The representative., 1899-11-30
THE BANKING SNAP

| A1POoure OF the A0nkeSt OF SpeC1o
! Priviliges-It IL Easy to See VIII!
the Great Financiers Want t.
| Firmly Fix the Single Standard.
To Whom 1t May Concern:
First-Can I, with the required mum
Der Of associates, take $4,000 under
the national banking laws of the United
States, assuming the United State.
bonds to be at par-of course using q
proportionately larger or smaller sun
If above or below par-and by using
| 100000 of that sum purchase United
States bonds, or one bond Of that sum
| drawing AZ per cent interest per an
mum, free from taxation, or practically
| so, and by depositing the same in the
United States treasury, organize Unit
ed States national bank with capital
Of 100000, and upon request have is
sued to my bank by the government
the promissory notes of the banks in
debtedness, to be used as money, as
notes of issue of the bank, called ma
tiOnal bank bills of my bank, to the
amount of 100000, and then, with that
100000 added to the $4,000 1 had re-
naming of $4,000, purchase another
United States bond of 100000, drawing
AZ per cent interest per annum, prac-
tically free from taxation, reorganize
my bank into capital of 5000, 900, paid
up, and upon request have the govern
ment issue to me an additional 100000
of the notes of Indebtedness of my bank
as the working capital of my bank, to
loan to applicants and customers of my
bank at such interest as l can get, prob
ably averaging at least 10 per cent per
annum, and for exchange and to trans
act business with?
Second-Now If this be the condition
of my bank, is 1t not fact that my
bank has paid up capital of 100000
upon which it (or y is drawing by
means of my bonds on deposit in the
national treasury $4,000 per year in
terest, practically free from taxation.
while I have an additional 100000 in my
bank, my promissory notes of my in
debtedness, in the form of national bank
bills, to be used as money, upon which
my bank may transact a banking busi-
ness, secure interest, meet exchanges
and do all the other transactions of
banking business, for profit and reward
of probably not less than ten per cent
per annum, or an additional $4,000 per
year, or $4,000 per year on only $11O,-
600 invested, and a bank with a paid
capital of 100000, dawing interest on
$290,000, of which $1S0,0OO are simply
(the bank's) promissory notes of in
debtedness, upon which I am not only
not paying interest, but receiving in
terest, but free from taxation or any
revenue or war stamp?
Third-Now, as an individual, sup
pose l am doing business on a cash
capital of $4,000 and find it necessary
to increase my capital to 100000 and
have no money. Must I not borrow
$1S0000, pay large interest, probably
not less than ten per cent per year, for
which loan of s1S0,OOO 1 must also give
my promissory note or notes, the same
as banker, and must attach thereto
revenue stamps to the amount of SO, 900
which the banker need not do to his
promissory notes of Indebtedness, de-
nominated national bank bills? And
on the presumption that my original in
vestment of $4,000 is also worth 10
per cent interest, or $11 900 per annum
does not my business cost me $38, 900
per annum for investing the same sum
($110,0O0) and doing the same thing
of which the banker receives $4,000
for doing, making a difference of $56,-
600 the first year and SAT 900 each year
thereafter, on doing the same thing on
the same cash investment? Of course
this difference will be changed a little
as the estimated rate of interest, use
and forbearance of the payment of
money are changed. Now, if this be
not correct, wherein am 1 in error? And
IT it be correct, is it not special privil-
eyes to the banker with vengeance?
vestment and property. The banker is
not, or practically not. At this rate
how long will it take to spoilate from
the people all their property in the
hands Of the bankers and great finan-
ciers OF the world? And yet l claim
that it is against the interest of the
smaller bankers and banks of small
capital to advocate or support this con-
dition, for as soon as it is firmly estab-
lished the banks of millions of capital,
and backed by millions of great finan-
ciers, In the financial centers, will pro-
ceed to eat up and destroy the smaller
banks, the same as the great packing
houses have destroyed and are destroy
ing the neighborhood butcher shops.
Fourth-This being the condition, is
1t in any way surprising that the great
bankers and great financiers of the
world should use every means available
and even unavailable to firmly fix that
standard upon the American people,
and to disparage and ostracize silver as
a money metal and to retire the green
back, in order to make room for the is
suing of more of their promissory notes
of Indebtedness for thom to uso oc