The Ocala banner., 1922-07-07
WHY DO THE FINANcIERs RAeE7

Never was such a food of bankers
propaganda let loose upon the country
as during the past five months All
because The Dearborn Independent
suggested that you cannot run a broad
gauge business on a narrow gauge
monetary system. Literary liars have
set forth in bank circulars and finan-
cial columns and Wall Street publica-
tions that the destruction of the gold
basis was being advocated, that the
uncontrolled issue of paper money and
a general upheayel Of sound business
policy were being urged. A perfect
rage OF resentment and deception has
characterized the pronouncements of
the professional financial world-and
not only rage and deception, but an
appalling amount of ignorance The
average man who handles the peoples
money knows less about the monetary
structure than the ordinary ribbon
counter clerk knows about the textile
industry.
The Dearborn Independent main
tains what everybody knows, that busi-
ness is strangled in its functions be
cause the neck of money through
which it must pass is too narrow; and
that money also strangled in its
functions because the neck of gold
through which it must pass is too
narrow There is more wealth than
there is money: there is more money
than there is gold yet the private
owners of gold hold the whip hand
over money. over industry and thus
over the peoples life 1t is not a ques-
tion of The Dearborn Independent
showing the world off the gold basis;
It is question of the world seeing that
it is already. by the very force of busi-
ness necessity, showed off the gold
basis. Seeing this and acting upon it
will release the nations energies and
liberate us from the stupid tie-up into
which the gold superstition has thrust
us.
The propaganda of the financial in
terets is not new thing. Indeed, it
is older than the Christian Era. We
herewith present two such circulars
issued in our own country.
One is the famous Hazard Circular,
issued in 1852 Read it:
Slavery is likely to be abolished by
the war, the power Of chattel slavery
| destroyed. This I and my Europeon
friends are in favor of. For slavery
is but the owning of labor and carries
with it the care of the laborer. while
the modern or European plan is capi-
tai control of labor by controlling
wages: this can be done by controlling
the money. The great debt which
capitalists will see to it is made out
of the war must be used as a measure
TO control the volume of money To
accomplish this, bonds must be used
as banking basis. 1t will not do 70
allow the 'Greenback, as it is called,
to circulate as money for any length
OF time. We cannot control them.
But we can control the bonds, and
tnrougn them the bank issue
Another circular issued by the
American Bankers Association, in
1877, follows:
''Ir is advisable to do all in your
power to sustain such newspapers, es-
pecially the agricultural ana religious
press, as will oppose the issue of
greenback paper money, and that you
also withhold patronage or favors
from all applicants who are not will
ing to oppose the government issue of
money Let the government issue the
coin and the banks issue the paper
money of the country, for then we can
better protect each other.
''To repeal the law enacting national
bank notes, or to restore to circulation
the government issue of money, will
be to provide the people with money
and therefore seriously AFFECT your in
dividual profits as bankers and lend
ers.'
There you have it. The old circu-
lars were more honest than the pres
ent ones-they spoke truthfully the
animus behind them. But they are
still the same in their bludgeoning
of popular thought Differences exist,
however, especially in this, that today
the agricultural and religious press is
no longer the subsidized organ of an
insufficient money system. The Money
Power has made stupendous gains
since 1877, but so has popular under
stading of its methods And that is
what brings about change, and evil
becoming SO big that its removal is
necessary, and public opinion be-
coming so great that it can effect the
removal. Dearborn Independent.
RAT1ENAU