The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1890-03-27
PLAN FOR a UNITED STATES BANK.
With Branch in Each Congressional
District.
Special Dispatch to the Globe-Democrat.


District.
Special Dispatch to the G1obe-Democrat
| WASHINGTON, March 23.-Samuel Shy,
of Wichita, Kan, has submitted to the
senate his financial scheme. He pro-
poses the establishment of The Peoples
Bank Of the United States of North
America" This institution is to be the
remedy of the present depression in Kan
sas and elsewhere The chief officers of
the bank will be located in Washington
and each congressional district viii have
a branch bank, with its local board of
eleven directors elected by the people.
Mr. Shys submit his bill, and with it he
sends a memorial Ito the Hon. Levi p
Morton, vice president, and senator's of
the United States"
He says the time has come to substi-
tute something for the old stakeholder
system. His plan he describes as "a
complete change from individuals to the
great governing power, the people, and
he hopes that it will answer the pur-
poses of its creation and last as long
as the government lasts" Dir. Shy
Is rather a taking financier.. He
says: 1T is the nature of man TO take
care of himself. and especially those who
! deal largely in money. These select few
/ take the shares of stock, manage the cor
/ pOratiOnS to suit themselves and will con-
/ troll the accommodations. This class Is
/ getting so strong and rich that they can
! produce a panic at any time and visit
ruin upon innocent people, and especially
on the medium and laboring class. They
! can prevent the poor from improving
and bring them, against their will, by
| mere force of circumstances to labor for
! them to obtain bread. | don't wish to
pursue this subject any further except to
! say the bank propose Will be too strong
! to have its circulation cOrnered or inter
! fered with Many years ago had come
to the conclusion that change must
take place in our monetary corporations.
remember the bank of the United
States well and the panic of 1887. This
was a fearful time. General Jackson
was right. The bank was not the peo-
pies bank and it had to go.
The ideas present in the charter are
huge and gigantic, and may bewilder
the judgment at the first presentation;
but take time. Go slow. Just think of
the wealth of these United States-$64,-
552 ,000, 000-and then think of the pOpu-
lation, $4,000, 900 and increasing fear
fully. Go back now and think of the
war debt at its highest, near, if not quite,
So 900, 000, 900. | heard most estimabie
gentleman, a senator from Kentucky,
say it could never be paid. Well, it
looked so, and thousands of people
thought 50, but old Thad and Gen. Grant
did not think 50, and many others, noble
men in the congress OF the United States
at this, the most trying time Of our his
tory. The revenue laws We're made
larger and larger, until a point was
reached when they were thought sutfi-
cient. and the great mass of this circula-
ton of many kinds disappeared and the
people began to breathe easier. The specie
payments were thought of. and Grant
urged it on and the law was enacted.
What glorious people we are now,
buving up this monster debt and paying
a premium therefor / come now with
q monetary system to be created and
governed by the people and for the peO-
pie. It is gigantic in all its proportions.
1t will take S43, 900. 900 TO start properly
and in full preparation, which sum in
cludes salaries. Refer this matter to a
select committee of five, and let them eX-
anime it and study it, aud if they find
the POPULATIONS worthy, have the char
ter printed Just as it Is. Don't attempt
any amendment or any further consider
alton than to have sufficient number
printed for the use of the people and let
them consider it until the election of a
new congress. Then the people can nOm-
mate candidates for and against and dis
cuss the question thoroughly.
There are fOrty-twO sections to Mr..
Shy's bill. Four of them are devoted to
the specification of very severe
penalties for embezzling. c0un-
terfeiting or wrecking offense5
in connection with any of these branch
banks Nothing less than five years at
hard labor is provided. and for wrecking
one of these banks the penalty is hard
labor for life.
Referring to this feature Of the scheme, /
Mr.. Shy says the burglars, robbers /.
embezzlers and wreckerS of
institutions are 50 numerous |
and strong as to require the strong arm /
of the general government to arrest them /
in their villainy and to safely keep the /
moneys. gold and silver bullion, gold and /
silver coin and other valuabes kept in /
said bank and branch banks. Individ- /
ual or private enterprise is not strong /
enough.
The capital OF this great institution Is !
to be limited TO an amount equal I
to $50 for each man. woman /
and child Of the population of the !
United States. The bank viii be /
by president with salary of |
$4,000: fOrty-One state directors at !
of $1,000: $50 congressional dis
crict presidents at $4,000 1850 district (
directors at $1,000.
The laboring classes and men of
moderate means" says one section Of
the bill, ''shall have the preference in
accommodations according to their
ability to pay, making their paper per
fectly good by collaterals or personal
surety"
This remarkable plan was presented
to the senate by Senator Sherman. The
senate has thought sufficiently well OF it
to order both the bill and Mr.. Shy's
TO be printed. After all it
goes only a little beyond Senator Stan
ford's plan 70 loan out government
money TO the people.
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RE-REBUTTAL BY RESUBMISSION
REPUBLICANS.