The midland journal. (Rising Sun, Md.) 1885-1947, 1897-11-12
socialistic Opposition to Postal Banks

SoclalIstlc opposition to Postal Banks.
1t is not surprising to find that the New
Time, the chief populist organ, should
oppose postal savings banks. A writer in
the November issue, Mr.. E. E. Ewing,
violently declaims against the legislation
Ill this direction proposed by Senator
Mason and Postmaster General Gary.
Mr.. Ewing's reason for opposing the
measure is that these new aids to thrift
will allay popular discomfort and blind
the people to the evils of interest,"
This socialist opposition is indeed one
of the reasons why the establishment of
such an institution is urged by wise states
men. One of the best arguments for the
proposed measure is that the trusting of
the government with the peoples deposits
will give the people a real stake in the
government. 1t will make them cash
stockholders in the grand corporation
and lead them to throw their influence on
the side of order and discourage riot,
anarchy and revolution.
1t is just this which the socialists fear.
The adoption of postal savings banks
would cause the trade of the professional
agitators to become Improbable. They
would have to seek legitimate work.
Hence they oppose their establishments
The Chicago zImes-Herald.
These goldbug editors have practiced
the habit of prevaricating and misrepre-
senting so long that their minds seem to
have become chaotic and incapable of
understanding plain matters of fact.
The editor of the Times Herald says ::
"Mr. Ewing's reasons for opposing the
measure postal savings banks is that
these new aids to thrift will allay popular
discomfort and blind the people to the
evils of interest ~
Now Mr.. Ewing didn't say that or any,
thing remotely like it in the Ne70 Time
article, but the very reverse. On the
point above made by the 7Tmes-Heyald
the article in Ne5v Time says this:-
ON place of bending all his energies to
the establishment ofpostal savings banks,
If Senator Mason would address himself
to rescuing the money of the country out
of the hands of usurers, by establishing
government banks of deposit loan and
discount, on the principe that the mail
service rests, which is the bare expense
benefactor of mankind indeed"
When Mr.. Ewing's reasons are placed
beside the reasons concocted for him BY
the IImes-Heyald editor there is quite a
wide difference. Not postal savings
banks to quiet the people by perpetuating
public debt to get interest to pay the
depositors in postal savings banks, at the
expense of the whole country, but sys-
tenn of government banks that would
receive on deposit all the money of all
the people, both rich and poor, and save
TO them the fabulous millions they now
pay to private banks.
Zone of the best arguments for the
proposed measure" says the Times
Herald in the plea for postal banks, sis
that the trusting the government with the
peoples money will give the people
real stake i'll the government Exactly
So Which will give the people the
greater stake" i'll the government, gov
eminent banks to receive OH deposit all
the peoples money, or post Office banks
to receive from 10 cents to $50 and pay
III per cent interest on such deposit,
while in the meantime the government is
paying Shylock 3 to a per cent on Dor
rowed money to create fund to pay
depositors in the postal savings banks i?
Let the intelligent reader examine Shy
locks system of postal savings banks adj
vocated by the Times Herald, and the
system proposed by Mr.. Ewing, and de-
termine which would afford the stronger
cord to bind the people to their govern
ment 1t would be difficult to find where
the socialistic feature comes in which the
rambling Times Herald speaks Of The
socialists advocate not only the govern
inent taking charge of all the money but
of all the machinery of production.
The TimeS-Herald editor don't appear
to know anything more about socialism
than he does about finance and banks.