Iowa County democrat. [volume] (Mineral Point, Wis.) 1877-1938, 1903-09-17
IOANING THE PEOPLE THEIR
OWN MONEY.

Why is there so much said about
an extra session Of congress to consid-
err currency reform measured Plain
ly, the first duty OF congress Is to reduce
federal taxation. The government Is,
by unnecessary taxation, collecting
from the people large sums OF money;
which money, when collected, Is loan
ed interest free, to favored banks. Up
on this policy there ought to be called
n halt. The Milwaukee Journal thus
points out some OF the wrongs incident
to loaning the people their own money;
" The 81, 000, 900 that Secretary Shaw
has parceled out to banks In the agri-
cultural districts and the $40 ,0OO,O 600
which he says he has available for
deposits In favored banks II cOndi-
tions should require whose money Is
thisY
"Why it Is the peoples money Of
course. IT Is treasury surplus and 1t
belongs TO the people OF the United
States.
"And why should IL be paid over to
the banks to be loaned NJ interest TO
the people who own IL? Well, that's
finance.
cit Is not right and just that the
government should collect from the
people ia taxes more money than the
government needs for expenses. A
treasury surplus Is not only useless
IL Is burdensomo. II IL the duty Of
patriotic citizens TO contribute, each
his share, toward maintaining the gov
ernment. That Is the limit Of just tax
alton.
"And when the people, drained Of
their money by unnecessary and excess
sive taxation, need money 10 move
their crops, ii IL still their own money,
aud the government has no more just
right TO compel them to pay Interest
10 banks for the use Of that money
than IL had TO take II from them IN the
first place. But this IL finance
Secretary Shaw loans this surplus
To the banks certain favored banks
without interest. The banks loan 1t to
the people Ut the highest rate Of inter
est they can command. The money Is !
the peoples all the while.
"When the banks borrow 1t they cre-
ate n debt to the people, aud when the
banks loan II to the people they draw
interest not on what the people owe
the banks, but on what the banks owe
the people. A cheerful process that
for the banks.
"Most folks think finance Is the sci
ence of supplying the people with u
system Of money and credit with which |
10 transact business, and they never
can understand 1t ~ 1t works. If that
were all Of finance II would he SO sim
pie that n child could see through it,
But finance il not that ut all It IL
the gentle art of getting the peoples
money away from them to be loaned
back TO them vt interest
"We arc used to being informed that
the government Is not IN the banking
business, But II comes mighty near
being In 1t when It gives favored banks
free supply of money to loan at in
torcst. /
"Ths $l3 600, 900 camo from the tax
payers Of the country under false pro.
lenses, 1t was collected from them
under the claim that 1t was needed for
the expenses Of the government That
is the only justification Of taxes.
"This money il not needed for thnt
purpose. 1t belongs to the people, /
who earned it and own II and from
whom it was unjustly taken. Had it
been left where 1t belongs it would
have been In circulation and there
would be plenty of money to move the
crops. The people would have this
money on deposit II the banks, draw
ing interest from the banks, instead |
of now being compelled to borrow it of
the banks and pay interest ON It.
Perhaps, though, We are all wrong.
Perhaps finance is too deep for us.
Perhaps we would better stick to our
type and pastcpot, but, anyhow, oven
II we are wrong and eyon If finance
IL right, we can't help thinking that
right or wrong it, mighty queer
system Tint gives Wall-st $40 100000
and all the rest OF this big country
only $1,000, 900. 1t must be u thunder
Ing big crop Of something that Wall.
st Ia 'mDN inv This I'm Il -