Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1896-10-01
LIKE THE WOMAN'S BANK.
Remarkable Institution Established
in Boston Fifteen Years Ago.

There is nothing essentially new in
the scheme of the advocates of the free
coinage of silver. On the contrary. it
is but following in old and we'll beat
en- paths, an adoption of presidents
thoroughly worked cut. Some twelve
or fifteen years ago there was in the
city of Boston an institution known as
the Woman's bank. 1t was the off
spring of the fertile brain of Mrs.
Howe, and it was based upon the prin-
ciple of letting one hand wash the
other. That is to say, Mrs. Howe
promised and for r time was able to
pay her depOsitors at the rate of II per
cent. per month upon their deposits.
simply by taking the money of the new
depositor and handing it over to the
old one. So long as the receipts of the
Woman's bank Outbalenced the dis
bursements Mrs. HOwes financial
scheme was a complete success. Not
only was she making a good thing out
OF it for herself, but her depositors
were growing rich by tremendous
strides, as they We're able easily to
convince themselves by figuring up
their interest accr6tIOns. In fact, so
successful was the thing all around
thai only an occasional and overcau-
tlOuS depOsitOr withdrew either prin-
cipal or interest; therefore Mrs. Howe
was all the more able to meet all Obli-
cations, and the bank might have gone
ON a great deal longer than it did, and
with a consequent greater loss to a
larger number of people, had not the
myrmidOns of the law put a stop to
the whole business. Some years after
the WOman'S bank haG gone out of
existence and out Of the memory of
the multitude its fundamental idea
was taken UP and extensively worked
by the short-term endowment orders.
They have all followed their proto-
type, the Woman's bank into grave
from which there is no resurrection.
But the spirit which inspired the
Woman's bank, md later the endow-
ment orders, the specious plea which
gave to both the appearance of sound
ness and security, is still ex6ant.
This year it appears in unprecedented
etfrontery and in scope unparalleled.
1t is proposed that the government of
the United States shall open and carry
on woman's bank of gigantic scale.
and one which must &c ON forever.
else it will prove a dire failure. Uncle
Sam is the latter-1ay Mrs. Howe. He
says not alone to I'LL Americans. but to
all peoples and kindreds and tongues
the world over: Deposit 50 cents in
my bank and dollar shall be returned
to you, not year, six months, a week
hence, but Immediately" What was
Mrs. HOwe's y per cent. a month
beside this@ And Uncle Sam can do
this so long as the .10-cent deposits flow
into his treasury; for, thank fortune,
there is silver enough in the earth and
on top Of it to keep the coming ma
chimes going Indefinitely. But when
the people find that the dollar which
they receive in exchange for their
so cents is worth less than it costs
them, then will deposits suddenly
cease, and Uncle Sam will be in the
same predicament that Mrs. Howe
finally found herself. There will be
no clean hand to wash the dirty one
with; there will be no money to buy
silver wherewith 70 satisfy the claims
of those who have money on deposit.
[. Those who believe that the government
can give to all Corners 100 cents for 50,
and keep it up Indefinitely would do
well to look up the history Of the
Woman's bank and ponder upon it.