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
It says that this soulless person shall have this whole field to
himself, notwithstanding he has so little money to lend, and
notwithstanding there are many other persons standing by, having, in the
aggregate, fifty times as much money to lend as he; and desiring to
lend it at one half, or one third, the rates he is demanding, and
extorting!
It says, too, that he shall have this whole field to himself,
notwithstanding that ninety-nine one-hundredths of those who desire to
borrow, are sent away empty! and are thereby condemned--so far as such a
system can condemn them--to inevitable poverty!
SECTION 2.
But further. Each one of these 2,000 legal, or artificial, persons, who
alone are permitted to _lend_ money, is made up of, say, fifty actual,
or natural, persons, to whom alone, it is well known, that this legal
person will lend it!
These 2,000 legal persons, then, who alone are permitted to lend money,
are made up of 100,000 actual persons, who alone are to borrow it.
These 100,000 actual persons, who compose the legal persons, do not,
then, become bankers because they have money to lend to others, but only
because they themselves want to borrow!
Thus when the system says that they alone shall lend, it virtually says
that they alone shall borrow; because it is well known that, in
practice, they _will_ lend only to themselves.
In short, it says that only these 100,000 men--or one in four hundred of
the population--shall have liberty either to lend, or borrow, capital!
Such capital as is indispensable to every producer of wealth, if he
would control his own industry, or make his labor most productive.
Consequently, it says, practically--so far as it is in its power to
say--that only one person in four hundred of the population shall be
permitted to have capital; or, consequently, to labor directly for
himself; and that all the rest of the four hundred shall be compelled to
labor for this one, at such occupations, and for such wages, as he shall
see fit to dictate.
In short, the system says--as far as it can say--that only 100,000
persons--only one person in four hundred of the population--_shall be
suffered to have any money_! And, consequently, that all the property
and labor of the thirty-nine million nine hundred thousand (39,900,000)
persons shall be under the practical, and nearly absolute, control of
these 100,000 persons! It says that thirty-nine million nine hundred
thousand (39,900,000) persons shall be in a state of industrial and
commercial servitude (to the 100,000), elevated but one degree above
that of chattel slavery.
Public-domain text, read in full here on John Shaqi.
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