St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-08-05
finally gave his sentiments in the follow

finally gave his sentiments in the follow
ing form:
THE money In the banks represents
the working capital of the community.
Without this working capital all busi-
ness must stop. The merchant must
discharge his clerks. travelling men and
other employees; the manufacturers must
smut up their works, and discharge
their employees. Then the railways
must discharge their men. and finally
the city and other municipal work must
stop.
Hence it is OF the first import
ance that the money i'll the banks
should not be drawn out and
hidden away where it is unavail-
able for working capital. A great
deal of this money is owned by in
dIvlduals who are not engaged in busi-
ness, who have no use for the money,
and if they should take it out OF the
banks would not know what 70 do with
1t. In ordinary times these men con-
slider it an accommodation for the
banks to take their money and pay
them interest upon it, But now there
seems to be something i'll the air which
scares these depositOrs, and they are in
cllned to withdraw their money for no
purpose except to lock 1t UP or hide it
where 1t becomes useless to the owner
and 10 everybody else. Money hid away
produces no interest or other income,
and in these times the withdrawal of
money from the banks for the purpose
OF hiding tends to produce disaster to
the whole community 10y taking away
lis working capital, thereby stopping
the wheels Of business and throwing all
Glasses of labUring people out of en-
ployment.
Under these conditions the whole
community, the poor as well as the rich,
nave an interest in protecting the
banks. The banks, being the trustees
or this working capital, have a moral re-
Sponslbllity to the whole body of the
people, and each individual, although
not depoSitOr or the owner Of dollar
OF the money of the banks, has moral
right to demand that the banks use
every power at their command to pre-
vent the withdrawal and hidin away of
their working capital.
lie people can bring strong influ-
ence to bear upon the men who insist
upon withdrawing their funds for no
purpose except 10 hide them.
ne laborlng people are more inter-
ested than any one III preserving the
working capital of the community. For
with no working capital there can be no
work. No work means no bread.
"Ihe banks today are as solvent as
they ever were. They have the same
assets, the same customers and the
same resources, except that they are
now reduced to the local resources for
actual cash. The banks in Chicago and
New York refuse to pay them what is
their rightful due in cash.
lit should be the patriotic duty of
every citizen of st. Paul to exert his
utmost Influence for the next thirty
days to preserve the working capital of
TINS community intact.
I'm this Crisis the people are more in
tereSted than the banks. When a SOL
veht bank SuSpends it goes into liquida-
ton and its affairs, are wound up and
that ends it.
but If the working capital of the
people Is absorbed into old stockings
business stops ana employment ceases.
But that is not the end of it,
ihere is plenty of money in the
banks TO provide working capital for all
the old-time business of the commu-
nifty.
Let the people fix matters so there
can be no danger of runs or withdraw
ais for anything but business purposes,
and the wheels of business will soon
begin 10 move again. Men who have
been discharged will be set to work
again and the Old-time prosperity will
again settle down over this commu-
nitv."