SOME PAGES PROM ME SCRAP ROOK
INTERVIEW WITH MR. WATSON.
In an interview with the correspondent of
The Constitution after the conference with
President Roosevelt, Mr. Watson said:
“So far as proper currency is concerned, it
is a question of whether the government will
use the national credit for the benefit of all
the people, or whether six thousand national
bankers shall be allowed to use it for their
own exclusive profit.
“National bank currency is based upon
government bonds, and the bonds, of course,
rest upon the power and the wealth of the
nation. Whoever buys the bonds becomes a
national creditor, and when the bondholder
is allowed to issue one hundred dollars in
notes against every one hundred dollars of the
bonds, he is using the nation’s credit to sup
port his own notes. The bonds are untaxed
and the notes pay no tax, for while the gov
erment collects a nominal 1-2 of 1 per cent
tax, it is well understood that the proceeds of
this tax do not cover the actual expenses of
maintaining the currency bureau, safekeeping
the bonds, engraving the notes and supervis
ing the operations of the banks.
He Doubles His Money.
