The Owyhee nugget. ([Silver City], Idaho) 1905-1984, 1909-03-05

amount at per cent would just make
good the appropriation Of the last Con-
gress, $500. 900, 100000.
BY the use Of Federal banks the
people could get the use OF their own,
the money. The money could be held
at certain amount per capita. there
would then be no incentive to either
initiate the currency by over loaning as
was done one year ago, or to contract it
in order to advance the interest rate
after the initiation. There lie no argu-
ment, and there was never any against
the nation handling the money, and
that in the interest Of all the people.
Congress sh ould give MS q Federal
Banking System. The Postal Savings
Bank is but to pacify the people and
patch up the present system that the
people may tolerate it little longer.
The money would go to the United
States Repositories and the banks reap
the reward as they do now. The guar
antee idea is in the same line. With
Federal, banking syetem there could be
sufficient money raised to pay all off
the expenses Of the government, and
all the internal improvements, army,
navy and all. We could take off all the
tariff; this would reduce the price of
great many things to the consumers,
but it might put some people who ara
in certain lines of business, or in GER
tain svocaticns where they would have
to scale down their expenses in line
with the man in rural pursuits.
With Federal banks the handling of
the money would be taken out of the
hands of the money monger, and the
power Of the Money King over the
people would be gone. The present
banking system was brought by the in
fiuence of the New York and Philadel-
phia bankers, and was opposed by many
of the best n.en of the time. Thaddeus
Stephens of Pennsylvania, Chairman of
the Ways and Means Commute, during
Lincoln's administration, was one Of
them. (See his. autobiography
In CONCLUSION will give an illustra-
ton Of what the National Ccrrency is
doing for the banks that issue it. You
we'll know that the only way to get
money in circulation from bank is for
some one to borrow it. The bank must
loan money or go out of business. We
have had National banks for over forty
years, and for the illustration l shall
take one that put its money out forty
two years ago, and yearly every one
knows the fact that money at 10 per
cent compounded annually will double
in seven years, and people know gener-
ally that banks compound, or collect,
or re-loan every three months. There
fore We have this fact before as: One
dollar at the end of seven years at 10
per cent is two dollars; at the end OF
fourteen years it is four dollars; at the
end of twenty-one years it is eight dol
lars; at the end Of twenty -sight years il
is sixteen dollars; at the end of thirty
Eve years it lie thirty-two dollars; at the
end of forty-two years it is sixty-four
dollars. Now as this was but one dol
lar in the start, and the interest upon
the interest of the dollar as the banks
do by their system Of loaning, this one
dollar has earned $500 for the bank
aud is still doing business at the same
old stand. This to say nothing Of the
interes of the U. s. bond back of the
dollar. A bond that was issued at the
solicitation of these bankers, to redeem
a currency of the people, with the same
paying power as these National Bank
notes. This was done that the banks
might replace the currency of the
people with bank currency. This
peoples currency mas costing them one
fourth of one per cent per annum, AND