The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1912-02-07

there to be receipted and accounted
made by congress, is making money
for them; because the people N1re
taxed to supply the wants If the
treasury. and every dollar made by
law and put into. the treasury viii
save a dollar in taxes.
Now what is the trouble? Why
don't congress make money and reyu-
late the value thereof under the power
conferred upon them by the constitu-
ton for the use and benefit of the
United States and compel the banks
to get their share of the money Just
the same as all other people get their
share Of IL. Each bank would then be
independent.
The banks are not to blame. Con-
cress calls them nationals and
United States banks National Re-
serve Association when they are not
national" at all, only private banks;
but the bankers are not to blame for
their name. Congress named them
The congress OF the United States
car use every power to regulate the
value of lawful money for The use Of
The treasury of the United States that
the National Reserve Association
SEEKS to have conferred upon it's bani;
notes and moEe than this.
It asks:
Sec SO. The circulating notes Of
the National Reserve Association shall
be received at par in payment of all
taxes, excuses and other dues to the
United States and for all salaries or
other debts and demands owing by the
United States to individuals, firms,
corporations or associations. except
obligations Of the government which
are by their terms specifically nay
able In gold, and for all debts due
from or by one bank or trust COM
pany to another. and for all obliga-
tons due to any bank or trust COM
pany."
told you all the banks combined
could not make a lawful dollar out of
a bank note.
But it is proposed that congress
shall exercise its powers derived from
the constitution to make the bank note
into lawful money. Sec. So does it.
But does the constitutional power
conferred upon congress allow them &c
make lawful money for the use and
benefit of one bank and exclude all
other banks and everybody else ex-
cept that one bank
Who is congress working for? Who
pays them $1,000 per year for their
| services? Certainly the National Re-
serve Bank would gladly do that If
| they could use their constitutional
power to make and regulate money
| for the banks use, but that would be
bribery.
Sec. 53 makes lawful irredeemable
money Of the bank note of one bank
| When the law of legal tender was
| applied to the United States note
which was made for and paid into
| the treasury of the United States Jus
| tice Field said: II dissent The ques-
| ton of the power of congress to i'm
part the quality of legal tender to the
notes of the United States and thus
make them money and a standard of
value is not new here
Well, that shows what the law of
legal tender can do for a note. there
| fore the National Reserve Association
wants congress to impart to their
notes the quality of legal tender ''and
thus make Them money and a stand
ard of value.'
/ Well. the supreme court was to 1
against Justice Fields idea that con-
gress could net m Ike the real Unite
States notes into money and a stanss
ard measure II value but how would
| the court stand when the congress
makes the mole of a private bank int
| legal tender money! for the use and
| berefit of JUS one bank.
The so-caHed National Monetary
Commission has exposed their motives
by submitting their report and pFo-
posed bin. You cannot rob by law
without stating the robbery in the
law. You cahnot usurp the powers Of
congress for private purposes without
doing it
Congress shall have power to coin
money and regulate the value thereof
| Is constitutional power conferred
upon CONGRESS, for public and not 4 ]
private benefit What congress does
| Is as II all the people did IT In fact
the dullness Of congress as to the ma
i ture OF their powers is the reason for
the demand for the Initiative, refer
endum and recall"
This is long enough for once.
HENRY 2. LASOGs