The labor world., 1898-08-27

Jones had tried in vain to sell his
beautiful home, that he thought former
ly he would never part with. But he
no sooner went into the market to sell
than he found hundreds of others idle
people from the empty factories who
were also trying to sell. The conse-
quence of such competition in selling
caused an immediate falling in prices
in fact such utter collapse in real estate
values that owners of real estate,
formerly rated as rich, doubted whether
they were worth dollar if their debts
were paid.
All kinds of theories were advanced as
to the cause of this immense shrinkage
in values. A very considerable number
Of the citizens were inclined to think
that it was owing to the demonitization
of silver; others thought it was the
tariff; others claimed that it arose from
intemperance; and others believed that
we had been living too fast. Thus all
sorts of causes were assigned as the
reason for hard times. but nobody
suggested or thought that the trouble
lay in tho universal hiding of money
through lack of confidence in banks.
Nobody seemed to understand that
bank failures had frightened all money
out OF circulation and had shut all
business down. ;: s1~4 +
In the midst of free silver and tariff
harangues, Jones timidly, with humility
and meekness of spirit, went over to the
banker, was ushered into his august
presence. and with bowed head and hat
in hand, made bold to ask a loan Of
$1,000 on his $4,000 worth of property
The banker gave Jones a whitening look
and asked in austere tone:
"'Do you do business at this bank?"
""Well, no." said Jones abashed, q
haven't been doing business at any
bank"
"Well, then, we can't accommodate
you,'' retorted the banker. "We're only
accommodating our own customers !
and waved Jones aside.
Think of Jones entering postofice
asking for postage stamps, and the
postmaster angrily asking, "Do you do
business at this postoace?" and upon
Jones replying that he had not been
getting stamps at that Office, being dis
missed by the postmaster with angry
gesture saying: 5s5. u
Then, we can't accommodate you
We are only giving out stamps to our
own customers" s2iys
Money is made by the government for
the purpose Of exchange, and should be
kept where it will be accessible to
borrowers on approved security, and
should be as readily obtained at uni
form rate Of interest, in all parts OF the
country, as are postage stamps at q
uniform price. The fact that money is
not accessible in that manner is a blot
on the civilization Of this age. And that
this medium OF exchange, prepared fol
the general use Of the people, should be
only put into the hands of private
parties to be speculated with and doled
out to favorites, as fancy and whim and
spite may dictate, is an outrage perpe.
trated upon the people which should
never be tolerated. q
Before Jones left the bank he made
bold to ask where the banker supposed
money could be obtained. The banker
for the first time, condescended to speak
mildly and said:
"You might see Perkins on Main
street. see he is advertising money to
loan" 5f .f..ss
Thereupon, Jones went to- Perkins
who was equally as autocratic as the
banker, but finally consented to loan
Jones $500 taking his furniture as secur.
ity, worth s2,500, charging Jones 5 per
cent interest per month or sixty per cent
interest a year. And when the deal
was all concluded Perkins went round
to the bank and got the money which
the government had given the banker
for one per cent per annum interest and
loaned it to Jones for sixty per cent
Jones was then determined to concili.
ate the banker-to get on the right
side of him by patronizing him. So he
forthwith deposited the $500 in the bank
where he had been before SO shabbily
treated and was preparing to pay of
some of his pressing debts when he was
astonished the next day by the announce.
ment that this bank had failed.
X