Alpena weekly argus. [volume] (Alpena, Mich.) 1871-1893, 1875-09-01

OF organized wealth which il r.
foses 70 share rith the needy.
We bare repeatedly noted ID
absurdity 20 which the inA4tionisi
Z are brought by fbe statement q
their OWE plan, and when that
: pointed out 10 them they hav
turned there heads and run away
They propose the substitution o
government notes for bank notes
= but have no plan for getting tbei
: notes into circulation Probabl,
Mr.. Kelley would not have Ia
/ hardibood to ten the most ignoran
} man In Ohio that the goverumen
ought to give money TO the people
, but II II Is to lend money on secur.
ity il viii do exactly what fh.
banking monopoly" is now doing
and IL It lends without security the
process win be only a form Of Civ
ing. Not even the 3.65 bond is
offered 10 the poor fellows who
have no greenbscks TO give for il
and no property TO give for the
greenbacks, although they are the
ones who are most dissatisfied with
the present condition Of things
that is, with the present eontrac-
ton and scarity Of money lin their
own pockets) and who are most
ready to perceive the dangers Of
the banking monopoly. How TO
get the shirts in the world on the
shirtless backs was a problem pro-
pounded by Carlyle; how 10 get
the money into the empty pockets
except by the old-fashioned pro-
cess Of working for il is problem
which has been in vain presented
TO Mr.. Kelley. When he sees it
he stops his harangue and fees.
Issuing notes is not the only
function Of banks, or even the
most imp 1rtant one, and the en-
tire withdrawal of bank notes would
scarcely narrow either their utility
or their operations. Their main
work is to supply deposit and dis
count facilities, and il is possible
Tor them to form this without a
dollar Of money in the country, its
place being taken by some other
'orm OF circulating credits. The
receipts Of deposits is the correla-
i've Of discounting, and increases
he ability Of the bank TO make {
oans, bank being simply a re-
into which the idle capital J
II the. country for the moment {
lows, and out of which il flows G
lmost Immediately for the purchase T
nd transfer OF commodities. Abank I
) broker or loan agent between O
borrower and lender, and it lends a
by means Of deposits) not only its Il
'wn funds but those entrusted TO 4
:; thus, A lends -four to the bank, 6
nd the bank Immediately lends C
'ather to b, the use of money Tor
ank credit) being only conven- Il
nee for efecting these transac- e.
ons. Now it is mere raving to b
~ that the public perform these 81
operations of borrowing Ii
nd lending and pay the bank for Il
cting as broker without deriving 81
sufficient advantage; the infla- {,
onists express no intention OF st
these essentially bank CT
g operations, and as it is certain %,
at they will continue to be per- OF
rmed by somebody-the only Ii
tentative being the complete and u,
eral abandonment Of credit 81
is incumbent upon the anti-bank ar
en- TO say by whom they would W
we banking operations conducted. tb
iall We revive the United States &C
ank, or shall the government go IL
to the banking business Z The 80
rmer is not contemplated, except ca
scattered few as to the other, mr.
the government undertakes to no
{ as bank 1t must be as hard or
d exacting, and therefore as OPP nc
essive, as the banks are, and the sv
suit would be the exchange Of no
Q grinding monopoly for another, 10,
ly the business would be man To-
ed as much worse than now as les
bile business always is worse hi,
ne than private. Yet, as the n ,
81 complaint Of the banks is that ALI
~ refuse to lend money TO the an
or who have no security to offer, err
} anti-bank idea may very likely nm
that the government should es- IN,