The midland journal. (Rising Sun, Md.) 1885-1947, 1892-08-19
Bank and Banking.
No. IL.

No. III.
The government should throw is minis
open to coin all the precious metals brought
IN them. and that coin should be made full
legal tender, not one class depending on
another, and in addition it should issue legal
tender currency to meet the full demands Of
the great and growing business of this vast
rich counlry-rich in natural, undeveloped
wealth. Such currency should not be based
on any substance, but made receivable for
all taxes and dues, public and private.
But coming money and issuing it is but
partially fulfilling the obligations ofsoyern-
ment 10 the people. 1t should provide the
means for keeping the money of the country
in circulation at the very least cost TO the
people possible. TO shift the latter duty
into the hands of agents who are permitted
to control the money of the nation SO as TO
draw from the producing class an enorm Gus
sum in the shape of interest for the very
small amount of labor expended in perform
ing this duty is monstrous wrong to the
community. The government should take
entire charge Of the money of the country
by providing banks of deposit for its safe
custody and OF issue for its distribution
This business is now partially done by the
post Office department and could be readily
done by establishing regular banking de-
partment. There is no person who would
not rather deposit In a government bank
than any private bank. If there was no
higher charge IN the shape OF interest by
the government banks Than enough to cover
cost, every manufacturer, farmer, mechanic,
and man in business who is compelled to
borrow money to transact business with
would have 10 pay but a nominal sum in
interest for the use of money-not more
than one half of one per cent per annum.
The Bank of England pays two per cent on
deposits and loans the money for two and a
half per cent, which is evidence that the
cost of transacting business leaves a profit
when half per cent is received on loans,
and there is no manner of doubt but the
government of the United States could dc
the banking business of the entire country
at no greater cost, and save 10 the wealth
producers and those engaged IN every line
OF business requiring borrowed capital, the
fabulous sums paid by them to class Of
bankers TO whom the government has hand
ed over this valuable privilege, or permits
it to fall into their hands, by neglecting tC
assume this duty of distributing the money
of the country.
The Alliance started the ball rolling il
this direction, when loaning to the peol II
on land and the subtreasury plan was pro-
prosed and advocated. The logic of thi
movement leads up to government banks c
deposit, loans and discount; and 1t is en-
c>uraging to find many writers moving II
this solution Of the financial question. Thi
disposes of the cry of class legislation b.
merely shifting the business of the custod.
and distribution of the peoples money from
the control of private parties to that of tn
government and the saving to the public H.
immense sums they now pay in interest.
This is the only method which give
promise of release to the people, from tn
grasp of the money trust which has laid it
greedy hand on the industrial classes of tn
European and American business worl6
The problem of the amount of none
necessary to transact the business of tn
country would be solved by the demand
and when not in use the money would cos
nothing when lying idle in the vaults of tn
government banks.
This system of finance while it woulC
destroy the business of money loaning fo
the purpose of drawing interest, would no
hinder the investment of money (bnt rattle
compel it,) in proft,earning business. PEG
pile would have no temptation TO CONVEX
property into money for the purpose of using
il for an interest drawing machine, bu
would assist 10 enlarge the wealth produc-
ing business of the country by investing
their capital in business and sharing thu
risks which labor now has 10 assume
entirely. The breaking up the business o
usury would add largely to the volume o
business and widen the field for the employ
ment of labor. Employed labor woult
increase consumption as well as prices {
produce, and we believe that it is capable {
being demonstrated that if the willing hand
in the country were all employed in usefu
labor there would be market for ever!
p,nud of food produced in the country
within our own borders. The industrial
element, the enterprise, the business deVel.
opment and well being of the people of thu
nation are all being strangled, li:erall,
srangled, by the ligatures fastened upol
them by this English banking system rest
ing like nightmare upon the wealth
making power of the nation, causing ;
blight 10 industry and legitimate business