The great West. [volume] (St. Paul, Minn.) 1889-18??, 1890-05-30
TOWN BANKING SCHEME.

Ed. GREAT West:
The squib cut from the last
GREAT WEST" will do for a text:
The plan to have township organ
cations take the place OF national
banks is received and read. It is
"a large scheme" and at first dash
seems ETHEREAL. But all "big things
seem SO at first. 1t will receive at
tention very soon.
As l have a draft of the original
bill in my possession, perhaps it is
proper for me to state why this
scheme was presented to congress.
You are aware that many bills have
been introduced, all OF which smack
strangely OF class legislation.
The warehouse bill, while benefiting
most of all the farmers, in addition
is very Objectionable because of the
immense expense, and very large
army of employees. The Ingerson
bill is drawn on much narrower
scope, and is not worth considering.
The Stanford bill resolution has a
more radical relief, but it goes wholly
benefting the individual, and that
|'only of the farming class. The His
cock bill would surrender the whole
country into the hands OF the plutoc-
racy. just imagine the Milwaukee
& St. Paul railway bonds, being
out to the extreme limit, deposited
with the treasurer of the United
States. 1t would have a bank in
every town, and Caesars Column
would be built inside.of two years.
None of these plans would eradicate
usury or take the profits OF banking
out of individual hands.
Money making is a government
prerogative. To surrender the con-
troll Of it to an irresponsible party is
a crime against the people, for it is
class legislation of the worst form.
The greenback is the best form OF all
for money, but he must be vision
airy of the most ETHEREAL class who ex
poets to see new and larger issue OF
that currency; besides, it is urged
with some force that it is not elastic
and cannot accommodate itself to
periodic demands for an increased
se,-that it can only get into circu-
lation as paid out by the govern
ment, and, further, no credit can be
capitalized by this means while every
corporation can show collateral, and
give it's. property thereby a force
that farm or homestead does not
possess.
The object ofthe town banking law
is to cure in fact all these evils.
/. Notes issued to a town on its
bond, capitalized all property of the
town, and knocks usury out at one
blow.
2. Money being the right of gov
eminent to make, it is wrong to lei
it go to increase the gain of private
persons. The profits of the tow1
. bank go into the town treasury, an(
each Individual is benefited by it. L
is the same fight that Themistoclel
made to turn the product of tn
silver mines of Athens over to tn,
state, that it might defend itsel
against Persia.
3. 1t is expansion. The town cal
use it's pounds precisely as a nation
al bank does.
4. 1t is not class legislation il
. any respect; any industry in tow
, can be benefited by it.. .,
5. The farm mortgage will disap
pear as we now know it.
6. While it is great social meas
, ure, it gives full and free play for in
dividual enterprise and will be sur
promoter of municipal improvement
7. 1t adopts the best bankers sys
TEN the world ever saw, to lon'
:: felt public want.
J 8. 1t will remove much incentiv
for crime, make the people more hor
est, and reduce litigation to min
| mum.
9. Every little town will becom
, in fact a little republic, with a vita
J force working all through it which
J never knew before.
, 10. 1t is in the line of higher mol
r ais, religion, and civilization.
3 What can be said against it
r Some judges, lawyers, bankers, shy
t locks and shysters will be ruined.
, A. E. BALL.
Jerry il Wanted Again.
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