The Iola register. [volume] (Iola, Allen County, Kansas) 1875-1902, 1891-08-28
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WeGeWorkefe ava NattOnai BaaWs
When a new National Bank was OF.
yanized in philadelphia few years ago
and one. by the way, that has stood
the financial strain in that city in excel
lent shape-the stock was offered to the
public for subscription in such easy
installments that II was possible to
place quite number of shares among
the wageworkers Of that city. Work.
ingmen who had bought the house they
lived in upon the installment plan with
the aid of building and loan assoc1ar
tions saw NJ reason why they should
not become holders of bank stock when
they could buy it at the rate OF $40 per
month. Such installments are quite
possible under the law governing ma
tional banks. Fifty per cent OF the
| capital stock must be paid in before q
bank can begin business, and the re-
mainder can be paid in FIVE monthly In
stallments at 10 per cent. II the inoor-
poratOrs Of bank are willing to walt
FIVE months after they begin TO pay up
before beginning the business Of bank-
ing, there is no reason why the first
30 per cent should not be paid in small
installments likewise.
A gradual distribution of real pro-
perry among the great mass of people
who are willing to work and save Is 60
ing on in New York and Brooklyn, and
in the neighboring towns Of Queens
and Richmond counties and New Jersey.
The advertising columns of the Press
and other newspapers contain numer-
Gus announcements of the cutting up OF
tracts of unimproved suburban land
heretofore mouOpolized by those wicked
land robbers of whom Mr.. Henry
George cells US so eloquently, into lots
which the buyer can pay for at the rate
Of five or ten dollars a month, and In
some cases for one dollar q week. 1t is
generally recognized that the encou-
ragement OF home ownership and build
ing associations is an excellent thing,
even If it does play the mischief with
the deposits of the old chartered saw
ings banks. a workman who owns
lot, on which he hopes some day to
build little house, is not very anxious
to help along land cOnfiscating theories,
and if he has built his house he Is
Mighty chary of encouraging r1otous
or any other form of anarchistic pro-
ceedings. for he knows that fire or a
mob bOmbardment that would destroy
his mousse anu u AASIA
avenue palace would hurt him all over
and would only hurt the millionalre's
little finger.
What is working so well as to real
estate can be adyantageously applied to
personal property to much greater
extent than it is now. Except in the
matter of home ownership we know of
no other way of making the wagework-
~ that rrnlIlH no nf g1IRh
general advantage to the community at
large as to make it easy for him to sub
scribe for the shares of nationol banks.
1t would be good selfish policy for large
employers OF labor to help him to do it
The financial demagOgue, who tells
him he must vote for irredeemable
greenbacks or the free coinage OF sill
yer, and that he must down these "a
vOred national banks that make 50
much money by issuing their notes az
currency, would go TO meet the land
theorist and confiscation advocate In
the happy hunting ground OF harmless
cranks.
If il were as easy for the average
citizen to buy national bank shares az
it is for him to buy q lot or become Q
member OF building association, he
would very soon come to understand
that the national banking form Of cur
rencv is not only the soundest paper
currency in the world, but the most
elastic-that is, the one best adapted h
supply a demand for currency wher'
ever the demand is. For az fast as
community grows it organizes more
national banks and supplies itself with
more currency for the needs OF bust
ness, by a system that measures and re-
spends to those needs, however widely
distributed and localized. The nationa
banking system scatters the remedy
wherever the disease is, as no other way
OF distributing the currency can do. IL
would be the greatest thing thai
ever happened in favor OF sound cur
rency in this country If national bank
organized hereafter, or national banki
increasing their capital, were to Offer
their new shares to the small investor
on the installment plan. For wher
next the demagogue said: We want
to stop the few from issuing money and
have all paper money issued by the peo
ple-that is, by the central govern
ment," the workiugman with one share
OF national bank stock, paid for at the
rate OF 80 month, would say: "Whai
rot. The people can organize banks
and issue money whenever they want
to.,-New York Press.