The midland journal. (Rising Sun, Md.) 1885-1947, 1900-01-12
The United States Treasury Feeder
to the Banks.

blers, Gage ran to their relief with the
offer to purchase SIS, 100000 worth of
bonds at the market premium price, also
TO pay interest in advance on others. The
Secretary shows watchful and anxious
concern for his banker friends by offering
to deposit public revenue in banks that
will deposit bonds, for security.
In every conceivable manner this imag-
mary public servant is extending or Offer
ing to extend favors to the banking
interest by placing at their convenience
the funds in the treasury, the taxes col
lected from the people. These millions
of the public money are given to the
banks to loan to the business men at the
customary rates of interest, while the
government receives not cent for these
| millions on deposit, which are given them
by the Treasurer while they line their
pockets with the interest they bring in to
them. And these financial transactions
between the United States Secretary of
the Treasury and Wall street are osten-
sibly in the public interest to relieve the
money stringency, prevent panics, &c.
Ifthe people would study these treas
ury transactions and understand them as
they should, they would rise in general
indignation meeting and demand that
such favoritism to favored banks and
bankers should cease, and that the peo-
pie should be made the benefciaries, if
any benefits were going, for the use of
their own money.
They would demand that the govern
ment, in place of chartering banks to be
| run by private parties, should establish
banks of its own i'll which to deposit the
$500, 900, 900 to $500, 900, 600 collected
every year from the people, and also
receive on deposit the money of the
people, and make loans to them at the
lowest possible rate of interest which
would suffice to defray the expense of
doing the business. Such a system OF
treasury financing would be on the ordi-
nary lines of buiness and common sense.
In place iof the jugglery to deceive the
people while their pockets are being
picked, by issuing currency in the name
of four thousand banks, to be loaned to
the people for the benefit of banking COR
porstions all issues of currency would be
in the name and by authority of the
United States Treasury, legal tender
for all debts, dues and taxes, public and
private, in the United States.
The money CORNERS, gamblers in stocks,
grain, produce, ETC., and the high hated
banking gentlemen whose financial ability
is so lauded by their sycophant daily
papers, would be retired from the weighty
busidess of holding up the credit of the
United States government. Like Othello's
their occupation would be gone. Their
valuable services in helping sustain the
National credit would not be longer
needed. They might 60 to keeping junk
shops, peanut stands or anything their
valuable financial training best fitted
them for.
How many have paused to consider
how much government banking system
means or would mean TO the honest thrift
and industry of the country? No other
banks would be necessary, none other
would'be used by the people. as there are
no other than the government post Offices
necessary. The government banks would
serve as repositories for all government
taxes, as well as state, municipal and
private persons.
The money of the country would at all
times be in use, exchanging products,
transaeting every species of legitimate
business, and divorced from the gambling,
stock speculation which under the present
financial system in vogue uses more
money than the honest business transac-
tons of the country.
| Traders or others who contracted debts
in foreign countries to be paid in gold
would have to buy or get the gold to
cancel their obligations without disturb
ing the whole fabric of credit" and
creating a panic, 10 the injury of every
honest business i'll the country, whenever
block ofthe gold is torn from under the
mountain of bank credit, and sent across
the ocean, as is the case where all is
pledged to be paid in gold The business
of the whole nation suffers under the
artificial conditions on which our business
is run, and all that few-a comparative
few-may make immense fortunes BY
confidence game.
A government banking system would
possess vastly greater advantages over the
private banking system in vogue, for all
legitimate business; as vast indeed, and
far reaching in its beneficial and benef-
icent effect as the governments power
and. stability in every line is over the
individual or corporation.
1t is interest that eats up the substance
of the industrial classes, while it is build
ing up small, specially favored class in
this country, who enjoy wealth, luxury
and political influence beyond the dreams
of avarice and ambition OF the greatest
monarchs in the world.
For every dollar in cash that enters into
the business of the country ten dollars of
credit is used. Every dollar represented
by such credit is drawing heavy rate of
interest, which is extracted from the
wealth that productive industry creates