Mr. Merchant: My appendix! I have had my appendix removed.
Mr. Banker: Well, that makes no difference. I still insist that a tax paid upon bank notes under such circumstances is of no more use, economically speaking, than your appendix, whether it has been removed or not.
Mr. Lawyer: Section 23 provides, "The National Reserve Association shall be the principal fiscal agent of the United States. The Government of the United States shall, upon the organization of the National Reserve Association, deposit its general funds with said association and its branches, and thereafter all receipts of the Government, exclusive of trust funds, shall be deposited with said association and its branches, and all disbursements by the Government shall be made through said association and its branches."
The Central Bank of any country may be defined to be the bank at which the other banks carry their reserves, and at which the Government carries its balance.
But will some advocate say "it is only the bank of all the other banks"? This is the very quintessence of a Central Bank.
Upon this evidence will any candid man say that the so-called National Reserve Association is not a Central Bank? It was to have fifteen branches. The Bank of England has none. The Bank of Germany has nineteen main branches. The Bank of France has one hundred and twenty-seven main branches.
"Section 34.—The National Reserve Association shall have power both at home and abroad to deal in certain things."
Section 36.—"The National Reserve Association shall have power to open and maintain banking accounts in foreign countries, and to establish agencies in foreign countries for certain purposes."
Have the Central Banks of England, France or Germany any power to maintain accounts and establish agencies in foreign countries? With "A baby stare," and under cover of "Sunday-school pretences," we are told that this all-comprehending scheme is just a simple coöperative enterprise for the exclusive benefit of the individual American banks. Indeed, that it is the only truly altruistic banking institution that was ever conceived.
Now, as the chief argument for the adoption of this scheme, its main promoters and sponsors have persistently declared that the country was now being dominated and controlled by certain great banking interests, and, therefore, that the people should liberate themselves from these sinister and dangerous banking powers by running into the warm and enticing embrace of the National Reserve Association. Upon investigation, we find this anomaly, this surprising, this astounding fact: that the promoters and advocates of this gigantic machine are these self-same sinister banking influences who have the country by the throat today.