Savannah courier. (Savannah, Tenn.) 1885-1979, 1891-02-19

ing that all the farms and chattels
thereon are so mortgaged that they are
rapidly passing into the possession Of
the few money loaners. The postal
system, under Government manage
ment, makes it possible to buy post
age stamp as cheap in Idaho as in New
York Government banking should
and would afford the same accommoda-
ton.
4. The legal rates of interest are too
high. Long hours, coupled with labor
saving machinery, have driven work.
men out of the mechanical employ
ments in such numbers as to make in
tense competition in farming and all
the various avocations. Not having
profit enough to make ends meet, yet
hoping to save themselves, men borrow,
and, finally, lose all through being
eaten up by interest.
The institution that serves our purpose
in banking should be thoroughly
impartial, and be so completely
responsible as to guard the customer
against any possible loss. Nothing
short of government can fill this posi-
tion. The only serious question is; Are
we sufficiently civilized? Are we wise
enough to introduce a Governmental
system that will do justice to all and
absolutely protect the people? | think
we are and propose the following:
That the Government borrow and add
to its liabilities $l,150,0OO, 900. The
amount thus borrowed, added to the
present Government Indebtedness, will
make the Government debt 81, 900, 900, 900
very light debt compared with other
nations; and considering the assets of
the Government, consisting of 900, ,000,-
600 acres of Government land yet un-
sold, together with custom-houses, forts
and other property worth billions OF
dollars
The exact amount of money in circu-
lation November 1, 1890, was Sl,499,-
004, 121, which made, reckoning our pop
ulation at G3,000,0OO people, $23.SO for
each person; ample with which to dc
the business of the country when conf
| uClCC ID lESbOlCNl dllNl
Continue this circulation with steady in.
crease, as may be found necessary with.
out initiating or depressing values, in
bank notes of various denominations,
including a goodly supply of postal cur
rency, SO popular and convenient in the
days gone by.
Establish 5000 banks in various parts
of the United States AS the Govern
ment can borrow every dollar it wants
at per cent. and less, it can loan at 4
per cent. AS there are estimated to be
S55, 200, 900 worth of property in the
United States, the Government car
safely loan up to S., 900, 600, 900, which
may be its limit of loan.
Whatever money is put into circula
ton will come almost Immediately bacl
into the banks again, through the con
fidence of depositors in the Government
bank as a safe place for money; and
costing the Government nothing, can bt
loaned over and over again, up to the
amount of S., 900, 100000.
A careful appraisement should bC
made of all property in every part o
the United States. The 5000 banks ar,
so many Government repositories, dis
tributed throughout the Union, for thu
purpose of furnishing money at 4 PEE
cent. or less, on good security. If brancl
banks are needed they may be estab
lished as required.
Loan money on land at one-ffth of it
appraised value and on chattels, prop
erly insured, at one-tenth their value
Pursue so careful policy that, shoult
interest or principal not be paid, tn,
United States will not be the loser, bu
the gamer if the property comes int
Government possession.
Abolish all private banking, but al
low individuals, who may be willing
to advance more money than the Gov
ernment is allowed to loan, to loal
from their own funds, or under tn
head of guarantee companies to tn
borrower, at small stipulated ad
vance over the Government interest
For the expense of managing the 800
banks allow each $4,000 per year t.
pay officers, appraisers, inspectors, etc
The expense to the Government o
this system of banking will be interes
on s., 900, 900, 900 at 3 per cent, amount
ing to 0,000 900 per annum. The cos
of managing 5000 banks at an averag
of 500 900 each, will be 500, 900, 600; tota
cost, $120, 900, 900 per year; receipts fron
interest on $4,000, 100000 at per cent
$500, ,000,0 900; giving q net gain to tn
Government by doing it's own banking
of $50, 900, 900. The advantage to tn
people by Government banking thus
on strictly conservative basis, will b
. large source of revenue; no NOR
panics from bank failures; no NOR
property sold at third or quartz
; value because of money panic; no NOR
boarding of money at home to b
burned, lost or stolen; no more ney
settlers eaten up by exorbitant inter
est; no more discrimination agains
farmers, because their securities are i
real estate; no more millions los
through speculating bankers or banl
rupt banks.
To guard against political dishonest
there should be elected annually
? board of five bank commissioners i
each Congressional district, who shal
, have the control of employment c
bank officers; these officers to be cor
tinued in place SO long as they accept
ably serve the people. AS the privileg
| ,r,,11 o1, ,x,4l, 10 n
!. completely changing the membershi
of Congress, and the management c
banks shall rest with commissioners
annually chosen by the people, the rea
sons can not be seen wherein the bank
|, ing system can be corrupted. On tn
!. contrary, instead of banking being cor
!. Quoted to the injury of the people, con
missioners thus chosen will call to tn
i management of the monied institution