The Cambria freeman. [volume] (Ebensburg, Pa.) 1867-1938, 1891-03-20

4-GltLo II SLEAl A4l4-l-BGLS - 10 Al4l AE III
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 FIJI this posi-
ton The only serious question i: Are
we sufficiently civilized? Are we wise
enough TO introduce a Governmental
system that will do justice 70 all and
absolutely protect the people? / think
we are and propose the following:
That the Government borrow and add
to its liabilities SI,l5O 5O,OJ3,O00. The
amount thus borrowed. added 80 the
present Government indebtedness, VIII
make the Government debt g, ,OOO, CJ0.CJ0
a very light debt compared with other
nations; and considering the assets Of
the Government, consisting OF SEQ, CO.,
OCO acres Of Government land yet un-
sold, together With custOm-houscs. forts
and other property worth billions Of
dollars.
lie exact amount OF money IN clTfE-
lation November l, 1890. was Sl.4J9,-
OO4, 121, which made, reckoning our pop
ulatiou II 5000, 600 people, $3.50 for
each person; ample with which TO do
the business Of the country when conf
dence IS restored and money circulates.
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 goCdly supply Of postal cur
rency, 50 popular and convenient N 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 3 per cent. and less, II can loan at
per cent As there are estimated to be
S55. 200, OOo, COO worth Of property in the
United States, the Government can
safely loan up 70 s, 600, ,OJ0, 600, which
may be its limit OF loan
Whatever money IS put into circula-
ton VIII come almost Immediately back
into the banks again, through the con
Gdence Of depositCrs in the Government
bank as q safe place for money; and,
costing the Government nothing, can be
loaned over and over again, up TO the
amount Of $1,000, 600, 600.
4 careful appraisement should be
made Of all property in every part Of
the United States. The 3, 600 banks are
so many Government repositories. dis
tribEtcG throughout the Union, for the
purpose of furnishing money at I per
cent. or less, on good security. II branch
banks are needed they may be estab-
Nshed as required
Loan money on land at one-ffth Of its
L Ill
e.-ly insured. at onc-tenth their value.
Pursue SO careful = policy that, should
interest or principal not De paid, the
United States win not be the loser, but
the gsiner IL the property comes into
Government possession
Abolish all private banking, but al
low individuals. who mny 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 = small stipulated ed-
vance over the Government interest.
For the expense OF managing the 8, 900
banl1s allow each s2O,0 per year 10
pay Officers, appraisers, inspectors etc
The expense 70 the Government OF
this system OF banking VIII be interest
on $4,000. 100000 ct 3 per cent, amount
Ing 70 10000, 900 per annum. The cost
Of managing 5000 banks at an average
OF $50 oOj each, will De $50, 900, goo; total
cost. $50, GOO, 600 per year; receipts from
interest on $1,000. 600, 600 al per cent,
500. 900, OOG; giving a net gain To the
Government by doing its own banking
OF $50, coo. COO. The advantage to the
people by Government banking thus,
on p strictly conservative basis, viii be
panics from bank failures; no more
property sold at q third or quarter
value because Of money panic; no more
hoarliings of money at home to he
burned, lost or stolen; no more new
settlers eaten up by exorbitant inter
est: no more discrimination against
farmers, because their securities are in
real estate; no more millions lost
through specializing 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
tinued in place so long as they accept
ably serve the people. AS the privilege
VIII 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 the
contrary, instead of banking being con-
ductcd 10 the injury OF the people. com
missi0ners thus chosen VIII call to the
management OF the monied institutions
the best hanlzing talent of the country.
Men OF high moral character who are
now successfully conducting banks,
viii be chosen to these positions of
TRUST where, given full opportunity for
the accomplishment of good, they viii
conduct banking not alone for the sue
cessful few, but in the interest and for
the benefit OF the entire people.