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30

Free issue of MICHAEL

www.michaeljournal.org

lar 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...