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


been sold which he can use and get a
support from. Now, as the owner got
$500 year rent for his property, why
shall he not get $500 year for the use
of the $4,000 for which the place sold?
When the time comes through the
spirit of cooperation that everybody
works for everybody else and there is
enough for everybody, when we haye
reached that higher life in which grasp
ing selfshness is eliminated from the
human mind; when we have reached
that superior socialistic condition in
which the best energies of the mind are
not consumed in the struggle for exis-
tence; when we reach that stage wherein
we shall not worry about the future
then we will talk no more about renting
property or renting money, but until
we reach that time we must talk about
rent and interest.
What would you do with the large
amount of money deposited in the gov
eminent bank?
Money is made to serve the purpose of
exchange. It is not convenient to ex-
change one product for another. It is
much easier to use some light, easily
transported article that will represent
the product rather than use the product
itself.
Money, therefore, being in the. bank
in large quantity, it will be in readiness
to be loaned to anyone giving the
requisite security.
The government naturally would es-
tablish most rigid regulations in regard
to loaning money. In the first place all
property would be carefully appraised
by government appraisers who, as strang-
ers, would visit the town and without fear
or favor, would set conservative value
upon property submitted to their inspec-
ton.
In loaning money the bank managers
would depend upon this appraisement
which should represent actual cash
value.
Another regulation of the government
probably would be to loan money only
on property worth twice the amount
which was borrowed. Thus the borrow
or wishing to got 500 or 81 900 would be
required to give security worth 5000 or
$4,000, in order to get the money. This
would provide for any fuctuation in the
values of securities and would be safe
banking. AS there would be no more
financial panics under government bank
ing, causing depreciation in values, the
consequence would be an upward tend
in values instead Of their being depreci-
alton. 49,
How would merchants and other
tradesmen whose only capital consists of
goods constantly being exchanged for
money, be able to give security, and how
could they get money from the govern
ment bank? ILL., .. - a.:
Undoubtedly guarantee companies
would be Immediately established with
large capital, who, for small considera'
ton, regulated by law, would furnish
the necessary security to the government
and thus all individuals having the
slightest right to borrow could do so.
But highly prosperous condition of
business, which would come when banks
are absolutely safe and money abundant,
would soon place business men into q
condition such that they would have so
much money on deposit in the bank
that they would not have to borrow and
consequently they would not be- COM
PEELED to give security. 1r<
What rate of interest should the gov
eminent charge?
The government should make a rate
that will fit into present methods of do
ing business and correspond with pre-.
vailing rates. A fair rate 10 the begin
ming would be four per cent. That rate
should be the same in all the states and
territories. We should probably lower
the rate in time just as we have lowered
the rates of postage from time to time,
but four per cent. would be a great re-
duction from present rates OF interest
prevailing throughout the United
States.
The great benefits which will accrue
from lowered rates of interest aud from
government banking we will show later:
Slaves vs.. Law.
There is a struggle going on
at Pana, Ills, between the spe-
cial deputies on one side and
the business men and union
miners on the other. AS is
usual the paid and corporation
officials took it upon them
selves to deputize about all the
/