The producers news. [volume] (Plentywood, Mont.) 1918-1937, 1924-03-28
THE LINCOLN FIN
ANCIAL SYSTEM
Continued from page p

/ " " we COCuIIy IL NAH The money
IS taken out of circulation.
80 the country banks are really
loanlng on second mortgages. Whef
the real money power gets ready t.
Ioreclose they viii probably do about
/ as they did when they brought or
/ the panic Of 1898.
They viii have their money ont on
short loans to the factories and the
wholesale merchants. These in turn
are selling to stores all over the
country Cn 80 days time. They will
nave the papers predicting prospect
ty to throw the people off their
guard while they quit loaning and
collect up and the wholesalers will
be collecting in all the loose money
from all over the country and turn
ing it over to Wall Street. In the
money they vii! collect will be a
large portion of the notes of the
country banks. They will not trust
on the notes of those banks without
interest and. as there will be no
money left in the country, the coun-
try bank will not be able to realize
on their securities and will have no
way to redeem their notes but to let
them be returned to the u. S. Treas
urday and be destroyed and turn
their bonds over to the Wall Street
tlnanciers. Then the country banks
will have no money or bonds and
can neither collect on their security
nor pay their depositors. So the
country bankers should be in favor
or just reform of our financial sys-
tenn SO that all may prosper.
We will not get the necessary re-
form if we listen to all the plans of
mere dreamers of Diversifcation, Ex-
port Commission Plans, Farmers
Aids, and we do not know what all
Abraham Lincoln planned the best
system of finance we ever had and
all the voters better try and get a
true history Of it and get to under
stand the utility and jusice of it. And
also, find out by whom and for what
purpose it was opposed and all the
methods they used to destroy it. Then
to find out what has to be done to
reinstate the Lincoln system of fin
ance, go to the constitution and see
how it needs to be perfected for the
purpose. And to find out how to do
it, go to the 10Th paragraph of Wash
lngton's farewell address, in which
he has told US what to do, how to
do it and why we should do it.
1t we had used the Lincoln system
OF Finance in the World War, we
would be in no debt today. Probably
the late President Wilson had that
system in mind when he said: "No-
body should be allowed to make a
dollar cf profit out of this war"
Art. 1, Sec. 8, of the Constitution
gives congress the right to collect
taxes, borrow money. pay debts and
ito coin money and regulate the
value thereof" And Sec. 10 forbids
the states to coin money or emit bills
of credit. From this It was con-
strued that as Congress had the
right to coin money it also had the
right to emit bills of credit and make
them legal tender and in the hurry
of war the greenbacks were is
sued on the strength of that. We
should adopt an amendment to the
constitution to perfectly clarity the
legality of the greenbacks.
Washington said: "The basis of
our political system is the right of
the people of government. But the
Constitution to make, and to alter
their constitutions which at anv time
exists, until changed by an explicit
and authentic act of the whole peo-
pie, is sacredly obligatory upon all.
According to these statements the
bankers notes are clearly uncOnstitC-
tiOnal as not even a state has the
right to coin money or emit bills Of
credit. And Congress is not given
the power to delegate that right to
a privileged class. But, someone
says: The Supreme Court has decided
that they have that power Washing
ton says that the Constitution must
be Obeyed, and only a majority of
the people have the right to change
it.
The bankers notes are not only
unconstitutional, but they are con-
trary to the principles of democracy.
Would majority of our people vote
TO give a small minority the special
privilege of drawing interest on their
own notes and the power to force
all the rest of us to borrow those
notes to use as money or 90 with
out any money? Is it not against
both the letter and the spirit of de- /
How long can the system
stand if the people assert their con-
stitutional rights 1t will be Our
fault if the system is allowed to take |
all the wealth of the industrial
classes.
An article like this in the papers
will give those who read it some /
hing to think about, and when peo-
pie look into the facts and think eff /
he danger Of a complete financial /
collapse in the near future thew NAV
De aroused to do something to pre- +
vent the horrors attendant on such
breakdown and to help to pre-
serve cur democracy.
A few people understanding the
situation will not save US. All the
people must get at the facts and get
o know what is being done to them
20 that they will know what thew
want to vote for next November. And
We must give the candidates, whom
We are going to vote for to under
stand that they must explicitly dis
uss these propositions and clearly
tate their ideals for re-establishing
light and justice for all our people,
md THAR rnlnv,- E. L