The midland journal. (Rising Sun, Md.) 1885-1947, 1898-06-24

There are features about this plan of
banking that are too Objectionable to
allow it ever to be adopted. Its interest
feature is serious objection. 1t proposes
to pay and receive the same rate of inter
est, which would bring business to
standstill unless funds to pay running
expenses were furnished out Of the taxes
collected by the county. There is no
provision i'll the plan for furnishing conf
mercial business with loans, and the con-
sequence would be that the present
banking system of loan and deposit, dis
count and inverest would go on without
feeling any effects of the county bureau
which dealt only i'll long time mortgages.
Mr.. Dague's plan would prove but
poor make-shift for banking system.
He has not gone far enough into the
money and banking problem to get clear
of the interest clog. That is the bane of
the present money system. 1t is interest
that makes the banking system system
of dishonesty. 1t is the want of sufficient
circulating money to conduct business
which enables the banks to fleece the
people as Mr.. Dague describes so graph
ically. The government furnishes the
money for the use of business and it is
the only source of money and until that
power establishes repositories for the
peoples money they will be fleeced by
private concerns. A system of State de-
post and loan bureaus would be confined
! to the counties and would cut no figure in
a national business.
The remedy for which Mr.. Dague is
searching for and has not found, to cure
the evils Of the present banking system, is
system of government banks that would
loan not only on mortgage for long terms
but that would be equipped with full
power to supply all commercial loan:
necessary TO transact the entire business
not at an interest of a per cent, but for q
charge or rate of interest that would cover
cost of the business, which would be les:
than per cent. Such a banking system
would be savings bank for every person
i'll the community. 1t would save the
hundreds of millions of interest which
the entire population pay annually te
have their banking business transacted
by private firms. 1t would break W
stock gambling and produce gambling
and all the wild speculation which is con
Quoted with the peoples money, that il
drawn Systematically to the centers o
population and used for wrecking the
markets.
The delusion is something wonderful
that possesses so many intelligent people
that government postal savings banks
would be a great boon for the masses
because the masses could save their pen
MES and draw little interest on them
The first great advanced step in the finan
cial reform is to get clear of interest
That is the moth which devours and rob:
labor of the wealth it produces, and ha:
put the people under its feet. 1t is now
fighting the battle of the bonds al
Washington.
Not reform advocated by Ne7O Iimt
and its corps of talented writers will ever
be achieved while the money power bars
the way with its weapon of interest cleav.
ing to the marrow every movement that
makes for the betterment of the human
race Yet, it is more than probable that
an article advocating government banks
and the destruction of interest if offered
NezO Time would be refused publication,
so welded to the interest cancer is public
thought.