New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1849-05-31

Il - ~ sIldt4 hHlsE Ds4+Nip ia4 oi-' 80 VI
them because taey vii sell good articles cheap.
Let these things once get fairy at work, and
whst becomes Of the Old world It is transform
ed And for misery there is abundance and for
want satisfaction, and for ignorance intelligence,
and fyr fraud 1prghinsss, and for war peace.
TaE BANK.
The Bank undertakes all the operations belong
ing 70 the function Of Circulation, and undertakes
more than al ordinary bank. II discounts the OBJ
legations Of commerce. collects and transmits funds,
makes advances on snnuities, on mortgages, on
consignments, on industrial enterprises of course
in al such cases paying out It's own notes, re-
ceives deposits, whether Of the savings OF ind'd-
0sl woIkmen. or II associations, or the money Of
other parties, &c. &c. Though serving specially
as the agent Of the workmen, the Bank Is entire
| y Independent Of them, does not participate IL
their enterprises, and IS IN no wise responsible
| for any Of their losses Even the Syndlcstes Of
| Production aud Consumption though ia the most
intimate relations with the Bank, are Individually
distinct from il, each having for the purposes Of
the first organization It's Own particular capital.
There is no exclusion 10 the formation Of the
Bank; all classes and all individuals msy partici
/ pate III US dHfhAthEtss M fNie"''' my "-'~
what is called adherents or members-that IS,
may agree to receive s notes Ia exchange for such
articles as they may have 10 dispose OF, also agree
| ing 20 purchase Of other members what they have
70 buy IL is plain that sdherents, using the notes
can buy cheaper than without them. every body
III desire 70 enjoy that benefit, and their general
crcul alton will be insured; ADD that even indi-
vidual dealers will sell cheaper 10 fellow members
j. plain from the fact that they will be controlled
by the Syndicate Of Consumption, with IFS great
nagsz ines and dep6ts.
What is the guaranty Of these notes
At the very start in the mere infancy Of the in
sttutioo they are guaranteed by these 80 to lOg,-
600 workmen-uot as so many individuals but aa
members Of a compact and most Efficient industrial
oreanzation whereby they not only are Justly paid
but produce more than under the old system
Moreover this guaranty is constantly strengthened
by the organic alton OF similar bodies IN oil parts q
the country, and 10y the steady growth OF the oper
atoms Of the Bank which, from the necessity OF
things, if conducted with only tolcrable skill and
Judgment, must soon include the whole productive
industry OF the nation in its sphere Of action and
among the elements OF It's power OF usefulness
What the Bank issues IN its notes IS the Credit
of the People organized and employed for the ben
eft Of the People, aud impregnably fortified on
each side by the organization oi Labor and OF Com
merce And let it be borne in mind that Pr0dpc
tee industry Is the only real Jas~ Of CfciH. You
may set up any number OF lctous Ia regard to the
matter but this is always the truth at the bottom.
The difference between the Bank Of the People
and the old financial system IS. that Ia the former
the Credit of the Community controlled and used
by the Community solely for the fartherauce OF ia.
dustry and the increase Of its return to the midas
trous while in the latter, the same Credit Is in
geniousy monopolized by few and used as an r.
ressuble machine for levylug upon industry the
most exorbitant tribute for the benefit Of the mo-
nopolizers This is the fact in a nutshell OF all
monopolies that Of Credit and the circulating me-
dunn is the worst
Let us sum up these statements
By means Of Associations combined through the
Syndicate OF Production, Industry IS SO organized
that the product goes to the producer
By means o. the Syndicate OF Consumption. the
producers aud consumers are brought into direct
re!stions-thc poor buy good terms as the
rich-ihe workman is enabled to procure materials
as wei as the capitslst-rauds and adulleratious
are prevented-the number of agents OF exchange
is reduced TO what is necessary-and, In a word
Commerce becomes a strictly social function, reg
uiated, like the management OF schools, by the
wishes aud for the benefit OF the community.
BY means Of the Bank. a circulating medium is
afforded, having the best possible guaranty at the
same time that 1t possesses the capacity OF vary
iug la qusntity according the necessities Of ihe
public, which silver and gold canuot-wherein lies
one ground of the evil connected with their use
the rate of interest is reduced 10 the cost Of man
aging the business aud meeting the contingencies
OF the Bauk-snd that, let IL be remembered, not
nomInaly by al Intellectual usury law, bat in fact
and interest being thus reduced to cost, which
ia an institution covering a whole country like
France, aud transactiug all its business the
Bank of the People in time surely would would
Ne the merest trife. say per cent rents would a.
once fall to their Just aud natural level, aud
body would be able 70 make money by owning
AID letting houses or lands and 81 the same time
the great function of credit and circulation wou.d
be in the hands OF the producing class, who must
also be the consuming class, aud all specul al ing
sud living upon them would be al an end.
such are the fundamental Institutions of the Re.
public Of Wealth. Let the reader ponder them.
they are worthy OF much reflection.
ROW rHE BANK on TaL PKorIK WAS To b ORGANIZED.
Though the Bank of the Peog le, as an institu
ton OF mutual Credit and Exchange. will need no
gold AID silver the instrument OF its transac-
,ions when it is fully in motion, and when the
whole nation are brought into it, it must at the
outset be sbe TO pay specie for It's notes wherever
specie IS demanded The Syndicstes Of Produc
ton aud Consumption must also have a none,
capital, In order - the efficient commencement OF
sheir operations and until the notes Of the Bank
shall have sltained a general currency.
The capital necessary for these purposes i, was
proposed to raise by shares bearing uo interest sad
receiving 20 dividend. OF course only those in
terested In the realization Of tie scheme would
subscribe. The Capital OF the Bank was fixed 81
5000 600 francs in shares Of 'rsncs each-opera
tons 70 commence when 50,0ool was subscribed
and paid in. that Of the Syndicate oi ProdUct.on
NJ 100000 francs, - commence when p 600 were
paid ia: aud that of the Syndicate q. Consunuilo