The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1899-08-15

given the country it's ''obj ct lesson
of their power-the power of money to
oppress"-by reducing the National
Bank money issue over 1874 900, 900 in
in less than nine years-an average OF
nearly one half million dollars a month.
Even the naughty little banks in the
National Bank infant class had been
we'll spanked (5ee PIP $40 AZ,
Comptroller's report Of 1889
The amount of bank notes in circu.
Iation steadily increased from the date
of the panic tidal wave crest, July,
1898 January, 1897, it had increased
by sos, 600, OOO-over 81 900, 900 per
month, average-and the prosperity
Mckinley promised US dawned on the
horizons verge.
"Not coin, but confidence. Not
minis, but mills" quoth Mckinley.
Was he, also, cognizant Of the great
conspiracy
And Gage, the astute, who would
confde the issue-AND RETIRING of all
currency to this National Bank trust
that retired 80 900, OOO a month until
Uncle Sam fell PROSTATE from loss of
circulation" under the scalpels Of
these phlebotomists of finance, does he
really think the people would be safe
in the hands of these teachers of "oO
iect lessons in fnance9" Impossible {!
He knows better.
With the greenbacks out Of the way,
the bank trust can reduce their issues
80, 600 600 a month and reproduce the
panic Of 1898 any year, at will. But
Republican policy has d~egenerated.
Oace it championed the many against
the few. Now, the few are abetted
against the many.
Crops from the interior-not sell
dom forced from the producers hands,
with little regard to price, because OF
his inability to borrow from his local
banker"-eays Secretary Gage.
Yes, he can deposit his money in q
bank, and the bank can demand W
days notice in a time Of need.
Give him a proper system of postal
savings bank and the elasticity so
desired is his. Even the country
banker" should be protected by hav-
ing access to the benefits Of the postal
bank system. He should not De discrim,
mated against in favN n Of the savings
.deposiior. Instead of sending his idle
cash to the ~"centers," where it is used
as capital for speculation, four Of con
fdence, " loan deposit, in the language
Of the Secretary, to one Of cash, or IRE
serve, " let him deposit it on call with
his Uncle Sam at nominal interest till
such time as he can do better. TheP
let him loan it 10 the public to move
crops.
There were 5 385, 746 deposjtors in
the savings banks Of the United States
1895. with 81. O65 631 298 deposited,
ana there were others in the National,
State end private bar ks and truet com
Oanies. yer 81 CSC 600, 600 in the last
three. Half the depOsitors in the saw
banks alone can carry the Ma
5ional debt and leave lots Of business
tor the banks besides.
Uncle Sam can refund his debt
through a postal savings bank at 3 per
ent.-possibly 2 or q per cent.
Postmaster General Wanamaker
ssued an Argument in favor Of postal
savings banks" in 1891 (By the way,
as a politician and statesman he was
promptly suppressed At that
lime Great Britain had a postal bank
system, esta blished 1861. an average of
IL depositors in 1000 OF population
md t77 II, average, due each. Aus
ria, Itely, France, Netherlands, Bel
gum, s Reden. and even Ruesia had
postal savings banks and all well pat
'oniz3dand prosperous. Canada, Aus
ralia, British Guinea and the Sand
wien Islands had these banks, but IN
his model land Of the free, the rulers,
q. e, the people, we're ruled by the
banks and still are bossed by their
nominal servants.
Why, bless you! the banks Of the
United States owed their ~deposiEors in
1913 as follows:
banks $2,O27 237 843
National banks. $1,000. 1915 $50, 252