The Black Hills union. [volume] (Rapid City, Pennington County, Dakota [S.D.]) 1889-1904, 1895-04-26

dome with checks and nearly all money
would be In the bank no more hOldina
mp Of the after-dark pedestrian. The
stage coach, or the railroad train. Nc
more burglary OF murder for money.
8. AS no further possibility existed
Of theft for money, taxation to keep UP
a large police force could soon be re-
duced more than 0ne-half.
8. No more losses to the people from
bank failures.
10. No more financial panics, shut
ting down business, throwing people
out of work. and bringing restitution
to the working classes.
IL. Interest reduced to one-half the
prevailing rate throughout the United
| States.
II. An o. portIni.y to alw.ys readily
borrow money if the individual has the
necessary security.
13. A evenue of over $500, OOO, 900
dollars per yea to the government
from doing it's OWE banking, which
revenue, expended in the Improvement
of roads and the providing Of irriga-
ton. would give hundreds of thousands
of men employment while carrying fuTs-
ward great internal improvements.
The condition of the western farmer
illustrates the situation today. He can
not borrow a dollar from a national
bank on his land. If he needs to bor-
row money he must employ a money
broker to find the money for him. To
this broker he must pay a commission
of from 2 to 10 per cent and a full legal
interest besides. Altogether he is pay
ing so large an interest that, after he
has suffered loss from drought, grass
hoppers, and storms and pays his in
terest, he has not a cent left for i'm
provements.
With the establishment of the gov
eminent bank he is enabled to borrow
money at 4 per cent. He saves $500
la year. perhaps, in interest, which in
ten years is $4,000. That ear a new
house and the employment of men in
the forest in getting out the timber,
the making of brick. q%uarrying of
stone, the manufacturing of paints.
oils, glass. and hardware: the build
ing, finishing, and furnishing Of the
house; in total number from fifty to $50
men, all engaged in an employment, a
new vocation, that does not compete
with anybody else.
This farmer is but one who improves
his condition through the saving of in
terest. He is but one of tens of thou
sands who will thus give, on farms en-
ployment to hundreds of thousands of
Workmen. This is but an illustration
OF the improved condition that will
come to the rural districts through
the lowering of interest and the album
dant regular circulation of money
through the establishment of the gov
eminent bank.
But while the farmers of the coun-
try will find benefit the poorer classes
in the cities will experience even
greater relief from the burden of in
terest.
No sooner does a bank fail and start
a financial panic than business in gen
eral shuts down and large numbers of
laboring people are discharged into
ldleness. Unable to get employment
in a short time they are compelled to
borrow money to supply pressing ne
cessities until the time when they can
again have work. This is a terribly
trying period for those who watch
n often vainly wait for weeks or
months before the opportunity offers
again to earn a subsistence for their
families.
1t is during this time that the chat
tel-mortgage individual gets in hia
work. The poor have no protection.
They are absolutely at the mercy OF
the men who prey upon them as vul-
lures feast upon the dead on the field
OF battle. The man out Of work must
have money that his family may live.
He must borrow. He has furniture,
nearly new, perhaps, that cost, we will
suppose, $1,000. A government ap-
praiser would mark it worth at forced
sale $500. The government would lend
$500 on that security at 4 per cent per
annum Interest. But there is no gov
eminent bank to turn to. No bank ex-
lists In the United States, certainly no
so-called national bank can be found,
where the borrower can get a dollar on
his property which he wishes to give as
security. The private money loaner
knows this and is ready to take advan-
tage of the situation. After requiring
the borrower to pay all the expenses Of
making out papers he charges the VIC
tim 5 per cent per month-6O per cent
a year.
E T1n1nr uOuapn n, nuf hor1ys,c a.. r..