Abilene weekly reflector. [volume] (Abilene, Kan.) 1888-1935, 1894-07-05
Another Financial konstrcsity.

vi haHsao ~ pa iHb F"'V"V GOV"
year for rafting around in congress
sional seats at Washington have
evolved brand new banking plan.
Congressman Baker introduced 1t
Wednesday and It is 30 magnilicently
idiotic and supremely ridiculous that
1t would be too bad not TO give 1t
publicity. The bill provides for
twelve United States government
bank generals. These bank generals
are to receive $4,000 year, and to
serve twelve years, at the expiration
Of which time they are to be retired
on 70, 900 salaries, to run as long as
they live. Four generals are to be
chosen by popular vote every four
years. The bank generals are to
constitute q bureau to have charge Of
the new banking system which the
scheme provides.
A government State bank is to be
located in every State capital city.
State bank presidents, cashiers and
assistant cashiers are to be elected by
the people. State bank buildings are
to be constructed by the United
States. From the State banks Is to
ramify system Of city and county
banks. Every city Of 10000 popula-
ton is allowed bank. Every county
Of 10000 population is given bank.
The people arc to elect the cashiers
and assistants OF these subordinate
banks, and the government is to
erect the buildings for the banks.
For cities Of 10000 populations The
bank buildings are to cost $4,000;
for $4,000 people, $4,000, and SO
on.
When q bank has been built and the
officers elected by the voters Of the
city or county, an amount Of legal
tender money equal to double the
cost OF the building and fixtures will
be issued to 1t by the secretary OF the
treasury, on the approval Of the all
powerful bank generals. The cashiers
Of the banks shall loan this money to
citizens Of their respective cities and
counties on any property, real or per-
sonal, to any amount not exceeding
what, In their Judgment, Is one-third
Of the cash value. Loans shall be
made for not more than one year, and
at per cent. The cashiers Of these
banks are to receive deposits, pay
checks, handle drafts and do a general
banking business. For each draft is
sued charge Of cents and one-tenth
OF ! per cent Of tho draft will be
charged. Stamps are to be issued
and put upon drafts and cancelled to
the amount Of the charge. The sec
rotary Of the treasury is to issue paper
currency to carry out The scheme. A
bank general must be at least 50 years
old; a State bank president 20; cash
ier Is.
None OF these officers shall be re-
quired to give bonds, All losses
through malfeasance must be borne
by The State, county or city where
they occur. Losses through bank
generals must be made good by the
United States. Any city, county or
State refusing to make good any loss
will have Its bank taken away. An
elaborate force Of national and State
inspectors Is provided to make FIRE.
quont examinations and to report to
the bank generals, State banks are
to be the medium through which the
city aud county banks do business.
They are allowed to loan to city or
county or school corporations, but
not to individuals. State bank officers
are to have slx-ycar terms, City and
county cashiers and assistants are to
have four-year terms.
Why John Davis was not allowed
to introduce the bill is not clear. lie
evidently helped concoct it. It has
his earmarks all through. II is OK
actly the kind Of q bill he would favor.
II is the widest scheme Of national f. |
nance, yet formulated and hence will
appeal strongly to his mind, The
most notable feature about IL is that
1t provides for getting the initiation
quickly into the hands Of those who
want it, and 1t is dead certain that it
Is the most efficient and rapid means
Of bankrupting the nation yet dis
covered.
The Kansas City Gazette gives the
following bit Of boom history; Louis
Hammerslough, the once famous
clothing man Of Kansas City, is now
selling printing ink through Kansas.