The midland journal. (Rising Sun, Md.) 1885-1947, 1896-08-21
Government Banks.

reaching influence OF this chanSe III Inc
financial system is little dreamed of, ii
fact has hardly been given thought by
the class of people who would reap almost
inconceivable benefit from such a change
The financial planks i'll the Chicago an6
st. Louis platforms declare for such e
change, but it is doubtful if their trainers
or endorsers have clear conception o.
the magnitude and far-reaching benefcent
results of their declarations.
The first clause of the Peoples party
platform says-aud the platform of the
Silver party and the Chicago platform
are substantially the same
Give demand a national money
safe and sound, issued by the general
government only, without the interven.
tiou of banks of issue, to be full legal
tender for all debts, public and private; a
Just, equitable and efficient means of dis
tribution direct to the people and through
the lawful disbursement of the govern
ment."
Examine this demand" carefully,
strip it of its useless verbiage and reduce
it to practice, and it inevitably leads up
to the establishment ofgovernment banks
to be managed as the post offices are, en-
tire1y by government officials, who should
be under the direction of one supervising
department located at the seat of govern
ment as the department of the mail is.
A national money is full legal tender
money, gold, silver and paper. Gold and
silver are legal tender money; our green
backs are partial legal tender, but the
contradiction in their creation is, they
are made redeemable in silver or gold
coin. This is outlawing common sense
This provision does not make them re-
deemable at all, but only swapping of
one dollar for another, the trading of a
paper for a metal dollar with no visible
purpose in view, for both dollars are kept
continually in circulation for the purpose
of effecting the exchange of property.
Our greenbacks have been in circulation
for thirty-four years, and where does any
act like redemption appear? To be re-
deemed is to be liberated from a condi-
ton in which person or thing exists.
The greenback exists as money, and the
law says it shall continue to exist as
money until it is demonetized as silver
was i'll 1873. In the face of these plain
business facts, there should be no more
redemption, or exception" attached to
the greenbacks than to gold and silver
coins. This is the obvious neaning-or
it has none at all-of the words, ito be
full legal tender" With any restric-
tons on this declaration such as Except"
for payment of duties on imports and
interest on the public debt, and to be
redeemed, as the gieenback is numbered
with, is mockery of common sense.
But so strong is the hold old abuses and
have upon the wisest of the
people, that when they come to act, they
cling to them and outrage their own honest
convictions. They have been so accus-
toned to see the legend on private bank
bills payable to bearer" that practice
has not been thus far able to discriminate
between the government and private
persons as creators of money.
The last clause of this demand reads
"a just, equitable and efficient means,
direct to the people and through the
lawful distribution of the government
1t is fully established by the requirements
of business, there is no other way of dis
tributing money with despatch and econ.
omy except by the machinery of banks.
This very important business has been
permitted to be monopolized by individ-
uals and corporations known as bankers.
They have abused this trust to the great
detrlment of the entire business world.
They have distorted this privilege into
system oftaxation for their benefit to the
extent of thousands of millions wrung
from the hand of labor for the simple
privilege of distributing the public's
money. The banker class receive this
privilege from the government, state or
national, by the grant of charter. The
demand" of the platform above quoted
says, in effect, this favor shall be withheld
andexercised by the government, and there
fore the contamination of that demand is
that government shall establish banks for
the safe deposit and distribution of the
peoples money.
This is set forth in clause s of the
financial plank which reads
eve demand that postal savings banks
be established for the safe deposit of the
savings of the people and to facilitate
exchange" This clause is numbered up
with lot of senseless verbiage. Why
postal savings banks to facilitate ex-
change? The peoples money placed in
a government bank should always be safe
The banks business is to facilitate ex-
change" or what is it a bank for? And
it is to be place to deposit the Savings
of the people? Savings fddle-sticks
The bank is place to deposit the money
of the people for safety and ready pay
nent of bills and accounts by means of
checks. But the platform writer's had
heard of postal savings banks in foreign
countries and the phrase had taking
sound SO they must put it in, sense or
nonsense.
There are just two primary objects the
people demand government banks to