The representative. [volume] (St. Paul, Minn.) 1893-1901, 1897-01-06
a WISE MOYEMENT.
We have received the following:
THE CHICAGO EXPRESS,

We have received the following:
THE CHICAGO EXPRESS.
r. o. Box 800,
L. D. Raynolds, Editor ar Pub.
26f South Lincoln ST.,
Chicago, Ill.
To the Editor, of The REPRESENTA-
The enclosed petition is being wide
| ~ circulated and signed. AS an item
of news it is being pu blished and COM
mented upon, editorially and other
wise, by the press of the country.
Will you please publish? AS mat
| ter Of justice to the sound banks of
the nation some action should be TAX
en- to save them from the continual
suspicion that they are liable to fail
as we'll as Others
The majority of banks in the coun-
try may be entirely sound and per-
fectly safe, and being so they should
have the complete confidence of the
community. When confidence is re-
stored money, will be always kept in
circulation and the people will pros
per. tx
| 1t would seem that we have reach,
ed point in civilization whereby we
| could devise some plan that would
protect people from losing money
through bank failures.
We would be glad, because of the
great Importance of the subject, if
you would give this matter your spe-
| cial thought. What plan will you
| propose?. Please tell your readers, and
| kindly send US any copies of you paper
giving your views, as we wish to col
late the best thought to be obtained
on the means of protecting bank de.
positors. Yours cordially,
This suggestion is timely and wise.
We hope our friends will flood the
coming session Of the Legislature
with such petitions. Populist pa.
pers, and in fact the papers Of all par
ties, should agitate this matter.
The petition which accompanies
this letter is as follows:
A PETITION TO SECURE DEPOsIToRs,
IN BANKS. AGAINST LOSS.
To the Honorable Members of the
Senate and House of representatives.
State of Minnesota:
1t is fact that bank failures cause
direct loss to depositors Of money in
banks Of many millions of dollars in
| the United States every year.
These numerous failures cause
| financial panlcs which result in the
shutting down of business, throwing
| great multitudes Of people into idle
| ness and compelling the sale of prop
erty at a great sacrifice.
These immense losses to the COM
mon people, by bank failures, cause
| such distrust of banks as to induce
the people generally to hide their
money, thus withdrawing it from cir
| culation, which results in scarcity OF
money, excessively high interest and
the suppress ion Of business.
| The hiding of money on the person
and about the home, through distrust
Of banks, makes continual tempta ton
to footpads and robbers, and hence
the era of crime il. which no property
or life is safe.
great distress ppe from losses
through bank fait1 lres and consequent
| loss Of confidenGe(in monetary condi-
tions, and we ;hdlieve some action
should be taken to relieve the worthy
| bank Of suspicion, we, the under
signed, petition you to enact such law
as will require that the banker give
bond that people shall not lose the
money which they deposit in banks:
1t would also be we'll to petition
Congress, from every township of the
United States,fin favor of government
POSTAL savings banks. We would sug-
gest the following form. Copy it on
sheet of paper, or paste it on one,
and procure signatures, land send it to
some Populisto senator or member at
| Washington: y 10
"To the Congress of the United
| States.
1--WE respectfully ask that you take
steps at once to establ Postal Saw
ings Banks. Almost every civilized
country in the world. except the
United States, has such system. We
would have had it long ago but for
| the opposition of the banking class.
These are now going into bankruptcy
at such rate that their power to
control legislation is being diminished
| rapidly. The millions they have
stolen from the people have created
universal distrust and the boarding
Ct money in safety vaults and trunks;
and this SO decreases the money-sup-
ply as to bring all business to stand
still.
Give us Postal Sayings Banks at
once. The people would feel secure;
the boarded millions would reappear;
the government could loan out the
deposits SO received, on real estate Sc
curity, at a low rate of interest, and
thus reduce the present usurious
rates and give prosperity to the whole
| country.
And we will ever nray etc