Watson's Jeffersonian Magazine, (Vol. III, No. 1), January, 1909Various
History
Watson's Jeffersonian Magazine, (Vol. III, No. 1), January, 1909
Various
United States -- Politics and government -- Periodicals
When a condition exists that is a menace to the people, a condition
that is being taken advantage of by certain individuals to the
detriment of the great mass of people, it is the right and the duty of
the Government to enact such laws as will eradicate the nuisance if it
can be done.
A banking scheme can be devised that will accomplish this beneficent
purpose. Under it an elastic currency can be established, a
non-fluctuating standard can be provided for, the tax gatherer can
be made to disappear, panics cease, depositors will be protected and
unlawful combinations in restraint of trade be a thing of the past.
Put the Government into the banking business and the thing will be
accomplished.
It may be charged that the scheme is too radical. It may seem so, but
nothing is too radical that is right. It will be a very great change
from the present system, and will be opposed by all the force and power
of organized wealth.
It may be charged that it is not authorized by the constitution. If it
is right, change the constitution. It won’t be the first time it has
been changed. At one time the negro was a slave with no more rights
under our constitution than an animal. Today, by reason of a change in
our constitution, he has all the rights of citizenship and stands on an
equality before the law with his white brother.
Let the General Government, the State, the County and the municipality
get together and go into the banking business. Does it not look too
vast to be comprehended? Think about it a while, Mr. American Citizen.
Don’t brush aside the idea without consideration, but if you are not
interested in opposing the plan, and will give the matter a little
thought, you will see the advantages of the proposed system.
Thomas W. Lawson was at one time opposing the present system; he laid
bare many of the fraudulent and unlawful outrages perpetrated by it,
which the system of Government bankers, if established, will be able
to prevent. Take the present system, which he has so ably shown to be
noxious, and transfer it from the hands of the individuals into the
hands of the Government, and this great power, now exercised by the
few, will be placed in the hands of the people, where it justly belongs.
Give the General Government at Washington, under the supervision of
the Treasury department of the United States, banking powers. Let
it organize a central bank, with power to supervise and control all
the lesser banks proposed to be organized by States, Counties, and
municipalities. Provide by law for the opening of a bank in each state,
under the control of the State, but to be tributary to the Central bank
at Washington, each to be known as a United States Bank of Illinois, or
the state in which the same is located.
Public-domain text, read in full here on John Shaqi.
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