In this way, the charge that the bank makes for the use of its notes - the interest - is a continual and universal tax upon all the members of the community.
Sentiment: POSITIVE
Who is in charge? Is it taxpayers or is it the special interest groups?
Is there any reason why the American people should be taxed to guarantee the debts of banks, any more than they should be taxed to guarantee the debts of other institutions, including merchants, the industries, and the mills of the country?
My legislation, the Simple Savings Tax Relief Act of 2005, simply eliminates the taxation of interest earned in savings accounts, such as passbook savings accounts or bank certificates of deposit.
The government must do all it can to help reduce interest rates for business.
Banks hold deposits and savings entrusted to them by individuals, by businesses, by governments and by central banks. They put that money to work, helping people to buy homes, for example, or lending to businesses to invest in expansion.
We pay a price when special interests win out over the collective national interest.
Tax bills create wealth. They help people live better.
Can't make your payments? No problem. The interest charges keep on coming. In fact, banks prefer it that way. More money for them. The government guarantees it.
The Question to be considered is, Whether the Government have reason by a Law, to prohibit the taking more than 4 l. per cent Interest for Money lent, or to leave the Borrower and Lender to make their own Bargains.
The process by which banks create money is so simple that the mind is repelled.