The midland journal. (Rising Sun, Md.) 1885-1947, 1892-08-26

PEOPLE.
"We demand that the government shall
issue all money direct to the people thus
placing our circulating medium beyond the
control or influence of corporate or private
capital"
This is the demand, expressed in about
the same words, of all the labor organiza-
tons which touch on the financial question,
and the demand for postal savings banks is
generally coupled with the above declara
ton. We were never altogether satisfied
that the parties who formulated these two
demands had followed them to their logical
results. The financial plank of the Peoples
party embraces virtually the same demands
but rather less specific. The first issue Of
money is but fractional part of the work
of distribution" Money quickly passes
into the hands of the second, third, fourth,
etc., person and requires other machinery
than passing it from first or the utterer's
hands, which is the government, TO keep it
constantly in circulation. Modem banks
were devised for that special purpose. Not
savings banks, but banks 10 deposit money in
for safe keeping and to loan money from. A
bank of deposit and loan or discount is the
mostcompleteco- operative institution, known
to man, and the greatest promoter of trade,
industry and commerce ever invented. Our
ordinary bank uses very little of its own
money, but is central place where the
community gather 10 deposit the money
which comes daily into their hands. They
are released from all trouble of taking care
of the money they receive thro' the channels
of daily business, all risk of loss by fire,
thieves or other casualties on the part of the
temporary owner; also of the trouble, risk
and expense of transmitting it long distances
to answer the demands of business.
In the light of these facts what is the
entire or full purport of the words quoted at
the head Of This article, "We demand that
government shall issue all money direct to
the people ~ If it stop with this single
issue it is evident that government would
fall immensely short of relieving the people
from the unjust land partial to fayorites)
distribution which is in vogue. 1t will
become apparent to every one who attempts
to carry this demand" to its logical con-
clusion, that government must establish
repositories for the reception of this money
in its passage from one person to the next
irip &c Tho ;,
use by several persons within few hours
frequently, in fact almost daily. Money is
as arestless as a flowing stream, and the
banks may be fairly lkened to the chan
mel through which this ''life of trade" flows.
postal savings bank is but a crude
device for the accommodation of ''poor
people," where they may deposit a few
pence, which they have skimped themselves
in their living TO lay by for a riny day, and
by which they may become weak partners
in the great usury army and draw small
per cent from the earnings of other co-labor-
ers in the same busy hive ofindustry. 1t is
soon evident to the searcher after truth that
the government must do more than distrib-
ute the money direct to first hands and es-
tablish postal sayings banks, if it would
perform its whole duty to the people in
controlling with impartial hand the cur
rency of the country. 1t must assume the
business which the incorporated banks now
do. There is no escape from the logic of
the position taken by the parties who "de-
mand" that government shall distribute the
money it issues "direct to the people with
out the Intervention Of banks" Ifthe gov
eminent does not establish banks it is very
evident that individuals or corporations
must and will, and but little relief would
accrue TO the people, for the same rate of
interest and usury would obtain as ever in
the past. The surplus in the country would
take up its old course and flow through its
we'll worn channels TO the "centres of trade,"
the large cities, TO be used as now in stock,
produce and other lines of gambling under
the convenient name of business
No: the government must assume its full
responsibility TO the people in the matter of
distributing the currency of the country and
fixing the value thereof" The 'value" of
money outside of its representative function
is Enthusiastically what it rents or is loaned
for-the interest charged for the opportu-
nifty TO use it.
When person owns money there is a
reasonable excuse for his hiring or loanng
it for as much as he can St cure in the mar
ket. He can only lean the money once,
until the time has expired when payment
of the principal becomes due. But this is
} not The case with our present distributing
agent, the bank. 1t is loaning and reloan-
ing everybody's money all the time, and
by enjoying this privilege sueats the public
out of immense sums, has the power to
corner or contract, increase or expand, favor
one person or firm to the detriment or loss
of another. All such collateral advantages
attach TO this prerogatiye Of distributing the
currency of the country wrongfully confer.
red upon individuals through corporate law
by the government The government could
do the banking business for the country for
less than one half of one per cent, and stop
all the abuses of speculation which is now