People's voice. [volume] (Wellington, Sumner County, Kansas) 1890-1917, 1893-09-08

world, because behind every dollar of
1t would be abundant collateral IN
actual wealth to guarantee its pay
ment. If any bank in this world is
safe those associations would be safe,
because they would be composed of
the same elements and have the same
backing. r
Then, again, this money could be
HAD without interest In this matter
alone it would be of almost infinite
advantage to the real business of the
country. These associations, formed
for the mutual benefit OF their men,
oers, would be under small cost
for running expenses, and need not
and ought not to make a profit
Each member should pay sufficient to
cover cost OF examination and record
OF the collateral pledged and the issue
OF his certificates. The other running
expenses might be covered by a stipu-
lated membership fee. In an associa-
ton OF moderate proportions the cost
OF such a currency need not exceed
one half OF per cent; which leave,
the bankers money at an enormous
disadvantage. Still, those who pre-
ferred the present currency could con-
tinue to buy it at the bankers terms
If they wished.
Another advantage this plan pos
sesses is, that it does not depend upon
any act of congress or the administra-
ton to make it practical. 1t can be
put in operation at once without de-
pending upon either politicians or
bankers The bankers have already
set the example, and repeatedly dem
onstrated its perfect practicability.
The people have only to follow their
example. If the bankers can do it
other people can also; and if it is good
as temporary expedient, there seems
to be no reason why it is not good as a
permanent arrangement. Building and
loan associations were started and
attained to considerable Importance
long before the passage of any laws
authorizing their formation; and the
facts seem to be that wherever laws
have since been passed in regulation
OF their business, they have done more
harm than good People have a per.
feet right to form such associations for
mutual benefit as they see fit, and con.
duct them in their own way without
interference from outsiders. They
may safely be depended upon to take
care OF their own interests better than
meddling politicians can do, or others
having hostile interests.
The formation of one such associs.
ton will quickly be followed BY others
all over the country; and almost i'm.
mediately the prevailing financial
tsringency will be relieved in a per-
maneDt and satisfactory way. Then
congress may pass whatever laws it
pleases bearing upon the present
bankers currency. 1t may make it
plenty or scarce, or high priced or
low. 1t may establish an exclusive
gold basis, or restore silver TO its an.
Gent post on in the coinage. 1t Will
not affect these associations one whit
No one will be obliged to take the
bankers money for ordinary
purposes who do not wish TO.
The payment of those Obligations
which have been stipulated to be made
In gold scarcely need to be considered
mere further than TO point out that
this plan would reduce almost to zero
the demand for gold as a currency.
and so cheaper its price, and thus
make it easier to obtain than now.
1t may be objected that the law
fixes tax Of 10 per cent upon issues
of this kind; but whoever heard of one
OF those clearinghouse OF bankers
being called upon to pay it? And is
not an association of merchants. or
manufacturers, or even farmers, Just
as good as one Of bankers? And be.
sides, the dominant political party
has placed itself on e,ord as favorinp
the repeal Of this tax. In the face of
its own platform it dare not enforce
that tax after letting the clearing
houses escape, especially as such ac-
ton would manifestly be aimed at the
prevention Of a restoration of public
prosperity. On the other hand poll
ticians will tumble over each other in
their haste to repeal the tax as soon
IS they are certain that the people are
in earnest in their demands for repeal
These who suppose it is necessary
for the government to specially sane.
ton any form or system of a circulat-
ing medium, that it must affix the
sign Of its authority 10 give condolences
in It's ability, or that II demands unon