"We now exchange a product for a product of equal value, for the convenience and benefit of all, without any charge except for the necessary labor expended in the production and distribution. But under the old civilization the product was first exchanged for money and the money was then exchanged with some one else for the product that was wanted in return. As a method of exchanging one value for another, this was a very awkward and unscientific process, but in and of itself it was not necessarily unjust and oppressive; yet the system such as it was, could be used by the greedy few who controlled the financial and commercial affairs of the country, for the purpose of exacting such exorbitant tribute from the many as would, and did, condemn the millions to poverty. The few, with their superior business sagacity took advantage of this semi-barbarous idea of a perpetual money token which was supposed to contain within itself an actual value, equal to the values which it was used to exchange, and they organized banking as the chief factor in the mechanism of exchange among themselves, which in its operations also gave them control of the perpetual money tokens which the people must have to carry on their ordinary business transactions with each other. "These shrewd financiers had no use for money except to pay balances, and at the time of the end, ninety-seven per cent. of the great business transactions of the country were carried on by means of organised credit through banks and clearing houses. This system of minimising the use of legal money through banking methods, as a matter of course left a large surplus in the hands of the great operators, which was loaned to the people, who in their unorganised condition were compelled to pay cash. These loans bore various rates of interest, but always much above the average increase of wealth, and very often so exorbitant that the states for very shame's sake were compelled to establish certain arbitrary rates beyond which the money lender dare not go.