A New Banking System: The Needful Capital for Rebuilding the Burnt District — John Shaqi
A New Banking System: The Needful Capital for Rebuilding the Burnt DistrictSpooner, Lysander
General
A New Banking System: The Needful Capital for Rebuilding the Burnt District
Spooner, Lysander
Banks and banking -- United States; Paper money
Every one knows, too--who knows any thing at all on such a subject--that
it is, intrinsically, as flagrant a tyranny, as flagrant a violation of
men's natural rights, for a government to forbid the lending and hiring
of money for manufacturing industry, as it is to forbid the lending and
hiring of land, or agricultural implements, for agricultural industry,
or the lending and hiring of ships for maritime industry. They know
that it is as flagrant a tyranny, as flagrant a violation of men's
natural rights, to forbid one man to lend another money for mechanical
industry, as it would be to forbid the former to lend the latter a house
to live in, a shop to work in, or tools to work with.
It is, therefore, a flagrant, manifest tyranny, a flagrant, manifest
violation of men's natural rights, to lay any conditions or restrictions
whatever upon the business of banking--that is, upon the lending and
hiring of money--except such as are laid upon all other transactions
between man and man, viz.: the fulfilment of contracts, and restraints
upon force and fraud.
A man who is without capital, and who, by prohibitions upon banking, is
practically forbidden to hire any, is in a condition elevated but one
degree above that of a chattel slave. He may live; but he can live only
as the servant of others; compelled to perform such labor, and to
perform it at such prices, as they may see fit to dictate. And a
government, which, at this day, subjects the great body of the
people--or even any portion of them--to this condition, is as fit an
object of popular retribution as any tyranny that ever existed.
To deprive mankind of their natural right and power of creating wealth
for themselves, is as great a tyranny as it is to rob them of it after
they have created it. And this is done by all laws against honest
banking.
All these things are so self-evident, so universally known, that no man,
of ordinary mental capacity, can claim to be ignorant of them. And any
legislator, who disregards them, should be taught, by a discipline
short, sharp, and decisive, that his power is wholly subordinate to the
natural rights of mankind.
Public-domain text, read in full here on John Shaqi.
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