The representative. [volume] (St. Paul, Minn.) 1893-1901, 1893-11-29
GOVERNMENTAL BANKING.

II Would Unity Government and Bank
Credit, Abolish Interest and Control
Issue and Distribution.
The recent panic has shown the utter
insecurity of the banking methods
which obtain under our so-called ma
tional banking system Confidence,
which is at all times the prerequisite
of our industrial and financial life,
finds in this system only distrust and
failure, for not only have corporate
banks become partners with land
boomers and stock gamblers and have
employed the peoples money in fur
therance of their illegifimate schemes,
but when the limit of imitation had
been reached and the more reckless of
them began to fail, causing suspen-
sion in regard to the solvency of all the
rest, they were obliged to pull down
their inflated structure of wind based
upon inflated values and Legitimate in
dustry was paralyzed. The attempt
by the bankers to turn the minds of the
people away from their own Inherent
weakness in their senseless cry that
the repeal of the Sherman act would
remedy all the trouble. finds little ere
dence in the minds of the people, for
the longer the debate continues in con-
gress the more clearly does the real
difficulty present itself. The crusade
against the banks strikes at the very
citadel of so-called vested rights and
class privilege. The contesting forces
in this financial fight are represented
upon the one side by those who wish
to increase the bonded system which
has its ramifcations in every village,
town and city in the United States,
the increase of which adds new bur-
dens to the people, to conserve
the interests of a constantly decreas-
ing number of people in holding titles
o>property upon which they support
themselves and families in luxury and
ease. This system is the fiend incar-
nate that is sucking the life blood
from our industrial energies, is estab-
fishing in this country an irresponsible
moneyed plutocracy and expressing it.
self in the older countries by the excuses
and debaucheries which surround roy
atty and kingly power. And on the
other side are the people who must de-
mand that the employment of private
wealth land public wealth in the hands
of corporations) shall cease to be used
in the prosecution of public improve
ments upon which these Shylock-eat-
ing titles command the substance pro-
duced by labor. The fight is between
the bond, stock and mortgage holders
and the people who produce.
The important mental vaporings
which have found expression in the
halls of congress by men sent there to
legislate for the whole country, have
studiously avoided in their appeals to
the people, the questions causing and
underlying our financial troubles and
have RECALLED the people with illusions
about bimetallism, monometallism.
bullion PARTIES, money PARTIES, and
so-called intrinsic values and many
other chest throwing pastimes. there
by contributing to our literature of
finance, already overlooking with the
rubbish of intellectual hypocrisy, ad-
ditional evidence that our so-called
statesmen think it safe to still bank on
what people don't know upon the
question of finance. The founda-
ton stone of this pyramid of
financial fraud and deceit is
planted in the soil of corporate
banking and from it's foul nest are
bred the evil birds of prey whose pirat-
ical attacks upon our industries have
eliminated in the present panic. The
large fund which the people intrust to
the banks is in it's nature public fund
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employed in the productive and dis
tributive forces Of the nation. It is ex-
pressed in private individual accounts
at the banks, but in effect it is in fact
the aggregate fund of societary finan-
cial alth and to intrust this
large sum of money to the custody of
very small part of the people, upon
which, through our exchanges, thev
gather the profit of industry and enter
prise, gives to these favored. ones abso-
lutte control of our monetary affairs
The rapid transit problem in all
our large cities lies PROSTATE at the
feet of this great monopoly and the
moneyed satellites that revolve around
their central sun make this fund pub
lie one. in fact, through the esta dish
ment of public banks and the bonded
system, which is in essence method
to live without work, will receive its
death blow and the shameless scenes
which are being enacted at our state
houses and at the national capital,
where the lobbies are the controlling
power in shaping our legislation, will
be done away with and the men elected
to our Legislatures and to congress will
escape the suspicion upon taking their
seats of being there at a price to
conserve the interests of some
corporation. Under governmental
banking the uses for private capt.
tai would not be needed for public
purposes. Since the people would
have restored to them the funds which
are now used in stock and money gam
bling to contract all public improve
ments without the use of a single bond
upon which bonding system, together
with the absorbing power of landlord
ism in LAYING economic rent upon
tenants, plutocracy and royalty pass
useless and besotted lives in regal
splendor.
The fear of the bankers of the free
coinage of silver does not arise from
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