The labor world. [volume] (Duluth, Minn.) 1896-current, 1898-09-24
Questions Answered.

ment banking?
We would let the treasury department
at Washington remain as it now is
Every official there is under oath and
under bond to protect the interests OF
the people. He is there as servant OF
the entire people and we will let condi-
tions at Washington continue until gov
eminent banking machinery may require
change.
For the government of local banking
conditions we would elect, at a separate
election, five bank commissioners entire
ly Independent of political considera-
tions, and thereafter as one commissioner
should retire each year one new CON-
missioner should be elected each year.
These county bank commissioners
should have the locating of banks and
the employment of bank officers.
How many banks would be required?
We would locate a bank for the pur-
pose of loaning money at each county
seat throughout the United States, and
in the large cities at central points
where about 10000 people could be &C.
commodated at each bank. All the
post-ofices should be receivers of depos-
it's, which deposits should be sent to the
nearest loaning depository.
What would you do with our present
bankers?
They would retain their places and
pass into the employ of the government.
No bankers would be discharged. On
the contrary the clerical force of bank
ers would be at once greatly increased,
as the people, bringing out their money
from hiding places and into banks,
would make an immediate demand for
more help in receiving and paying out
money. Nearly every adult would be.
come frequenter of the bank deposit
ing and drawing money SO that the cler-
ical work of banking would be enormou5.
Where would the government get the
money with which to do banking bus
mess? -..-~. e..
Directly from the people. Govern
ment banking would be the same as the
present methods of banking. The gov
eminent would serve simply as the Gus.
todian of the peoples money. 1t would
take money on deposit the same as
bankers do now and pay it out on de-
mand. It would loan money on ap-
proved security and would do, in short,
straight general banking business.
What interest would you allow on
deposits? =,
We would allow no interest on short
time deposits. Where people are daily
putting money into the bank and as often
taking it out the accommodation rem
dered to people for keeping their money
safely would be sufficient compensation,
but people who would allow their money
to remain long time in the bank we
would pay, for the use of the same, three
per cent per annum interest.
X X f.,tn4
Three per cent. per annum interest
would be high rate for bank to pay
we will admit but we have certain rea-
sons why we pay this high rate in the be-
ginning of government banking and
among the reasons for this rate are the
following: It would quickly bring all
idle money from it's hiding places and
into the bank and it would enable old
people, who have retired and depend
upon interest for their support to get
some revenue from this source. 1t
would enable charitable institutions,
colleges endowed, and great numbers Of
enterprises dependent upon interest to-
day, to continue to get revenue from
interest without deranging present mon.
etary affairs. ny e. -
It would bring nearly all money at
present loaned at a higher rate, into
the bank as soon as present loans expire,
as most people would prefer three per
cent. interest, absolutely certain to be
paid, rather than get higher rate when
payment was uncertain.
Allow us to interrupt you for minute
on this interest question. We have
many people who do not believe in inter
est; who would allow no interest. What
is your answer to them?
Those people forget that we live in q
competitive age. A selfish age. An
acquisitive age. The infant in the era,
die will reach for and clasp it's rattle
box; the young child will contend with
it's little companion for the possession of
the plaything; the older child, the more
mature in age, the man and woman, are
all intent on possession. This natural
desire to acquire is the foundation of all
progress at the present time. 1t con-
structs the canal, it builds the railway,
it erects the building. 1t is the main
spring of all enterprises.
It ie all right to theorize but we have
tn take thinoa M wa find them Tins a