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Free issue of MICHAEL
www.michaeljournal.orglar in their methods, either of obtaining government
aid, or of protecting themselves against unfriendly
legislation. We trust him here implicitly. His intel-
lect and ambition combine to make him exceed-
ingly valuable to us, indeed, we predict that if his
life is spared, he will prove to be the best friend the
moneyed interests of the world have ever had in
America.
As to the organization of a National Bank
here, and the nature and profits of such an invest-
ment, we beg leave to refer to our printed circular
enclosed herein. Inquiries by European Capitalists,
concerning this matter, have been so numerous,
that for convenience, we have had our views with
regard to it put into printed form.
Should you determine to organize a bank in
the City, we shall be glad to aid you. We can easily
find financial friends to make satisfactory directory,
and to fill official positions not taken up by the per-
sonal representatives you will send over.
Your most obedient servants,
Ikleheimer, Morton & Vandergould.
Finance canonizes the great profiteers
The public figure being canonized by Finance
is the skillful, the shrewd, the ambitious, the one
who sacrifices all to his end, who knows to ally
himself to the rich and not so scrupulous financial
institutions.
The right law for America is one that so interests
the European capitalists, that a circular must be prin-
ted to answer their many requests for information.
The circular must be edifying as well, issuing
from such a bandits den. The circular expressing
the views of the New York firm (but not an Ameri-
can one) contains 16 items of which those numbe-
red 12, 13, 14 and 15 will be of particular interest
to those who seek to know the public enemy no 1.
Here they are:
12. This currency is printed by the U.S. Govern-
ment in a form so like greenback money, that many
people do not detect the difference, although the
currency is but a promise of the bank to pay – that
is it is the bank’s demand note, and must be signed
by the Bank’s president before it can be used.
13. The demand for money is so great that this
currency can be readily loaned to the people across
the counter of the bank at a discount at the rate of
10 per cent at 90 days’ to 60 days’ time, making it
about 12 per cent interest on the currency.
14. The interest on the bonds, plus the interest
on the currency which the bonds secure, plus inci-
dentals of the business ought to make the gross
earnings of the bank amount to from 28 to 33 1/3
per cent. The amount of the dividends that may be
declared will depend largely upon the salaries of
the officers that the banks vote themselves, and
the character and rental charges of the premises
occupied by the bank as a place of business. In
case it is thought best that the showing of profits
should not appear too large, the now common plan
of having the directors buy the bank buildings and
then raising the rent and salary of the president and
cashier may be adopted.
15. National banks are privileged to either
increase or contract their circulation at will, and, of
course, can grant or withhold loans as they may
see fit. As the banks have a national organization,
and can easily act together in withholding loans or
extending them, it follows that they can by united
action in refusing to make loans, cause a stringency
in the money market and in a single week or even
in a single day cause a decline in all the products
of the country. The tremendous possibilities of
speculation involved in this control of the money
of a country like the United States will be at once
understood by all bankers.
Confiscation in times of scarcity
Let us underline this last paragraph. By their
concerted action, banks can, within a few days,
make money scarce and bring down all prices,
giving them tremendous possibilities of specula-
tion. Scarcity of money is the banks’ policy. Short
lived inflations, also of their doing, cannot last too
u
If Jesus came back today, he would prob-
ably chase out these money changers...