The copper country evening news. [volume] (Calumet, Mich.) 18??-1907, 1896-02-22

must seem high, but it is not SO in Rus
STA, where the interest charged on loans
to the peasantry is often as much as
100 per cent.
In a review of the popular banking
institutions OF Russia writer in the
American Bankers Magazine says: I'm
these views there is considerable plaus-
Utility. 1t appears TO MS to argue as IL
the popular banking system was inca
pable of modification, and could not be
liberated from the mechanism of the
unlimited liability, which units it for
large communities where people do not
know each other. But this is an error.
The Italian banks have already cut
loose from this obstructive mechanism,
and their success is manifestly the re-
suit of the reform. If like improve
ment could be adopted in Germany a
new impulse would no doubt be given
to the popular banking system, which
would thus be raised TO the level of the
new imperial institutions with their
spirit of enterprise. progress and indus
trial organization. There is another
aspect in which the popular banks may
be regarded. They put capital within
the reach of skillful, steady and frugal
mechanics. They thus facilitate the rise
of these men from the ranks of journey
men and their promotion TO the ranks
of masters and employers of labor.
The tendency of modern credit organi-
cations has been to check this promo
ton, by facilitating the concentration
of capital in large masses. Under prop
err conditions the popular banks are
capable of supplying an antidote to this
industrial evil. IL the workingmen's
unions had devoted part of their large
funds during the last half century to
the establishment in Europe of popular
banks on an enlightened system adapted
to the spirit of the age and to the wants
of each country some of the difficulties
which surround the question at issue
between mechanics and their employers
would long ago have disappeared"
The popular banks of Russia present
trait of the Russian character-con-
rervatism and economy-by their large
deposits. remarkable from the contrast
il shows with the state of banking in
most If not all of the continental states
of Europe. Thus in the Bank of France
the deposits Including those of the gov
ernmenD are but little more than two
thirds the discounts and one-fifth of
the circulation. The leading banks OF
the other continental capitals have even
a smaller amount of deposits in proper
ton to their discounts and circulation.
In Russia, on the other hand, the de-
posts exceed the discounts and adj
vances. The most obvious reason that
suggests itself for this popularity is
that Russia Is much less exposed to
those dangers of revolution and inva-
sion which have restricted the growth
of deposit banking in other continental
states.
The Imperial Exchange Of St.Peters-
burg, situated on the eastern point OF
vassileiostroff, is one of the notable
buildings of the Russian capital. 1t was
finished in 1911, from drawings by the
celebrated French architect, M. Tonon,
and IL was in this building that the as
scmbled merchants cheered for Amer
lea and President Cleveland when the
news of his communication to congress
on the Monroe doctrine was read on the
exchange.
To most everyone Russia is an en-
igma. The peasants and the burghers
show an unbounded patriotism and de-
votion to the imperial family. Even II
they could they would not exchange the
paternal government OF the emperor
for one giving them more liberal polit-
ical privileges, and still, side by side
with this contentment and devotion to
their rulers, turks the hideous specter OF
nihilism. penetrating every class Of
the higher educated and intelligent
Russians.