The Northwest worker. [volume] (Everett, Wash.) 1915-1917, 1915-07-15

(COntlnued from rage One)
OF savings banks funds transferred in
part to the United States postal de-
partment, In order to make also Of the
savings banks an additional sucker of
the great system controlled by the
Morgan group Of financial jusgIers.
, incidentally the poorer people receiv-
cd the benefit from postal banking In
the shape of government backing, but
the lions share of the benefits from
postal banking, the control of greater
funds In the United States treasury,
went to the Morgan system. A great
reform!
The business of every modern ma
ton is carried on without sound fin
ancial basis. Not a single nation has
enough gold and silver, in bulk or In
coin, to carry on It's daily business.
Paper money, exchange of credits, bal
ancing OF accounts on books, have to
be called into assistance. In order to
handle the modern volume Of business.
There is not enough coin or bullion In
any country to redeem even the issued
paper money, let alone the checks and
balances. Yet the control Of the gold
and silver In the world enables few
financial pirates to claim power over
the lives of the stupendous millions
of producers who are the real back
bone of every nation.
POOLING THE PEOPLE
All the money reforms advocated to
break this financial control are slmp-
ly repetitIons Of the old trick Of try.
Ing to wash a peIt without getting II
wet. AS a rule, the remedies propos-
ed make things worse. not better.
There have, since the days Of royal
financiering, always been two favorite
methods to cure bankrupt treasury:
(D Debasing coin, in other words,
putting smaller amount of gold or
silver into shilling or a dollar. In
and gold can be coined into larger
sum Of money After a while, when
the old spendthrift methods have been
continued, the coins had to be debased
still more, till the whole swindle col.
lapsed. (2) Issuing more paper
money than can be redeemed in gold
and silver. This is still the favorite
today. 1t always leads to a crash
sooner or later, as soon as large num-
bers Of depositors ask for gold and
silver and reject paper money. 1t is
made still worse by the fact that the
local banks don't keep even enough
paper money in their reserve to meet
the legal demands of all their deposit.
tors.
Another great help in fooling the
people has been the quarrel between
the advocates Of a double and a single
standard of money. In some countries
gold was the legal standard, in others
silver. Some people, advocating a
double standard, or bimetallism, also
for the national market, wanted both
gold and silver to be legal standards.
Great masses Of people, who never
had enough money to pay their groc.
cry bills regularly, took sides in this
controversy between owners of gold
and silver mines, bankers and stock
exchange gamblers. The Populists
protested against the demonstration
of silver in the United States, just as
though they could have changed the
condition of the farmer and wage
worker by placing different ak into
the hands of the business lords who
rob all producers.
ABOLISHING MONEY MONOPOLY.
Money, like all values under the
existing business, is subject to con-
centration into few hands. In the
United States, the great industrial
lords concentrated not only land and