The labor world. [volume] (Duluth, Minn.) 1896-current, 1898-09-17

there is safe place to put money and to
keep money and that is in the bank
where he has just borrowed it. So he
goes across the room to the receiving
teller, gives his name and the one thous-
and dollars to this clerk and receives
check book and bank book indicating
that he has one thousand dollars on de-
post in the bank and he can check it
out as he requires.
Thus he leaves it in the bank and pays
all his bills with checks. He may have
little fractional currency in his pocket
but that is all. He does not have enough
to make any temptation for any one to
rob him, and SO thievery, robbery and
murder for money ceases; human life is
safe and the jails and state prisons are
empty. The jailer, prison warden, night
Waterman, policeman, criminal court
bailiffs, lawyers and jurymen all 60 into
other business and a tax-ridden people
are relieved. Behold the improvement
in peace and order that comes with the
government bank.
What became of the money which
Jones left in the bank. It was loaned
out in the next half hour to Smith who
left it in the bank as Jones did. It was
soon after borrowed by King, by Snow,
by Wilder, and each borrower left the
money in the bank SO that, though loaned
out ten times during the day, the same
money that was in the bank in the
morning was there at night
The bank, in the days transactions
has loaned out that thousand dollars
ten times. It has received twenty-thous-
and dollars in absolute security, the
borrowers have left their ten thousand
dollars in the bank, and ten thousand
dollars in checks in circulation are do
ing the business of exchange.
Now what have we in this government
banking system?
l. We have an absolutely safe place
to put money
2. We have relieved the public, mind
of the fear of burglary and robbery be-
cause of having money about the house.
3. We have relieved depositors of
their anxiety lest they lose their money
in bank failures.
4. We have bank full of money.
5. We have stopped the talk about
tight" money.
6. We have abolished the financial
panic and the consequent shutting
down of factories and the closing of bus
mess houses throwing the millions of
people into idleness. So.
7. We have relieved the borrower of
the fear that he might not be able to get
the money even though he might have
double the security required. .... M
8. We have saved the people from
the autocracy that comes from men who
are made the sole custodians of the
money in the community.
9. We have saved Jones and other
borrowers from the frowns and over
bearing impertinence of bankers who
PROFOUND this momentous question to
the would be borrower, "Do you do bus
mess at this bank?"
| 10. We have saved Jones the time in
higgling, scraping and palavering with
the banker in order to get what is called
an Accommodation" though the borrow
or may give security worth four times the
value of the money.
II. We have saved the banker from
a run on the bank which may break the
bank and result in his arrest and i'm
prisonment. . A,.....s ...- .
T.. We have made it possible for bus
mess men to forecast the future and
feel assured that the business of the
country will not be all depressed posi-
bly, in short time, through financial
panic and they lose what money they
put into the enterprise. ..s 49,.
10. We have saved the people from
the shrinkage of values which comes
with a financial panic the result of bank
failures. <..,.$
IA. We have prevented the financial
panic which shuts down business,
throws men into idleness, compels them
to sell their properties at greatly reduced
prices, while the rich take advantage of
the sacrifices thus made to enrich them
selves. .-.
Is. We have made money SO abun-
dant that interest becomes low and the
enormous tax resting on people in the
shape of high interest is removed and
the burdens of all borrowers is immedi-
ately relieved. .....-
16. We have done more for morality
by stopping the crime that comes with
bank failures, financial panic and the
throwing of people into idleness, than
possibly could be done by reform effort
in any other way.
Thad Stevens and the Judge.
SEQ