Phillipsburg herald. [volume] (Phillipsburg, Kan.) 1882-1905, 1898-07-21

wealth fsom the pockets Of those VIII
earned it to their Golfers by contract.
ing the amount OF money in circula-
ton, and by other clever tricks, would
be taken forever from the Wall street
sharks, and their numerous imitators
throughout the country who follow
the profession Of getting something
for nothing, Money would become
what it properly IS and ought to be
medium of exchange; and the occu-
patton Of the usurer and the money
cornerer would vanish. Under our
present banking system it is to the
advantage Of the banker to make
interest high; under the new system
herein outlined it would be to the
advantage of the state (which is the
people, to keep interest low.
In few years the interest on mon
ey would go down to and 2 per
cent. per annum and never 90 higher
than that. High interest for the use
OF money would Sease, and with its
cessation would disappear a great
flock of evils now menacing the peace
and life OF the government itself. All
the immeasurable advantages of an
honest, common sense, and perfectly
safe banking system would be enjoyed
by the people themselve, collectively.
The present banks would in due time
have to be content with smaller profits
or go out of business, for they could
not get higher rate Of interest than
that charged by the state.
The money question is the most inn
portsnt problem for solution before
the American people today. 1t must
be settled soon and the solution must
be correct, or the middle and 80. called
lower classes Of the country will sink
still lower in poverty and wretChed-
ness; the millionaires will swell up
into hillionaires; the farmers will lose
their farms; the mechanics tools will
rust from disusej the mines will be
abandoned; squalor and wretchedness
Will become widespread, and the great
army OF the unemployed will double
and quadruple in numbers, and des-
tltution and lawlessness will cover the
land. The reconciliation Of silver
and the restoration of bimetallism in
this country would not long benefit
the masses OF the people under our
present defective banking system, for
in due time the money spectators
would corner" both metals and alb
sorb the earnings OF the people as
now. make no war on bankers as
individuals, some of my dearest and
best friends are bankers. | am not
dealing with persons in this article,
but with old, deeply rooted financial
methods that our civilization has out
grown. / oppose the present bank.
ing system because it is shown by in
controvertible evidence that il ia nm
safe to the depositor, unjust to the
borrower and highly harmful to the
public at large, But defective, I'm.
safe ansound as it is, would not
ruthlessly destroy it without propos-
ing something better to take its place.
This, l believe, 1 have done. The
state and the nation should do the
banking business, and all the profit
that might accrue from the adoption
OF the state savings and loan bureau
and a government postal savings bank
should 90 into the public treasury,
thus bene6ting every citizen instead
of only few This plan suggested
would be essentially a cooperative
banking system, ard would be found
ed on safe and sound foun Ia tion.
1t ought to be speedily adopted by
every state IN the union.