The representative. [volume] (St. Paul, Minn.) 1893-1901, 1896-03-11
ANOTHER LIBRARY PROPOSITION.
Editor Representative:
CThe following article was offered to
the Pioneer Press and Globe, of st. Paul.
and declined by both.)


the Pioneer Press and Globe, of st. Paul,
and declined by both)
I want to submit a proposition through
your columns for the consideration OF your
readers and the citizens of St. Paul in gen
eral. Before making my proposition I
wish to make depression, in order that
you may rectify any wrong conclusions l
may draw in the premises.
Taking it for granted that our govern
ment is Demrocatic, in the broadest mean
ing of the term, every one of its acts
should be in the interest, and for the ben
eft of the people at large.
At the present time our government al
lows five Individuals to form a corporation
for the purpose Of conducting a national
bank. These parties by depositing $780,
600 with the government can secure $780,
600 worth Of government bonds, drawing
the current rate of interest.
These bonds they can deposit with the
government and receive their equivalent
in treasury notes less tax OF l per cent
for paper and printing.
This gives them $500. 900 worth Of bonds
with interest and $495, 900 of bank notes on
an investment Of 100000
The people of the United States have to
pay the interest upon these bonds and the
individual borrowers have to pay interest
on the bank notes before they can get into
circulation. Care these conclusions cor
rect?)
If they are 1 will state my position II
the government has the power and the
right to loan $4,000 to 5 individuals at
cost of the paper and printing, why should
it not have the right to DO the same thing
for the people at large?
My market-hOuse proposition is for the
government to loan to the City Of ST.
Paul. on the bankers terms $500, 900. This
amount shall be expended in the erection
- al
| ture on the present market house site, the
| government to have a first lien on both
| the ground and building. If the proposed
! building cost the full amount. who will
| question the governments security for the
| loan. when the ground is added to the
building.
We would have to ask Uncle Sam for
that amount in greenbacks, less per cent
| that he would keep for himself; the city
| would have to furnish bonds for the.
| amount bearing no interest,-as an !. o
| L. These bonds after being turne owe,
to the government would have to be paid
| off, say at the rate of $4,000 year, this
| amount we would derive from the rents
| of the commercial structure, and in 90
years all would be cancelled. No interest
at all except the per cent charge at the
time Of issuing the greenbacks. Simply
| by the government issuing $500. 900 in
| greenba cks on the bonds of the city new
| piece of work has been done. The money
| in 20 years has been returned to the gov
eminent and the notes returned to the C ty
Both money and bonds have been can
| celled and destroyed and St Paul owns
| library and commercial building of its
| own. free from debt. and living monu-
| ment to the common sense of its citizenry
This idea may not meet with the approx
| al of those who are looking for a chance
to loan the peoples money (secured from
the government at from to per cent
but it certainly will meet with the APPROX
al Of the press and the general public. II
the system is good enough for the bankers
who don't need it. it certainly is good
enough for the cities and towns, and the
people at large who do need it.
Who will say that the market house site
with a 100000 building on it is not a:
good security as the gold deposit Of tbs
individual banker, for the same amount Of
greenbacks. This is not crankisn. 1t i:
common sense. applied to the social prob
lem. The only way for city or an in
dividual to get out of debt, is to get out
and that can only be done by giving w
getting further in Let the press of tn.
country once take up this issue, and It car
be made law in two years time. In
speech in congress. Garfield said, "ENho
ever controls the volume OF our curernc,
is absolute master of the industries ant
commerce of the country
This system would certainly place tn
control in the hands of the people, it is nov
in the hands of the banker.
This may seem a novel proposition 4
many of your readers, but let them thinl
it over for awhile and then call for an ex
preston Of opinion on it. Respectfully,
Louis Nash.