The representative. [volume] (St. Paul, Minn.) 1893-1901, 1895-07-24
MAKE THEM RESPONSIBLE.

The increased interest manifested
by the public on the bank question is
truly encouraging and is poof that
thinking people are awakening to liv-
ing issues.
The power OF bank corporations for
acquiring wealth, and the methods
employed, have been overlooked and
ignored, while other questions of far
less significance have been made sub
jects of endless contest.
Under present business methods
over ninety-four per cent Of the COM
mercial transactions of the country is
done with checks, drafts, or some
form of bank credit while less than
six per cent is done with cash.
All these transactions are to Ger
tain extent Influenced by the bank
power and in every case contribute to
its strength.
The secrets of banking lie in the
fact that depositors furnish the CAPT.
tai for conducting the business while
the profits go to the bank.
People have generally labored un-
der the mistaken idea that the bank
afforded security and was safe place
Of deposit.
Increased knowledge on this point
and attention to the evils Of our pres
ent insecure method is the strongest
evidence that the public is taking q
lively interest in this issue.
Scarcely an objection is offered to
the demand for government banks OF
deposit, while the demand for banks
transactlng general loan and ex-
change business grows greater and
greater as the subject is conside red
and made a matter Of discussion.
While the present system is open to
criticism for many reasons, the most
attention is being given at present to
the lack of security for depositors.
The fact that over twenty-five mill
lions year is stolen from depositors
by irresponsible bankers is enough to
awaken the most stupid and arouse
the most indolent.
The money thus stolen is invariably
taken from people who place it in the
bank with feeling of confidence and
generally believing that they are Sc
cure.
Under these conditions it is natural
that the people should seek remedy.
Perhaps the most easily applied and
at once effective plan for reaching
this evil is the recent proposition OF
the Iowa Peoples Party convention.
The fifth plank of their platform is
to the point. 1t reads:
eve further demand that until
such time as government system of
finance can be established that all
banking institutions, national, state
and private, be required to give Sc
curity to depositors for all moneys re-
ceived for deposit"
This is clearly a matter over which
the various state legislatures have
control.
1t is clearly a matter over which
such control may with propriety be
extended.
The machinery of our courts are
very elaborate in providing for the en-
forcement of contracts and our
statute books are filled with laws to
prevent impositions On the public.
The druggist must have his certifi-
cate to guarantee the public against
incOmpe tency.
The doctor must have his diploma
and furnish proof that the public will
not be imposed on by dishonest ignor-
ance or quackery.
Even the plumber who soldiers q
lie ak in the water pipe that carries the
lake water into your kitchen or bath
room is required to be licensed work
man and give guarantee OF his
| ability.
| 1t is useless to enumerate.
Instances without number could be
named.
Why then should the banks be ex-
empt?
Is there any reason why they should
| pretend to be secure places Of deposit
| when they are not?
When they are secure let them
prove it.
Let them give security or quit bust.
ness.
1t is time to stop this stealing OF
millions.
The people are tired of confidence
games.
Urge your Legislature to act in this
matter.
Drive the fakirs out Of every bust
ness.
Make the banking business respect
able by making it responsible.
The excellent quality Of Uncle Sam 8
Monogram Whiskey, from Geo. Benz &
Sons, st. Paul, Mimi, is never tam
u ~v,tA l. ~