Wood River times. [volume] (Hailey, Idaho) 1882-1915, 1892-09-19
THE PEOPLES FINANCIAL SYSTEA.

| ~ II 10 ISSUE Hree0OoCkS-In0 Free
Coinage Of Silver Merely supple.
mentary.
General Vandervoort, who was
commander in chief of the Grand
Army Of the Republic, in 1882, hon.
ored tho TINES Office with . call this
morning.
Al the gentleman evidently in.
tended his visit to be q social one, tho
reporter. fearing that no had m,sun.
derssood him last Saturday evening,
craved his indulgence to request him
to define the system Of finance which
the Peoples party seeks to establish.
Speaking slowly aud kindly allow.
ing the reporter time to write ous his
words as he spoke, Mr.. Vsndervoort
ans wered:
We are in favor of the United
States government issuing money
without the Intervention Of banks Of
issue; that such notes shall be a full
legal tender. That aud the free coin
age OF silver is the fight of the
Peoples party.
The conversation was continued
for some time, but the reporter there
after. for obvious reasons. abstained
from hanscrihi0g il. Folio wing is,
Is nearly as can be rene mbered, what
was said on the subject:
Reporter.--Then, sir. the Peoples
party opposes the national banking
system?
Mr.. Vandervoort-Ye., sir; the en-
tire system is rotten. There have
been many bank failures, and If the
law were strictly enforced there
would be msnJ mor4
Rcp.-But the notes are, OF course,
good As goId?"
Mr.. Yves; because secured BY
United States bonds. The depositors
and stockholders are not, however;
and when bank fails they lose.
Rep.-But, sir, is it not fact that
in this world OF imperiect,ons. the
national banking system is as nearly
perfect u one IS is in existence? |
mean, Of course, as fsr Is the circulat.
ing medium is concerned?
Mr. V.-John Sherman prior to
1868, when he WAS still honest, said
the national banks should never have
been permitted to exist. Gladstone
and other great fnanciers say no bank
should he allowed to issue money.
Many OF our best and ablest men are
OF the same opinion. The entire sys
tenn is wrong.
Rep.-Now, sir, Is to circulation.
Uncontroverted statistics show that
less than rs per cent. Of the amour,
Of national bank notes authorized is
in circulation. If the circulation OF
bank notes were so profitable, would
not all the banks issue the very last
dollar that they could?
Mr.. V.-The average profits Of
the national banks 10 1C pr cent. pr
anndm. In these States pointing to
the new map OF Washington, Oregon
Montana ard Idaho the profits prob.
ably exceed l6 per cent. New bank,
as = rule, however. do not make as
much money as old ones, because the
old ones own the bonds that the new
ones must buy, and for other reasons
The fact Is that the big bank, are ab
sorhing the little ones.
Rep Granted. lis law of nature
which would change if l could. But
how are we to account for the fact
that over one.half of the national bank
/ notss have been called in, that more
are being withdrawn from circula-
ton?
Mr.. VII is because the banks
wish to diminish the supply Of money.
Their circulation fuctuates. know
of one bank that has circulation OF
only 100000 At present, ye. several
times during the pas, few years it had
~ much as 100000 out aud ono.
over 100000.
Rsp.-But the aggregate c;rcu .
ton Of oil tho banks is short 25 per
cent of tho amount allowed by law.
Then. how do you account for so
many large banks not having a do
lars worth Of circulation .floa,? Such
- the National Pxsk Bank Of New