Morgan County Democrat. (McConnelsville, Ohio) 1886-1943, 1933-11-09

in reality, he (Uncle Sam) has paid,
and will continue to pay that inter-
est semi-annually as long as the
bankers keep the money issued or
until the note (bond) natures.
Under this system the Money Lend
ers are drawing Az 20 interest on
Uncle Sans own money. In other
words they are drawing Az % on
$4,000 and have the money in their
own possession, but that is not the
worst of it. This bank can take
that $4,000 in nice new money and
go out in the open market. or to the
u. s. treasurer if a new issue of
Government Bond. IT it happens to
be another Fourth Liberty Loan
Bond, it too will draw 4A% inter-
est, with this new bond. 1t can go
again to the treasury of Uncle Sam
and again demand $4,000 in nice
crisp Federal Reserve Bank Notes,
take the money and leave the
second bond with your Uncle Sam
as security, and your Uncle Sam
will pay to the bankers Az % on
this bond also: The Money Lenders
are now drawing " % interest on
their original $4,000 and have the
original $4,000 in their own pos
session. they can as far as | have
been able to discover continue this
racket indefinitely. and without a
doubt, your Uncle Sam has paid
compound interest on every dollar
of Federal Reserve Bank Notes is
sued. Is it any wonder that every
issue of bonds issued are oversub-
scribed by the bankers? They
know it is gravy. 1t is just like
taking candy from the baby.
During the years of prosperity
prior to 1929, we had in circulation
many millions of dollars in Federal
Reserve Bank notes. They circu-
lated as a medium of exchange How
were they taken out of circulation?
The Money Lenders, through our
Federal Reserve Banking System,
called in their loans to little banks
throughout the nation, took those
Federal Reserve Bank Notes to the
T.. S. Treasurer, turned this money
back to your government and re-
ceived back the government bonds
on deposit, and your government
burned that money. I will repeat,
"Your government burned that
money" Now / ask you, is money
or. medium of exchange that can
be so manipulated at the will of the
Money Lenders, sound money?
Ny plan to abolish this system is as
follows: tissue U. S. Money di-
rect" Our government owns valu-
able property in the District of Col
umbia, many Post Office buildings
and other public buildings, city and
town properties in all states and
territories, owns National Parks,
Forest and Oil Reserves, public
lands throughout the western states,
Alaska with millions of acres of un-
told wealth in timber and mineral
reserves; owns the Army and Navy,
with battle ships and war equip
ment, airplanes and air ships, army
posts, arms and ammunition, owns
many island possessions and the
North and South poles. Add to this
wealth, the Indebtedness due us
from foreign nations together with
cur ability and power to tax TWO
HUNDRED BILLIONS OF PRI-
| VATELY OWNED WEALTH IN
THE UNITED STATES AND POS
SESSIONS, and you will agree witk
ne: Money backed by Uncle Sam
is good to the extent of the worlds
indebtedness, "Three Hundred Bill
lion Dollars" and money so secur-
ed will not be "Fiat Money" in the
sense the Money Lenders describe
Fiat Money"
No, I do not suggest that we issue
enough money to pay the worlds
debts, but l do suggest that our
government issue it's own money and
cease paying the bankers for the
privilege. 1 suggest that we issue
this money to the extent of paying
all government obligations, govern
ment bonds and the so-called sold
iers' bonus. | suggest that this new
money be based on labor as to value
| and on our National Wealth as to
security If all our government
bonds be paid in cash as they be-
come due, and the soldiers so-called
bonus be paid in cash, the wheels
Of industry will start revolving as
by magic. We must abolish the
system Of issuing Government
Bonds, ascertain the amount OF
money needed to be kept in circu-
lation as a medium of exchange and
keep the budget balanced on that
basis. Gold now in the United
States is under government control,
and could be used as basis for
foreign exchange, provided this
gold be continued under government
control. / suggest that we issue q
money, upon the face of which will
be printed: Omitted States Money,
must be accepted as Legal tender in
payment for any debt, public or pri-