The Llano colonist. [volume] (Llano, Calif.) 191?-1937, 1922-04-08
MAN 10 MAN


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AT the outset. | shall assume that
you recall our conversation in regard to
the banking laws of the State Of New
York, after the panic Of 1909. and It's
result "a revision of those laws. At
that time you were the governor Of
said state, and was in the banking
business, in a position to see how that
panic was manufactured. had no
axe to grind in those days and | have
none in these days. am non-partisan
and non-sectarian. not only want
justice for myself, but want to do JUS
tee to all; and if that is not the one
and only basis for the 1000 Amer
ican" and for a citizen. Of the world,
! shall be glad to receive further light
on this phase of the subject.
30 much by way of introduction,
with the promise that this will be my
last communication to you except BY
your request.
| now start with the premise that the
original purpose Of the founders of this
nation was to establish JUSTICE,
and propose to apply that premise to
the following situation:
OUR Government required say $25,-
0OO,O 100000, or its equivalent in cred
it, for war purposes, and obtained the
amount by issuing pieces of paper call
ed BONDS, bearing interest, and Sc
cured by the total wealth of the nation;
Such Credit may be described as the
capitalization Of Confidence and Good
Will, with that total wealth. as col
lateral, and is the result of the total
activities Of all Of the people Of the
nation. as a going concern: yet our
Government authorized few of the
people, called bankers, to exact profit
from all of the people, at cost Of
untold millions of dollars;
That cost, plus interest that will
amount to the face value of the bonds
Gudging from past experiences), plus
leases to small holders through depre-
citation, forced sales through calling Of
loans by banks, plus interest paid 10
banks for borrowing OUR credit (re-
ferred to in the preceding paragraph,
plus the cost to tile ultimate consum-
er of the amount EXEMPT FROM
TAXATION.
That last provision alone, assuming
that the constitution is for just, equal
and good laws, is evidence enough that
the bond issue is unconstitutional.
Then, take the facts that the Govern
ment promises to pay the face value
of these bonds in GOLD-a promise
that it cannot fulfill and was aware of
the fact when it made the promise;
SINCE example is omnipotent, what
shall be said of such an example by
la Government or man9
What then was the alternative?
Obviously if pieces of paper called
bonds, secured as above described, are
good, pieces of paper called currency
secured by the same total wealth, and
NOT BEARING INTEREST, are bet
ter. Axiom: No thing is settled until
it is settled rightly (justly), and it is
never too late to right wrongs.
Enter EQUITY. and Equity says
RESTORE.
Proposition: All that | have, the
savings of lifetime. is invested in such
interest-bearing, tax-exempt bonds, and
| hereby agree to exchange such bonds
(now at premium) for their face val
ue (cost to me) in currency notes OF
THE U. S. GOVERSMENT, but not
bank notes. nor Federal Reserve
Notes.
In Equity, it would be in order to
say Provided holders who have paid
less than par shall receive what they
paid and no more. and that any pre-
MUM shall be ignored" but | waive
such provisions.
Assuming then, that Congress de-
sires to pass some bonus legislation.
such refunding would bring at least
twenty-five billions Of dollars in sight.
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