Barbour County index. [volume] (Medicine Lodge, Kan.) 1880-current, 1891-10-07
POSTAL SAVINGS BANKS.

terest.
The Topeka Advocate publishes the
following resolutions and communica-
ton received from Hon. Walter N. Al
len. Of jefferson county. They were
drawn for presentation TO the peoples
party convention Of that county, which
met on September Is.
We, the people of Jefferson county, Kan
sas, in convention assembled, demand an
increase of the circulating medium of the
country to the maximum OF 50 per capita
l. BY the free and unlimited coinage Of
silver and the repeal Of all laws that seek to
discredit it as q full legal tender.
By the issue Of legal tender treasury
notes direct to the people without the inter-
vention of banks of issue
And an increase OF the currency also by
the method indicated In the following plan:
We demand an amendment to our postal
laws, authorizing postmasters of all money
order offices to receive moneys on deposit
and to issue government certificates there
for, which certificates shall bear interest at
the rate of two per cent per annum and be
exempt from the payment OF taxes; but no
certificate issued for less than $50 shall bear
interest, but shall be made full legal tender
except on deposit with the government
T. That the money so received on deposit,
under proper restrictions and Limitations,
shall upon demand be loaned 70 the people
on real estate and personal security IN sums
rate of interest not to exceed three per cent
per annumJ and tho money so borrowed
shall be first lien upon all the property of
the debtor. irrespective of the exemption
laws of the states. and in default of the pay
ment of interest or principal the same may
be collected by due process Of law, or by ad.
ditional tax levied upon the property of the
debtor.
The foregoing resolutions will be
submitted to convention of the peo-
ple's party called to meet at Oskaloosa,
Kan, September Is.
The resolutions are simple and COM
prehensive. and have the support of
wholesome preoedents found In many
Of the governments Of Europe
It Is to be observed that there Is no
attack made on national banks, for the
obvious reason that the postal savings
bank and loan plan would work q
gradual extinction of these institutions,
for no bank Of issue could compete
with three per cent government loans
of money to the people.
The sub-treasurY plan Is also ignored
in these resolutions, for the reason
that by an increased circulating medi-
um and loan of money at three per cent
TO the people the farmer would be able
crops without the aid Of the sub-treas-
ury plan
Particular attention Is drawn to one
peculiar feature of this postal savings
bank and loan plan, to-wit: That the
certificate issued on the receipt of de-
posit for less sum than $50 Is made a
full legal tender; the practical effect of
this will be to greatly increase If not,
IL, e. o0% L. -,
of the country.
Postal savings banks and loan insti-
tutions have been in practical operation
In the republic Of France since 1881
with happy results to the farmer and
common people of that country. SINH
lar institutions obtain also In Holland,
Belgium and in Austria Hungary, and
have recently been adopted in England
1t is severe commentary upon our
republican institutions that In making
these demands for reform In our gov
ernment the people before they can be
heard are compelled 10 hunt up ex-
amples In the old effete monarchies of
Europe. As peoples party man, and
as the peoples party Is q progressive
party seeking at all times better meth
DDS In government we offer this postal
savings bank and loan plan as q sup
plement to the sub-treasury plan, be.
lieving as we do that IL will be accept
ed as the better plan The maohinsFy
is already provided, and 1t only requires
a small amendment to our postal laws
to put 1t into practical operation.
In this way out there Is no obstruc.
ton, no darkness and no interest at
tackled or class offended. It is illumi-
mated by example, justice and patriot
ism being the highway.
WALTER n. ALLEN
Meriden, Kan. Sept =, 1891.
The foregoing resolutions and COM
munication are worthy of more than a
passing notice, embodying. as they do,
the essential principles of the peoples
banking system which 1, with others,
are so earnestly advocating. The reso-
lutions are also strictly In line with the
Ohio and Massachusetts, peoples party
platforms, entering, however, more into
details
Remarking, en- passant, that it is
doubtful whether the buildings, vaults,
eto., Of our post offices in the smaller
towns and cities are sufficiently secure
and substantial for banking business
while it is certain that in the larger
cities more than one bank would be re-
quired to transact the business Of the
people, / wish to notice one or two
points that attract my attention.
First, as to the certificates of deposit
and the rate of interest it Is proposed
to pay thereon Not only must there
be certain limitation in amount, below
which the people will pay no interest
upon deposits, but there must also be a
limit In time, for less period than
which the people pay no interest upon
deposits subject to check" The
people must pay interest upon
time deposits only. Then, as
to the rate of interest Why should
the people of the United States, as
government guarantee absolute Sc
curity and certainty of repayment and
yet pay four times as much interest
upon savings deposits as was paid by
private individuals on September 16,
1891. in London, Eng, for money on
call and exactly as much as was paid
there, on that date, by merchants for
money on three months timer One
per cent is enough to pay for deposits
and that rate only when deposited for
three months or more. The provision
making deposit certificates for sums
less than $50, legal tender. places such
certificates, By enactment of law, in
the same position now occupied by per
sonal checks, by common consent. ex-
cept that while man cannot be forced
to accept check he can be compelled
to accept legal tender. Very few,
however, refuse to accept checks.
am not, however. prepared to say just
what effect this provision would have
upon the volume of our circulating
media. At present, under the existing
system. ninety-two per cent. of our
business is done with checks and drafts
and eight per cent with money. It Is
impossible, however, to ascertain with