The Louisiana populist., 1897-05-28
GOVERNMENT BANKS.
A MEDIUM FOR CIRCULATING
MONEY.

A MEDIUM FOR CIRCULATING
MONEY.
The Parties Who Clamor Most for Gold
Are Those Who Advocate u Credit
System Lack of Money Causes
Panics.
E. E. Ewing In Silver Knight Watch
man: That the money shall be issued
by the government without the inter-
vention of banks Of issue is the de-
mand of the Chicago platform, and the
Peoples party St. Louis platform. And
that there shall be a sufficient volume
OF money put into circulation to do the
business of the country as nearly on
cash basis as possible. This is about
as far as those and former platforms
OF the Peoples party have gone.
How that right quantity OF money
is to be measured, put into circulation
and kept there has not been considered
other than by an individual here and
there. 1t is so self-evident that there
Is not gold and silver sufficient to an
swer as money to transact the vast
business of any civilized country that
no one has even raised the question.
The parties who clamor most for gold
are those who propose to make the
least use of the yellow metal. They
advocate a monetary system that is
almost entirely of credit. They con-
stantly insist that money is less need
ed than ever before, that a system OF
checks and credit has superseded the
necessity Of a large volume Of money.
While the gold standard and credit-in-
place-of-money advocates are busy
filling the ears Of the public with their
pernicious sophistry, their opponents
stand still, as it were, and wage the
battle for the remonetization Of silver
and government issue OF all the paper
money, without attempting to demon
strate to the people how they propose
to conduct business without the "inter-
vention OF banks of ISSUE" The banks
issue but mere bagatelle now, mat
ter Of couple of hundred millions,
and yet they manage to be as great a
disturbing element as when the state
banks were issuing currency ad libitum.
A system of postal savings banks Is
advocated, but the popular idea OF q
savings bank is a bank to receive
small deposits Of surplus money Of the
working people, the wage-earners, and
pay the depositors little interest on
them. Business people know that kind
of bank would never supply the de-
mands Of business for bank facilities.
and consequently the postal savings
bank fails to arrest public attention.
! The modern bank Of deposit, loan
and discount is the engine Of busi-
ness, and the people will submit to all
of its exactions, robbery and cyclonic
disturbances in trade, rather than at.
tempt to do without IT! And when the
platforms resolve against the interven'
tions and issues Of banks their declara.
tions have but little influence on the
public.
II the gold trust credit financial sys
TEN which is now in full swing, ant
has been SO long that the people hav'
come to believe It is an absolute neces
sity and nothing can be devised to taxi
its place, is not met by the friends ant
advocates Of a purely government
banking system, the usurers, havinl
possession, which is claimed to be min
points Of an advantage out Of ten
will be able to hold their ground.
The business class Of the people
those who are compelled to use a grea
deal Of borrowed money in transact
ing business, should be shown the grea
; gain to them that would result in tn
government handling the money Of tn
country through a system Of public 0
!, government banks.
The first gain to this class would b
the saving of immense sums Of inter
est that now go to swell the cost q
!. their business which would be the dill
ference between what they have to pa
and the bare cost to the governmen
> for clerk hire and the necessary cost {
> distribution which is done by bank
: This would be a clear gain to ever
large business establishment Of man
thousands Of dollars annually. Al
other gain would be the safety Of d,
posits. No depositor would ever loi
k his money If deposited in governmel
i bank. No panics to business could o.
X cur, which would be SO tremendous
/ gain to the people by perpetual reie
' Of uninterrupted business as can scare
q " be realized by community tn,
o has been visited every few years |
e blighting financial panics. It is alwa!
d the lack OF money that causes panic
,e The banks have loaned their depositor
& money till they dare not stretch the
j. credits any further. The business tn
IL has been set to run on certain pla
n Of credits, fails all at once to be su
y piled by the banks, and has to su
- n1k