The Penn's Grove record., 1900-03-09
MILLIONS IN IT.

MILLIONS IN IT.
If the government issues a note the
government sells it for labor or service.
The possessor owns it and it draws no
interest from the people. If the gov
eminent coins a silver dollar it repre-
sents labor, or service in mining,
smelling and coming it. The owner
possesses it and it draws no interest
from the people. Not 30 with bank
notes. They are never sold for service,
but loaned for interest payable in adj
vance. If the above amounts of silver
dollars were coined it would require
that amount of employment for labor.
To get these bank notes needed to
take the place Of that much needed
more money for commerce will require
the people to borrow them of bankers
at 6 per cent. and cost from $12, O00. 900
ION 5000, O00, 0O0) to $21, SOC, 900 ION
$3.50, O0O, 00O) more each year than now.
That prospective increase of profits to
national bankers is a big investment
on their contribution to McKinley's
campaign fund and there will be enough
left for another contribution. That is
what is meant by s'sound money!" and
an .sh0nest d0llar.n
If the American people would stop
to study and think seriously what vast
amounts they are legally robbed of every
year they would
RISE IN REVOLUTION
at the ballot box and prohibit every
corporation from issuing notes to circu-
late as money, and have their own le-
gal tender money issued by Congress as
the Constitution intended. Bank notes
are not a legal tender to pay debts and
national bank will not take them for the
payment of principal nor interest on
bonds due a bank from the Govern
ment, the people. They demand gold.
A Government bond is a mortgage
on the houses. lands and all property
owned by the people. When the mem
bers of a banking corporation deposits
that bond on your property the Gov
eminent gives back the same amount
of bank notes and also interest. The
Government will not give a farmer
money on a irst.class mortgage. They
are not capitalists. Why should bank.
ers be privileged classes? Is it honest,
is it just?
BANK POWER.
Senator VIM. B. Bates, of Tennes-
see on Feb. 10th, said, "What power
was it that brought this bill about.
Was it not the national banks of this
country? NJ sensible man can deny
that. These national banks have the
absolute power to precipitate a panic
at any time. The touch of an electric
button in New York will get its re-
Spouse in a half hour or less from San
Francisco, and between them there can
be a panic precipitated on the country. |
We are putting ourselves in the power
OF the banks; and can give flush times |
or hard times at will. We should leg
islate against such power.
"Never before in the history of the
country did any political party so open
ly abandon the policy Of Strengthening
the public credit for one increasing the
profits of corporations.
"This financial scheme not only
mortgages the Of the people,
of this country to pay bondholders a
profit not nominated in the bond,'
but adds to that unnecessary burden
that of redeeming in gold SOS, O26, $50
Treasury notes under the Sherman act
as well as all the gresnbacks legal tend
ers. amounting to $346, 6S1, 016, alto
gether $435. 7O7. 1869. And further, the
Secretary of the Treasury may, in his
discretion, redeem silver dollars and
silver certificates in gold in a round.
about process.
"What part the money power in this
country has taken in the preparation
and passage of this financial scheme is
known only to those who enjoy it's con.
tidence and share in the contributions
of its wealth. But there is one feature
in this financial scheme, an earmark of
the money power. which a not be
mistaken.
1.-THE power given to the Secretary
OF the Treasury to issue bonds at his
pleasure effectually sidetracks the Con-
gress, mortgages every interest of the
people at the discretion of a single of.
fcer, who, from his official duties, is
far more connected with and interest
ed in the money power than in the pop
lar prosperity. That power never came
from the people and is not likely to be
used for their benefit. For the tsendless
of g%reenbacks this bill substi.
tutes an 'sendless chain" of bonds run
ming unlnterruptedly from the Treas
ury to the banks and back to the Treas.
ury.
"The power Of the national banks.
far too great, is increased by
this bill, which turns over to them the
to issue all the paper money Of
the country. That creates a great bank
trust and gives it a monopoly of the pa.
per currency and increases the profits
of the banks.n
Senator Henry M. Teller last Monday
said, "You are giving the banks. privilege
these bonds of practically performing
the function which belong to the Govern
ment, and the Government only, or which
ought only to belong to the Government;
that is to say, the making of money. If 1
could have the power Of issuing all the pa
per money needed in this country I would
not take the best gold mines as a gift. 1t
is a vast fortune to the men who can issue
money Of this country. The banks
hereafter will be allowed to simply expand
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