The representative. [volume] (St. Paul, Minn.) 1893-1901, 1893-06-14
Shareholders Profits.

Chicago Times:-"As bank taking
it's deposits and conducting the bust
ness of deposition, paying interest
in some instances, must for return
Of it's expenses and profit to it's share
holders loan out it's balances upon
time, no bank, however sOluent can stand
q run upon the ms tant to the utmost
of the claims of it's depositors.
There is not bank in Chicago in
the nature of things that could re-
spond within five hours to demand
by every depositor for instant return
of the amount to his credit"
What else than ''runs" and panics,
and bank failures, and financial
wrecks in every part of the nation
with the attendant disaster and ruin
to the fortunes of thousands of con-
fiding patrons everywhere who have
entrusted the savings of their toll
to these financial institutions-what
else than these results may be ex-
pected when the gross volume of all
the money in actual circulation in
the country is insufficient to trans
act One-tenth of the business of the
country on cash basis, and nine
tenths must be done on a basis of
confidence" Is it any wonder that
there is universal distrust? But the
Times adds in the same editorial
that 'sthe lack of confidence shown
yesterday by depositors in the local
banks is deplorable," and adjures
the public not to withdraw it's mon
ey from the banks. No, put your
money into the bank. They will
hold one-fourth of it as required by
law as guaranty for the salty of it
all, and loan the rest to business en-
terprises that do one tenth of their
business with cash! Put it into the
banks that they may use it ''for re-
turn of their expenses and profit to
shareholders" And then repeal the
Sherman law and put the country
on gold basis. This will make
money scarcer, prices of labor and
produce lower, but it will add to
sthe profit of the shareholders"
BY the way, why pay profit to non
producers who maintain themselves
in luxury on share holders profits?
According to the report of the last
census the average annual percent of
increase in wealth for the past
decade has been less than the aver
age per cent of interest paid during
the same period. Now what does
that mean? If it means anything it
means that the rate of interest is
higher than business can pay. 1t
means a hopeless obligation of the
debtor class of this country, to the
creditor class by the difference in the
per cent applied to the total volume
of business. 1t means absolute pow
er on one side and absolute servitude
on the other.
II the monetary system that pro-
duces this result is kept up, where
will it end? It wilfsend in the de-
struction of this republic.
\ Fen now the devastation is begun,
And half the business of destruction
+ DONE"
I1, Will you lend your aid to the con-
tinuance of this process, then sup
port the old parties-their financial
policies are as like as two peas. They
are twin pendants to the coattails
OF plutocracy.
Would you rescue this republic and
preserve the patrimony of your chill
dren from the entertainments of an
Unsuitable, cOnscienceleas money
power, then abandon your suicidal
fealty to party ties and apply your
common sense when you vote.
Retire the national bank and
restrict to congress the sole
power to issue money, as provid-
ed in the constitution. Reduce