbacks. And why not?
1t would only give us about SIG per
capita in paper money, and we would
certainly sustain the par value of that
as easily as we can maintain an equal
amount of interest bearing bonds. This
question is too plain and too vigorous
with practical common sense for the
people who think, to allow it to re-
main much longer in its present anon
alous condition. Distribute the debt
among the people and stop the inter
est"
The bugles are calling the Populist
voters into line for next years great
battle against special privilege, and
Populist music is also sounding loud
and clear in the ranks of the Bryan
Democracy. 1t seems that the ire
sistible current of events will draw the
line sharply between plutocracy and
popular government, and there should
be 10 question as to which will win.