The Labor enquirer., 1886-03-13

the laborer rejoice at the following:
| Meanwhile we affirm that no system
was ever devised so beneficial to the
poor, as the system of mutual banking
for if man, having nothing to offer IN
Ipledge, has friend who is farmer. or
lother holder of real estate Landlord p
and that friend is willing to furnish se-
curitY for him, he can borrow money at
the Mutual bank at rate of I per cent
interest per annum; whereas, if he
should borrow at the existing banks, he
would be Obliged to paw per cent
Are farmers generally looking for q
tramp, in whose favor they may mort
gage their land7 IsuDpose when inter-
est is down to per cent, every tramp
will become distracted in trying to de-
eide which of his farmer friends he will
favor. by borrowing money on said
friends farm. To escape their importu-
mites, and slight no one, he will proba-
bly, borrow on all of them. If a farmer
pledges his farm in favor of poor man,
of course he himself cannot become a
member of the bank, because he cannot
mortgage his farm twice. How beneyo-
lent is the farmer! 1,
The book contains extracts from
Proudhon's plan for bank. How the
Anarchist can condemn State Social SIN
and follow Proudhon is another mys-
terry. According to Proudhon the Bank
of France was to merge into a mutual
bank. He says: -
"The Bank of France, become Bank of
Exchange, is an institution of public in
terest. 1t is placed under the guardian
ship of the state, and is directed by del
egates from all the branches sofindustry." !"
Liberty, of Boston, saws that Anarchy
is the destruction of all institutions, in
one sentence, and in the next worships
Proudhon. Liberty also advertises
Mutual Banking as a textbook of
Anarchy.
The way Anarchists start mutual
bank is to petition legislature. The Pc
tition of these enemies of state begins
as follows:
This PRAYER of your petitioners hum
bly, showeth," etc. One of the conditions
reads: "Any person may become a
member of the Mutual Banking COM
pany of anv particular town, by pledg-
ing real estate situated in that town."
The labor problem is solved only to
those who join the bank, as the money
does not circulate outside State Social
ism makes every person a member be-
cause he exists. THE mutual bank saves
only those who have real estate, or have
friends who own land. Much red tape
is necessary to enter the cabal !; but in
State Socialism a mans desire to live il
his credentials.
Though all this is opposed to Commu-
nism, yet some members of the I. W. P
A. are lowering between Proudhon an q
Communism in bewildered condition
Mutual money is measured and de,
termined IN value bv the silver dollar,
yet the bank cannot receive or hold
actual silver, thus depending upon what
a government calls a dollar. "If the
dollar rises in value, the bill of the
mutual bank rises also, since 1t is reeeiv
able in lieu of a silver dollar
But Immediately follows this extraor-
binary statement: Mutual mone'
escapes the law of supply and demand
which is applicable to merchandise
only"
Silver is merchandise which rises and
falls; vet it is basis for a currency
which neither rises nor falls. The book
contains more absurdiies, but they grow
nauseous by accumulation. I am certain
that the editors who advertise ''Mutual
Money!" never read the book else they
would not offer it as Textbook of An
archY. The whole scheme at its best Ii
only amelioratiVe in the slightest degree
and if realized would be a damage Il
labor, if 1t tended to fix land ownership
the real evil, by making it the essentia
foundation.
Extreme Individualism has no utility
because 1t asserts the principle of privat
property without law to define it. Com
munism denies distinct reward for in
dividual exertion. These must compro
mise, resulting in State Socialism, which
makes land and the capital used by all
the common property of the people
allowing the Individual to hold what h
derives bv exertion, using the commol
stock of material and tools. All the com
petition necessary can be had in Stat
Socialism. As public functionaries vii
be appointed by those whom they serve
they will exert themselves to keep thei
positions. Self respect is enough to IN
sure emulation, which is better tha
competition. All industries are conce
trating. Employees Of q private conser
have no object in competing, except i
holding their positions; they can d
| that while working for the state. Blu
whether we will or not, people are rap
idly imbibing the idea that the stat
should control public capital. 1t will b
the next step. Its followers now e1cee
both kinds of Anarchists, as the temper
ate, inhabitable zones exceed the frigio