The midland journal. (Rising Sun, Md.) 1885-1947, 1897-01-29

given our business public, and, by conse-
quence, our wage earners, which includes
pretty much everybody.
But the above only includes the Nation
ais; for the year ending November I, 1896,
there were ITO suspensions of other banks
and trust companies, nine of which were
savings banks.
From the beginning of the law estab-
fishing Nationals, from 1868 up to Nov. I,
1896, there have been $50 failures, or an
average-the Comptroller says-of ten
year. This, compared with the thirty
eight failures for the year 1896, shows
that the system is growing vastly worse as
a means of safety to depositors under the
conditions under which we are laboring.
Out of these failures, from the causes
assigned for failure, by far the greater
part are confessed to be due to money
stringency, or such causes as are part of
Z! that more or less annual trouble.
Money stringencies would forever end
under Government branch bank of dis
count plan. Likewise would all bank
failures end, as the Governments solvency
would be the solvency of the banks.
Rascality is rampant enough under the
present system. 1t would be greatly de-
creased under the stricter methods i'll
vogue in Our Treasury Department; in all
probability Government system would
prevent pretty much all rascality.
Mr.. Eckels says that nearly every theory
evolved in connection with the business
of banking has been tried and its devel-
opnent attempted since banking began
under the present Government He is in
error on the largest point of all; branch
banking at cost on the mutual plan, here
advocated, has never been tried, except
in minor degree by our building and
loan associations which are not included
in the Comptroller's Department. But,
abroad, the mutual plan of banking in
behalf of the people has been in success
full operation for the past forty years, and
there it has proved itself, by incontro-
: vertible statistics, to be the safest, the
most satisfactory, and the most beneficial
to those concerned Of any other extant.
The plans that have been tried i'll this
country have all been in behalf of usurers
Our two Federal banks were mere money.
, making machines for private stockhold
ers, and in no sense were they mutual
honlyc 1vf,ara r,roEfe loI 10
tween the depositors.
, The number of failures of all banks
other than Nationals since 1868, and up tc
November I, 1896, is put at 1894, involv
ing over $500, 900 900 of liabilities.
The number of failures fall bank since
our Government began is not stated, but
it is something overwhelming in its enor
, nifty, when it is considered that it is al
perfectly needless
| The delays put upon depositors by these
failures to such portions of their deposit:
| as thew may be fortunate enough to finally
: get, show that an average of four anc
| three-fourths years was consumed in the
case of the 1924 banks other than Nation
5 ais which failed between 1868 and the date
; of the report. Some Of these court wind
, ing-ups took twenty two years and twenty
$ one years of time, and from that down te
the average given; showing that should
open the public's eyes on this head.
r The Comptroller says that the problem
of banking is exceedingly complex.
A If he had said that at is exceedingl,
l complex to sustain usury as bushes:
a while at the same time satisfy the need.
r of the country" he would have struck
/ nearer the facts.
E There is no completely the moment the
y Government does the banking on
: mutual basis at cost rates for the use O
money. 1t then all becomes as easy as A
1 B c. But the trouble is our usurers rur
!, the Department, and not the people, E
/ very foolish condition of things, consiG.
$ ering that the people are the real ruler:
of the DEPARTMENT. Item, Philada