People's Pilot, Volume 2, Number 35, Rensselaer, Jasper County, 17 February 1893 — WE MUST HAVE IT. [ARTICLE]

WE MUST HAVE IT.

A System of Finance That Will Relieve the People From the Burden of Usury. There has been introduced into the legislature of Washington the following resolution: Whereas, There exists throughout the state of Washington and the United States a condition of business depression and industrial distress caused by a lack of circulating medium, or money, in sufficient volume to meet the demands of business and industry: and Whereas, The state of Washington and all counties, municipalities and school districts therein, and the people generally, are obliged to pay excessive rates of interest for money to conduct necessary public enterprises: and Whereas, The same is an evil that is in the power and is the duty of congress to remedy; therefore be it Resolved, By the house of representatives of the legislature of the state of Washiugton, the senate concurring, that we demand that congress shall empower and instruct the secretary of the treasury of the United States to cause to be printed treasury notes of the United States in convenient denominations for circulation as money among the people. That the amount of such bills be fixed as the requirements of this resolution may demand. That such currency when issued as hereinafter provided, shall be full legal tender for the payment of all debts, public and private. That the secretary of the treasury of the United States shall, under such provisions as congress may find necessary, lend the same at a tax of of 1/2 of 1 per cent per annum to states, counties, municipalities and school districts in the United States on approved bonds of said states counties, municipalities and school districts being deposited with the secretary of the treasury as security for the payment of the same within a time to be fixed by congress. That when such money is paid back to the secretary of the treasury it shall again be paid out as provided above, or in satisfaction of any obligations of the United States. Proposed for the consideration of the legislature of the state of Washington. Interest is the disease of business and society. It enables the idle to draw to themselves the substance of the industrious. Interest on money is founded on a childish misconception. The finder of a piece of yellow mineral called gold is possessed of the wonderful Aladdin’s lamp. He commands everything that human industry and ingenuity can produce Why? Because he has added something to the sum of good things? No; because it is Aladdin’s lamp, and the slaves of the stand ready to do his bidding. The modern Aladdin lends parts of his lamp, and the slaves must bring two parts back. The evil, grows by geometrical progression and the slavery daily reaches further and becomes more degrading.

That is the theory and practice of interest. The exclusive use as money of either gold and silver, or both gold and silver, places the world in absolute slavery to the holders of these metals. There are $1,400,000,000 in gold in circulation throughout the world. In the United States alone farmers have promised to pay $15,000,000,000 in gold. There is not gold enough in existence to pay interest on debts owed in the United States. The Baring failure, the Russian famine and the steady closing in of the contraction policy have all combined to bring about a foreclosure of these obligations, with the shipments of gold to Europe and financial distress in this country as the disastrous result. The facts alleged in the above joint resolution are apparent to anyone. They are beyond dispute. The remedy is the issue now. The rapid and continued export of our money is a cause of grave alarm in all parts of the country and among all classes. It needs no profound knowledge of finance to see the danger, and the effects are becoming distressing. The dominant parties offer no remedy. Here is a plan that will not only give relief, but will put our finances on the bedrock of justice and business common sense. It will break the backbone of interest. It will be urged by bankers and their hirelings that the money to be issued as above will not be good. But they will be on exactly the same footing as a national bank note—bonds issued regularly and deposited with the treasurer of the United States. The difference will be that the currency is issued directly to the people for labor without the intervention of private corporations. On the bonded indebtedness of the city of Spokane we would be paying onetwelfth the present tax, and paying it as a public tax instead of into the pockets of some idler. It would cut the rate of interest on private loans and set the wheels of industry in motion. The legislators at Olympia this winter, of whatever party, will be put on record on this measure, and if one of them votes for a senatorial candidate who will not pledge himself to this measure, the fact will be known and advertised. —Spokane (Wash.) Industrial World.