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
In short, the government not only does not offer, but is apparently
determined not to suffer, any such thing as freedom in currency and
credit, or, consequently, in industry. It is, apparently, so bent upon
compelling the people to give more for its few irredeemable notes than
they are worth; and so bent upon keeping all wealth, and all means of
wealth, in the hands of the few--upon whose money and frauds it relies
for support--that it is determined, if possible, to perpetuate this
state of things indefinitely. And it will probably succeed in
perpetuating it indefinitely--under cover of such false pretences as
those of specie payments, inflation of prices, reducing the interest,
and paying the principal, of the national debt, &c.--unless the people
at large shall open their eyes to the deceit and robbery that are
practised upon them; and, by establishing freedom in currency and
credit--and thereby freedom in industry and commerce--end at once and
forever the tyranny that impoverishes and enslaves them.
CHAPTER VII.
IMPORTANCE OF THE SYSTEM TO MASSACHUSETTS.
SECTION 1.
The tariffs, by means of which a few monied men of Massachusetts have so
long plundered the rest of the country, and on which they have so
largely relied for their prosperity, will not much longer be endured.
The nation at large has no need of tariffs. Money is the great
instrumentality for manufacturing. And the nation needs nothing but an
ample supply of money--in addition to its natural advantages--to enable
our people to manufacture for themselves much more cheaply than any
other people can manufacture for us.
To say nothing of the many millions who, if we had the money necessary
to give them employment, might be brought here from Europe and Asia, and
employed in manufactures, more than half the productive power of our
present population--in the South and West much more than half--is
utterly lost for the want of money, and the consequent want of science,
skill, and machinery. And yet those few, who monopolize the present
stock of money, insist that they must have tariffs to enable them to
manufacture at all. And the nation is duped by these false pretences.
To give bounties to encourage manufactures, and at the same time forbid
all but a favored few to have money to manufacture with, is just as
absurd as it would be to give bounties to encourage manufactures, and at
the same time forbid all but a favored few to have machinery of any kind
to manufacture with. It is just as absurd as it would be to give
bounties to encourage agriculture, and at the same time forbid all but a
favored few to own land, or have cattle, horses, seed corn, seed wheat,
or agricultural implements. It is just as absurd as it would be to give
bounties to encourage navigation, and at the same time forbid all but a
favored few to have ships.
Public-domain text, read in full here on John Shaqi.
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