Telegram-herald., 1891-02-07

HiwA Len9 keu& 4sd win lzbo,-
snsisg ~nsAis~sy. nuRs arivsa werk~
snsa cat cf - nsehsnkesl enpzey-
uentk - s~ah nsmhsa - - usakx Ia
teaae enmp,<ixlon - f>rning ard al
- e~rions svoeskipn& Not kswinx
puCn1 snough - make sak. mee<. YEA
Aopinx - ssys th<mseives mes borrvv.
snd. fnniiy, loss I'll throagh being
@nssa up hy interest
Ths inssisusaoa thsa serves car parpose
in bsnl<ing should - thorozghly
impaxSiaL and b - completely
responsible - 70 guard the customer
sgsiast any possible loss. Nothing
shoss of government can MI this posi-
tion- The enly serious question Is. Are
We snfsieiensly eivilizeds Are we visa
enough 70 Introduce Governmental
SYSTEM that viii Do iustice 10 ell and
absolutely protect the peopie7 | think
we are snd propose the following:
That the GeverSnent borrow and add
~ It's liabilities sI.f5e. ooc. .oeo. The
arnoun. thus borrowed, eddea % the
present Government inde btetness, viii
make the Government debt e. 0oe, 600. coo
very light debt compared with ether
nations; snd considering the assets Of
the Government. consisting of go, co.,
eo0 acres CT Government land yet ur-
sold, together with eustoEn-houses. forts
and other property worth billions Of
dollars.
Tho exaet eEnount OF money IN e;rcu-
iatlon November l, 1890, Was si.4s9.-
oos. lei. which made. reckoning our pop
ulation at e5,eco.oo people, SIS. so for
each person; ample with which To do
the business OF the country when conf
dence is restored and money circnlates-
Continue this circulation with steady in
crease, as may bc found necessary with
out infating CT depressing values, in
bank notes of various denominations
including goodly supply of postal cur
reney, go popular and convenient in the
days gone by.
Establish 1000 banks in various parts
of the United States. As the Govern
rnent can borrow every dollar ID wants
at per cent. and less, il can loan at
FER cent As there arc estimated To be
$4,000, COO, 600 worth of property in the
United States, the Government can
safely loan up 10 sS.eoo. .00o. 900, which
may be its limit of lean.
Whatever money is put into circula-
ton viii come alpost Immediately hack
into the baal-s again, through the con-
tidence OF dcpositors in the Government
bank as safe place for money; and,
costing tho Government nothing, can be
loaned over ard over again, up to the
amount oce5, ooo. 900. 900.
A careful appraiscment should be
made OF all property in every part OF
the United States. The 5000 banks arc
so many Government repositories. dis
tributed throughout the Union, for the
purpose of furnishing money at 4 per
cent. or less, on good security. If branch
banks are needed they may be estab-
ished asrequired.
Loan money on land at one-ffth of its
appraised value and on chattels, prop
erly insured, ut onc-tenth their value.
Pursue so careful policy that, should
interest or principal not be paid, the
United States viii not be the loser, but
the gamer il the property comes into
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 loan
from their own funds, or under the
head OF guarantee companies, TO the
borrower, at n small stipulated ad-
vance over the Government interest.
For the expense of managing the 5000
banks allow each $4,000 per year 10
pay officers, appraisers, inspectors, etc.
The expense to the Government OF
this system of banking viii be interest
on So, 00o, 000, 900 at 3 per cent, amount
ing to $50, 900, 900 per annum. The cost
of managing 5000 banks at an average
of $50, 600 each, will be $50, 000, 600; total
cost. s120. 900. 900 per year; receipts from
interest on $4,000, ,0oo, 900 at 4 per cent,
$500, 900, 600; giving a net gain to the
Government by doing its own banking
of $50, 200, GOO. The advantage to the
people by Government banking thus,
on a strictly conservative basis, will be
a large source Of revenue; no more
panics from bank failures; no more
property sold at a third or quarter
value because of money panic; no moro
boarding of money at home to be
burned, lost or stolen; no more new
settlers eaten up by cxorbitant inter
est; no more discrimination against
farmers, because their securities are in
real estate; no more millions lost
through speculating bankers or bank
rupt banks.
To guard against political dishonesty
there should be elected annually a
board of five bank commissioners in
each Congressional district, who shall
have the control of employment OF
/ bank officers; these officers TO be con-
timed in place so long as they accept
| ably serve the people. AS the privilege
will always rest with the people Of
completely changing the membership
| of Congress, and the management OF
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 tho
contrary. instead of,banking being oon-
drcted 10 the injury of the people. com
| missioncrs thus chosen will call to the
management of the monied institutions
the best banking talent of the country.
| Men of high moral character who are
now successfully conducting banks,
win be chosen 20 these positions ot
trust. where. given ful opportunity for
the accomplishment of good. they will
conduct banking not alone for the sue
cessful few, hat in the interest and for
the benefit of The entire people.
Lily white.
The Valley City Milling Company has
no peer IN the manufacture of -four.