Barbour County index. [volume] (Medicine Lodge, Kan.) 1880-current, 1891-08-05
A PEOPLES BANKING SYSTEM.

A PEOPLES BANKING SYSTEM.
Let Us Nationalize the Banking system In
the Interest Of the Whole People.
ToReformers Everywhere, Greeting:
In view of the fact that many able
and influential labor journals are rails
ing the objection to the financial plank
of the Cincinnati platform, that 1t IL
altogether in the interest of the farmer,
affording no relief to any other class,
should like 20 inaugurate discussion
as TO the advisability of amending such
plank at the February, 1892, confer
ence. offer as revised plank the
following;
(A)-The right to make and Issue money
Is a sovereign power to be maintained by
the people for the common benefit, hence
We demand the abolition of national banks
as banks OF issue, and az a substitute of ma
tional bank notes we demand that legal ten
der treasury notes be issued I'm sufficient
volume TO transact the business of the
country on a cash basis without damage or
especial advantage to any class or calling,
such notes TO be legal tender In payment of
all debts. public or private. We further de-
mand the naturalization OF the banking
system of the United States in tho interest
ofthe whole people. To this end we favor the
establishment of United States banks of loan,
discount and deposit In all cities and towns
utlnalulnR DdDklnK IhClllLlcS, the OIlClal6 OF
such banks TO be bonded employees OF the
people, and the legal tender treasury notes
specified above, to constitute the banking
capital for such United States banks; such
banks to pay interest at tho rate of one per
cent per annum on time deposits, and loan
20 the people as demanded by thom, at not
more than two per cent per annum upon
imperishable products, as indicated in the
sub TREASURY plan, and also upon improved
farm and city real estate with proper lmita-
I'm yT,f
Of money, and upon such other approved
security as Is now considered good by banks
of loan and discount under the present sys-
TEN.
(B)-We demand tho free and unlimited
coinage of silver.
should like TO see this revised de-
mand copied in big, bold type, by every
reform paper and thoroughly discussed
pro and con by the reform press. The
emancipation of productive labor from
the thraldom of usury, as well as the
salvation of the common people from a
swiftly approaching condition of servi-
tude, depends upon the naturalization
of the banking system of the United
States.
The control of the volume of money
and the rate of interest thereon carries
with It the control of all values, the
limitations of all profits and rewards
of labor and the absolute arbitrament
of the destiny and condition of a PEG.
pie. This control should be taken
away from private individuals and cor
porations and vested in the people, to
whom it belongs.
The question may be asked: Can
money be loaned at as low rate as two
per cent? In answer I submit the fol-
lowing financial quotations:
NEW YORK, JIly 6.-Bar Silver-l0l4 per
cent. Mouey-On call easy; loans at 2d8 per
cent? last loan at per cent closing offered
at per cent Prime Mercantile paper-5l3
az per cent. Sterling Exchange-Qulet and
firm, at s4.s5 for 80 day bills and A.s7I2 for
demand.
LONDON, July 8, p. m.-C.osIng: Consols
-COnsois, money, 903s; consols, account,
SOS Bond United States IS, ISL; United
States A2-, l02 Bar Sllver-46Ad per ounce.
Money IL "a per cent Discount-Rate of
discount in the open market for short bills,
IdIls per cent: three months bill 1G1ls per
cent.
Upon perusal of the above it will
be seen that on July money could be
obtained in New York City, on good
collateral security (bonds, stocks, etc.
at 2 per cent while merchants and
manufacturers had to pay from So to 7
per cent upon notes. At the same date
merchants and manufacturers in the
city of London, England, could borrow
money upon good collateral at Is to q
per cent, and upon their notes at from
to / Is per cent, difference in favor
of the Englishman of from 4 to 5X per
cent upon notes, and 4 to IN per
cent upon collateral. This matter of
interest upon money has n vast deal to
do with the tariff question. We must
have cheap capital before we can have
cheap goods.
But if the condition of the New York
business man is bad, compared with
that of the Englishman, what mustabe
the condition of the business man in
the western part of the United States,
Kansas City, for instance?
Some idea of the rates of interest ex-
acted in this city from bank customers
in good standing, may be gathered
from the following notice published by
Kansas City bank:
A seml-annual dividend of per cent. will
be paid on July 9 TO shareholders of the Mid
land National bank of record July 1. One
per cent will be added to surplus, and the
balance of the net earnings for months,
ending July 1, will be carried to undivided
pront account stock books will be closed
from June % to July B. BY order of the
board OF directors l.. K. PRINDLE,
June 2s, 1891. Assistant Cashier.
We, here see revealed a net annual
profit of ~ per cent, besides the
amount carried to account of undivided
profits. An interest charge of per
cent per annum absorbs the whole of
the average net annual increase in ma
tional wealth. Any greater charge or
rate than per cent must be paid out
of the wealth which existed at the be-
ginning of the year. Is it then, any
wonder that $1,000 individuals own
three-fifths of the total national wealth
in a nation of 60, 600, 900 people, or that
such notices as the following should
pain the eye and grieve the soul?
The business failures for the first six
months of the present year are reported by
T. G. Dun s Co. to number 5,674, against
b5sI during the same period In 1890 The In
OF $50 failures is unusually large.
The extent of the Liabilities is also excess
sive.
Usury is the destroyer of nations and
the enslaver of humanity. The peo-
pies banking system will abolish it.
George G. Ward, in Midland Mechanic
TO THE BRETHREN.
NJ rt,.on..tio rr,,;na Have Cou,hInod En-