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
The government, in its ignorance, arrogance, and tyranny, either does
not see all this, or, seeing it, does not regard it. While these
thousands of millions are being lost annually, from the suppression of
money, and consequently of industry, and while three fourths of the
laborers of the country are either standing idle, or, for the want of
capital, are producing only a mere fraction of what they might produce,
a two-pence-ha'-penny Secretary of the Treasury can find no better
employment for his faculties, than in trying, first, to reduce the rate
of interest on the public debt one per cent.--thereby saving twenty
millions a year, _or fifty cents for each person, on an average_! And,
secondly, in paying one hundred millions per annum of the principal;
that is, _two and a half dollars for each person, on an average_! And he
insists that the only way to achieve these astounding results, is to
deprive the people at large of money! To destroy, as far as possible,
their industry! To deprive them, as far as possible, of all power to
manufacture for themselves! And to compel them to pay, to the few
manufacturers it has under its protection, fifty or one hundred per
cent. more for their manufactures than they are worth!
He has been tugging at this tremendous task four years, or thereabouts.
And he confidently believes that if he can be permitted to enforce this
plan for a sufficient period of years, in the future, he will ultimately
be able to save the people, annually, _fifty cents each, on an average,
in interest_! and also continue to pay, annually, _two dollars and a
half for each person, on an average_, of the principal, of the national
debt!
He apparently does not know, or, if he knows, it is, in his eyes, a
matter of comparatively small moment, that this saving of $20,000,000
per annum in interest, and this payment of $100,000,000 per annum of
principal, which he proposes to make on behalf of the people, are not
equal to what _two days_--or perhaps even _one day_--of their industry
would amount to, if they were permitted to enjoy their natural rights of
lending and hiring capital, and producing such wealth as they please for
themselves.
He apparently does not know, or, if he knows, it is with him a small
matter, that if the people were permitted to enjoy their natural freedom
in currency and credit, and consequently their natural freedom in
industry, they could pay the entire national debt three, four, or a half
dozen times over _every year_, more easily than they can save the
$20,000,000, and pay the $100,000,000, annually, by the process that he
adopts for saving and paying them.
And yet this man, and his policy, represent the government and its
policy. The president keeps him in office, and Congress sustain him in
his measures.
Public-domain text, read in full here on John Shaqi.
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