The people's voice. [volume] (Helena, Mont.) 1939-1969, 1942-02-13


eggs, meat, butter, etc., and no floor
under them, while no ceiling is placed
on packers prices after the produce
passes out of the farmers hands?
E. B. S.
Clyde Park, Mont, Feb. 10, 1912
Editor, Peoples Voice:
| am sending you a clipping which
stresses question on which econom-
ic and financial problems seem to
pivot. Money, public finance. In the
face of all the previously unheard of
billions of dollars now being spent
by the u. S. government, the intelli-
gent citizen wonders from what ocean
of wealth is this said money being
steam shoveled
All the money that comes under my
observation is FIAT" money-a full
legal tender for all debts, public and
private. Redeemable at the Treasury
of the United States of America
Hence, congress is steam shove1ing
these previously unheard of billions
of money from Americas ocean of
public credit. But who clips the cou-
pons from these billions and billions
of interest bearing bonds?
Why should the whole people who
supply the credit, then permit a ia
vored racketeering group to clip in
terest bearing coupons, which cou-
pons are the same 1--WE the people"
who furnish the credit also pay the
Here is a deep and vital matter
of public waste which challenges the
intelligent investigation of all citi-
zens. A question on the vital truth
Of which we seem to know less than
we know about the movement of the
bodies and their influence
Hopefully yours,
R. D. KENNEY.
The clipping follows:
oATMAN BILL WOULD
END INTEREST RACKET
WASHINGTON.-Rep. Wright Pat
nan, Texas democrat who was the
,attle in congress for the soldiers
,onus, has introduced a bill in the
louse of representatives which would
nd the interest racket in government
onds, which he said "would make
possible to finance the war debt
yithout paying tribute to few people
Tho are using the governments credit
nd idle gold absolutely free"
Rep. Patman is the lone Texas
lember of congress who has signed
ne Townsend bill discharge petition.
[e is recognized as an authority on
loney and financing.
The bill provides that non-interest-
caring bonds would be issued by the
overnment and deposited with Fed
al Reserve banks, against which the
overnment can receive credit to meet
s obligations.
1.-THE current estimate of what the
hole war S going to cost us is $50
lion dollars" Rep. Patman asserted.
we spend $50 billion dollars it will
st four or five billion dollars a year
pay the interest on this gigantic
m.
In all probability that Is all the
xpayers of this country will be able
pay, and they will, therefore, be
able to make any payments on the
incipal of the debt
That being true, all the money that
II be raised in taxes to pay on the
t1onal debt will go to the people
10 are using the credit of the nation
solutely free, and who have had
med out to them the use of the idle
d free, and the people will thereby
forced to pay a debt that is use
s, wasteful, extravagant and unnec-
airy"
bill also provides that no
re Understanding obligations of
United States should be sold to
banks, or banks receiving
osits.
The reason for such a provision is
such bank does not give the
eminent anything in return for its
DIS" the Texan said in explaining
section. 1.-THE bank merely re-
ment credit il bookkeeping trans
ons, or pencil marks, or fountain
money.
ks Create Money
every Informed person admits that
er such circumstances the COM
cial banks create the money out
t. If money is to be created out
t, it should be created by the gov
nent itself, and no interest paid
It,"
closing, Patman declared that
present national budget require
is of SO billion dollars would cost
y man, woman and child a total
AT in interest, to be paid to pri-
banking interests which are u.s.
the government credit and gold