The representative., 1901-03-07

in the Union. This is practically true,
although not strictly SO. but it's pity
tbs true. because of the unnecessary cost
to the people Of interest to them, which
is doubly compounded.
First, the people, in their sovereign
capacity, pay the banker interest on the
bonds deposited with them to secure
their circulation, semi-annually In coin,
and give the banker, in circulating notes,
the full market value of his bonds depos-
tied. The notes thus given to the
banker, as we'll as the interest on same,
are to be exempt from all taxes, nation
al, state and municipal, except that the
banker is required to pay to the national
treasurer II of / per cent, semi-annu-
ally, upon the average amount of such
notes in circulation. This is the law,
approved March 4. 1900.
This law gives the banker absolute
power and control over all currency in
the United States. All state or munich
pal governments are prohibited from is
suing notes by law imposing fine of
10 per cent upon their ISSUE
Now the banker is equipped for busi-
ness. He loans to the people the notes
they have just given him, at one-half of
l per cent, for per cent and upwards.
Now, you see, they, the people, are pay
ing compound interest. The compound
interest does not stop here; the bank
loans on 80, go and 80 days time. Usu-
allyathe banker requires the borrower to
pay the interest when he gets the cur
rency from the bank; then the next .fel-
low who comes in borrows practically
the interest which the other fellow left
there; again the banker gets compound
interest. The reason the banker loans
on 80, 60 and 80 days, is because it en-
ables him to compound the interest so
much oftener.
Now. suppose our Uncle Samuel had
adopted this simple mode of furnishing
currency to his nephews and nieces,
after the close of the civil war? Never
banks have issued treasury notes, full
legal tender. for all purposes, same as
coin, and redeemed the bonds that were
outstanding, just as they became due
With these notes, Or coin, at option Of all
parties, for one would be as good and Of
as much debt-paying power as the other,
the result would have been that the war
tax could have been taken off of all pro-
ducts, amounting to billions of dollars,
the interest on the bonded debt of over
$1,000 000, 900 would have been saved, the
currency would have gone into the chan
nels of trade and stayed there, doing
good to all with whom it came in con-
tact. II the people had been relieved Of
the burden of the civil war tax, and COM
pound interest on the banks circulation,
the wealth produced by all would now be
in their own possession The SIS 900 ,OOO,-
900 or $4,000, ,O0O,0O of wealth that has
been wrung from the people, as above de-
scribed, would be distributed among the
producers, who would be out of debt, and
in possession of free and happy homes.
Whereas, the money system we now
have has centralized the wealth, all
produce in the hands of few, who have
formed trusts that rule the nation more
despotically than any crowned head Of
Europe rules his nation.
If any private individual would con-
sent to the disposal of his property by
such contracts as l have been describing.
it would not take much of an attorney
to cause him to be sent to lunatic asy-
lum. A. H. NELSON.