The Seattle star. [volume] (Seattle, Wash.) 1899-1947, 1921-11-25
The Trouble With
OunMoney

~" W nj INC ctatce. may enact Euth
laws as Il deems for the best interest
of the people. providing the act pro.
posed Is authorized by the constitu.
ton.
states may provide by enactment,
anything not prohibited by the con.
stitusion.
The constitution expressly author.
Tres congress TO coin money and reg.
ulafc its value. IL forbids the states
to make anything legal tender except
gold and silver coins OF the United
States.
During the War Of the Rebellion
congress issued treasury notes and
made them legal tender. There is
tsts.ssi.ois OF this money stlll In
circulation. These current notes
saved in taxation the full amount
put In circulation. There was a com.
p~iiing need for the money. Had
that amount been borrowed OF the
banks or others az I per cent. the
government would have paid In inter.
est for the amount now outstanding
s7s,. sss. 200. which sum would have
been raised In extra taxes. Congress
acted wisely.
The willy financiers OF New York
and other large cities talked our rep
resentauvea In congress into enact.
ing the national banking law. which
changed tho method> This act
authorized the issu. OF bank notes TO
and thru the banks. instead OF to the
federal treasury. Nov IN. govern
tnent IN compelled TO raise all It's
funds by taxation.
Up 10 the year 1880 the currency
issued TO the banks and now out
standing amounts TO ss.9te. 0si, 500
This sum exceeded the paid.ln cap
itai Of the banks more than three
times over. 20 the people. thru the
act OF congress- have become part.
ners with the banks Ia supplying
capital on the basis Of three 10 one.
The partnership does not secure for
the people any share Of the profits.
where ~ a matter OF justice they
should receive three-fourths OF the
profits after all legitimate expenses
have been paid.
I may have 70 write q letter on
bank expenses and explain n further
partnership interest the people have
with the banks which will leave to
banks less than one dollar In ten OF
the banks operating funds: ten BY
the people 70 one by the banks. and
the banks get for one-tenth interest
all the profits.
Suppose the government was TO
furnish cash 30 each state, city.
county. school district. mine. mill.
factory railroad. each farmer and
citizen. three-fourths of the capital
needed In their business. without any
charge for interest. all these munici.
pallties and enterprises would feel
much favored and fairly equipped for
an evsn race with tho banka.
OF course. all this would seem i'm.
possible. 7 do not advise n. but I
do ask that all should be equal be.
fore the Law. no special fayors 10
the banks or other profitmakinR cor.
porxdons Tho issuing OF currency
Is a public utility. and belongs to all
the people for the public good. not
to be granted TO favorites.
Here In proposition. and think
IL reasonable. good and sound: For
federal reserve notes and bank notes
substitute treasury notes only. cur.
rent for all purposes. issued direct
Instead OF going three.to-one with
the banks. and no interest or share
OF the profits. congress should pro.
vide loan bureau. and 20 $3.50 with
every citizen who would use every
dollar In the building and equipment
OF "a home. the government to have
security on the home 80 built with
insurance. at not to exceed 5 per cent
interest, on 30 years time. This
would provide an increasing fund
When not all needed for home build
ing. II could be appropriated for any
other necessity of the government
reclamation, highways. waterways.
soldiers bonuses or public buildings.
A change OF this sort would quick.
iy relieve the problem OF unemploy
ment and the problem OF house
shortage.
Long time loans at low rates would
quickly start every enterprise and
business. also development Of the
loggcd.off lands In several states.
The country close TO Seattle would
soon settle up with home builders.
They would furnish vegetables. fruit.
poultry and dairy products for the
people In the city.
l talked with a man only few
days ago who said he borrowed
money mt 2 per cent TO build houses
in England. A near nelghbor who
came from Denmark says the people
get money there TO build homes at
per cent.
am proud OF the privilege OF