Sequachee Valley news. (Sequachee [Sequatchie], Tenn.) 1896-1952, 1908-10-01

called representation of value; al
so medium of exchange; also a
''duebill issued by the agents of socie-
ty and payable by society for value re-
ceived" also "tool of trade. - 1t is
indeed tool in power and importance,
infinitely above all other tools, as it's
issue and management controls the
value of all other tools and the pro
duct of said tools, whether of the
farm, mine or factory. What would
be thought of a corporation who could
cQptrol the manufacture and sale of
plows and steadily kept the number on
hand below the public demand or ne
cessity with view to personal emolu-
ment2 1t would be outrageous, of
course, yet the control of money, or its
issue, is indescribably worse. | will
here suggest most glaring inconsist-
ency. When Gen. Grant was presid-
ent of the United States he nominated
the great millionaire merchant, A. L.
Stewart, of New York City, as his
secretary of the treasury. 1t was i'm
mediately objected that Mr. Stewards S
immense interest in import duties was
such that he could not consistently or
treasury. His name was withdrawn,
as was proper. Is it not infinitely
worse that a banker or money mer-
chant be made secretary of the treas
ury, when his every interest and those
of his banking friends are bound up in
the management of said treasury? {?
This has been done by the appointment
of bankers to manipulate and control
all our monetary affairs One tires of
reflections like these all true and vet
seemingly without remedy.
The y. S. Treasury note, hickman
ed 'Greenback' is a note, due bill
or order on the entire population of
the country collectively and individu-
ally. Said order is given by our
agents, Congress, ETC., for value re-
ceived in the form of service or prop
erty. Its legal tender power Confer
red by law compells its acceptance in
the payment of debt, the payment for
property or the payment for service,
and when thus parted with, the ex-
schange of hands constitutes a payment
the party rendering it. This is a
yment in full to the previous holder
10 no longer has any claim wbatev-
Finally, if the last holder owes a
to the peoples agents, and said
,nback is accepted las the law
its it shall be- in full liquidation
Ie demand, said acceptance consti-
payment in full by the issuing
Pr and no other payment is neces-
Spectators (solely for profit in
chat nothing constitutes "A payment
the conversion of paper and silver
gold, but the self-evident state
gnt made above, proves that said
him is unnecessary, and in sense,
Psurd. because the exchange Of one
md of money for another is only sub
ygitution, and the money last received
REQUIRES redemption or payment the
same as the first. Gold money forms
no exception to the rule for as money
it calls for redemption or payment the
same as paper, and in money sense
it would be worthless but for said pay
ment
Under the National Banking System
! it is provided by law that the wealthy
owners of government bonds drawing
interest) or idle and out of use, land
none but the wealthy have such bonds)
may deposit the same with the Treas
urer of the U. S. as security and re.
ceive i'll return ninety per cent. OF the
face value of said bonds in National
Bank bills of the denomination OF
ones, two's, fves, and upwards OF
which 80 per cent only one per cent.
| is allowed the goveTnmnt to cover the
cost of engraving, printing and issuing
said bills. The interest ON these bonds
=, hn aft
| the deposit as before the deposit Five
gentlemen are by law made necessary
to secure banking privileges; $50, OOt
of deposit are required for small com
munities, and $780, 600 or more fol
larger communities. The limit of
population is by law stated in each
case The bills being issued, (which
in point of fact are. only a loan art
! taken by their fortunate owners tC
their homes With banking house
ready. they proceed to do business il
not ready, they can afford to build ont
with the cheap money obtained as a
bove. By law said money is legal ten
| der in the payment of all demands due
the government. but not legal tender
| as between individuals. When these
bankers desire to retire from business
they have the option of returning theil
own bills, or their face value in green
backs as equivalent. A redemption il
gold or silver does not enter into tht
! account: the worst is yet to be told
This money obtained at cost price
lone per cent J Is now for loan at th'
home of the bankers to their fellow
citizens at 6, 8, 10, or ~ per cent. ac
cording to locality. The far East viii
only command 6 per cent, the ta
West, (remote localities) may and doe
demand - per cent, which added Il
the average interest on bonds beld a
security, to-wit, 4 per cent, gives th'
modest return of l6 per cent. at cos
of only one per cent. and yet the bank
ing newspapers (which include nearl!
all the great dailies) have the assur
ance to tell us, "Our National bank
ing system is the grandest this worll
ever saw" Reliable statisticians tel
Us that the average profit on all busi
ness. deducting all cot, is frequentl,
not more than per cent. aud rarei,
exceeds per cent. II said busines
man. by limited quantity of money. l
compelled frequently 10 seek banking
favors at the rates of interest iudicat
ed. his bankru tcy or final retiremen
from business is only question q
time. and vet it will be haired int