stock, and the Bank of Ireland stock pays twelve per cent., with millions of surplus earnings, or "reserve." The Bank of France was enabled, in a comparatively brief time, to purchase and cancel nearly one-fourth of its entire capital out of its surplus profits. The remaining shares have varied in value, but have generally been worth from three to four times their original cost. This, too, was a partnership of wealthy citizens generally and the Government, and to them, as in England, the Government has become a large debtor. In railroad building and other adventures of partnership with capitalists, to which the Government has consented, we have fair and illustrious examples in the building of the Union Pacific and the Central Pacific Railroads. How in these the Government made a disgraceful list of shoddy millionaire railroad kings at the expense of the producing taxpayers will be shown under the proper heading. Any one citizen, though a large payer of taxes, feels keenly that his voice and vote are but a feather against these cyclone wrongs; yet it is the little drops of water and little grains of sand which make both the ocean and the land, and the great things of earth have had small beginnings. The times are gone when "To lordlings proud we must tune our lay," and it is false and dangerous modesty to wait and work in deference to wealth combined with political wire-workers. Eternal vigilance is the price not only of liberty, but of home and comforts, and is the destroyer of want, which is the soil the Anarchist cultivates. Every man is expected to do his duty, and he who cowers and holds his peace, or sells his vote to his oppressors, is a miserable dolt and a traitor. The finances of a nation are its life-blood, and if they are impure, restrained, or sapped, some members

of the body will decay and the whole become diseased, and reach an early grave. Intelligence, through Attention, Thought, and Endeavor, is needed in every man who is a citizen; for if he be intelligent and know actual conditions, he cannot afford to let pass the great opportunity to vote for a pure, impartial system of finances. The man who says, "My vote don't amount to so much as a little money does to me now," is not only ignorant, but acknowledges his vote of no public good; hence it should not be received to add to public corruption.

The deepest and most intricate puzzle or problem is clear and simple when, by study or information, it is solved. So the great leaders, whom we are so liable to look to, like superstitions, lose their weight and glory when faced and tested. The world has many Goliaths, and they are known of all; but it has a thousand fold more Davids, who, did they but realize and dare to properly use their power, would slay these devouring, usurping giants. Not only slay, but bury them too deep for resurrection. These monstrosities are made by trusts, pools, corners; by jobbery, bribery, and deceit; and they obtain bank, railroad, and other chartered or stolen privileges, which force the laboring masses to pay them immense tributes without equivalent compensation. The Government issues and backs the $300,000,000 to $400,000,000 of bank bills afloat, and gets no benefit but a one per cent. tax-and there is a deficit in that each year, averaging nearly $400,000-for fair reasons. This money is loaned out to the taxpayers of the country at from four to thirty per cent., according to the law of supply and demand, or should be so. A low average would be six per cent. The national banks, then, have borrowed of the United States Government an average

of about $300,000,000 for over twenty years at one per cent. interest and a nominal charge by giving, as security, bonds issued by the United States to borrow money, and on which they have paid interest on all classes, excepting the Pacifice Railway bonds, at an average rate of about five and two-ninths per cent. Although the great profits of national banks were made prior to 1870, when the greatest advance was made in the values of their bonds, yet, without including any advance since that date even, we find their average semi-annual net earnings to be close to $26,000,000, or $52,000,000 per year. As the capital for this period was in round numbers $500,000,000, it shows a net annual earning of over ten per cent. The last United States Statistical Abstract shows a surplus made out of profits, above dividends paid, of $184,416,991. The dividends paid, since 1870, aggregate over $814,000,000. What portion of all these vast sums is realized from circulation by the national banks no one can tell. We know that a tax of one per cent. and some minor fees and restrictions are put upon them; besides, the capital invested in the Government bonds does not requite them as well as if in other securities; but, with these exceptions, they make clear all they get for loans of the notes given them by the Government. These facts are not brought out in blame of any stockholder or officer of national banks. They are intended to show that the Government borrowed millions of dollars at an average of about five and two-ninths per cent. interest, and at the same time loaned out to banks about $300,000,000 at a rate of one per cent. That it borrowed this money in currency, worth in 1864 (when this banking system went into force) thirty-eight and seven-tenths cents on the dollar, and up to 1879, when it

became par, but made the bonds it gave all payable in gold, and free from tax. This made some of them reach in value to one hundred and thirty cents on the dollar. The American taxpayers still keep this system in force, and why their Government is not saving this money for them, instead of heavily taxing them, is a conundrum of their own making. The only even plausible argument or reason for a country not to issue its money direct is that it might cause too great a centralization of power. This must be thoroughly disproved by the successful and innocent history of all direct money issues, as the greenback and others, and by the fact that the same power which created the national banks and fully commands them would make and regulate a direct issue. Evidently all who are not in the ring will find it to their interest, very largely, to oppose all partnerships in any way, or with anybody, when their government is to be a partner. Where it furnishes the money against experience, the usual reversal is sure with it, and the experience it gets for the money gone seems to get lost in the multitude of counselors. Let the competent men of the country do the banking and all other business where competition is possible, and the Government issue the circulation, and possibly own the railroads, telegraphs, and other monopolies where competition seems impossible. This would seem to hold true from national affairsas money-down to municipal affairs, as supplying gas, water, and electric lights.

But purify your elections.

103

Fashionable Follies.

For change from practical thought, Americans often indulge in brief jests and light nonsense. The leaders of fashion find constant and well-paid employment in introducing to one class of our people frivolous European customs. We have as yet few fashions of our own of original conception, but " 'tis English, you know," in the same sense that some foolish Americans take semi-annual trips to Paris to study style, while knowing but little of their own country's. Nothing grieves the fine lady or gentleman more than to be behind the fashion. The female domestics of our households fall into line and fight the battle of fashion as industriously as their employers. They do this even to wearing bustles and chewing gum, which are singular fashions of this country. The average young lady, discarding candy, because no longer fashionable, falls back upon gum, and, like the men who stop chewing tobacco and indulge only in smoking, they never know when they have had enough of it. Of the number who now consume this very necessary commodity, the fashionable young lady composes a large proportion. The practice does away with conversation, and it is no uncommon sight to see belles and their beaux chewing away in delighted concert. The system threatens to become universal. In a late newspaper has been discovered the following interesting