The independent. [volume] (Lincoln, Neb.) 1902-1907, 1903-10-01
BOOK 2.-Chapter XIX.
All Rights Reserved


The whole subject of banks has been
covered with mystery in order to con-
found the public mind.
When a bank receives for Safe-keep-
ing the coin of some one else, and is
sues to him a certificate payable in
such coin, at the place of issue or else
where, such certificate does not par
take in any sense of the nature OF
coin, but is merely a private order or
promise to pay coin.
These orders or promises have been
a convenience in trade. But unless
the bank issuing them receives COM
pensation for the service, no profits
will accrue to 1t; and without prof.
it's, banks do not operate.
The typical bank of this class was
that of Amsterdam.
1t professed to hold sacredly every
coin deposited with it, for the redemp-
ton of it's certificates and drafts. All
was well until it was discovered that
the bank had secretly loaned $10.-
100000 of the coin tnus held, and the
alarmed depositors demanded their
coin and the bank was compelled to
close
Here is a proposition that cannot be
disputed: Without receiving in some
form government favoritism no bank
OF any kind can be honestly operated
and make any proflts.
| Banks of issue are founded upon and
can only exist by fraud upon the
body of the people. Banks of deposit
and exchange can only obtain profits
BY charging their patrons for services
performed which the government
should itself perform for nothing; and
the safety of their patrons rests upon
nothing but the honesty and integrity
of persons greedy enough to engage in
the business.
When the fraudulent privileges and
the temptations to- dishonesty are
eliminated, even then the sole benefit
the public can derive from banks is
that one may deposit cumbrous coin
and receive certificates or drafts, easy
to carry, and receive again at fixed
time, or on demand, at the same Or
another place, the quantity of coin
thus deposited-if they are willing to
pay the banker for doing so.
The secret under.y ing all the efforts
to secure legislative enactments by the
greedy class, is the desire to sieze some
portion of the taxing power.
Under all DISCUSSES, this is the pur-
pose of the metalliStS and as well as
the bankers and bondholders' trust.
!! They caught the secret from what
is improperly called the Bank OF
Venice" While sedulously trying &c
conceal that secret, they necessarily
seek to exercise the power of taxation
Let us examine the institution
Venice Nobody seems to have I'M
derstood it's real character. In the
present condition of the science o.
money, it is not possible that people
accepting that so-called science, shoult
understand it. 1t is necessary to in
vestigate it in the light of the new
discoveries here made.
The Bank of Venice was not, in
deed. a bank at all, in the modern
; sense OF that term. The word bank
! is derived from the Venetian wore
"banc," which meant bench" ant
is descriptive of part of the furni
ture used in that institutiOn-but o
nothing else.
This institution, improperly GALES
by the people OF that city the sSanc
or "bench," and which by a curiou
prevalence of ignorance is UNIVERSAL
associated with modern institution
: (called "banks'1 operated for prof,
I. had scarcely feature in common wit
J. a modern bank. 1t was simply a de
i partment or bureau of the government
: of Venice. Its official name was tn
:. Chamber of Loans"
!, This institution was the offspring
z military disasters which threatened t
extinguish the Venetian republic. TIL
: entire revenues had been exhausted
y vast preparations for war, which ha
8, ended in overwhelming defeat an
9, disaster. Further enormous revenue
mus be raised-or the republic mus
d. perish.
Look, now, at the conditions SUI
rounding that people.
They had taken refuge from IL
fierce warriors of Attila, upon the 10
n and barren sand-islands at the head {
ID the Adriatic sea. The lagoons pr
ryy tected them from the attacks of thos
Of grim Huns, and they took to the WI
ne Jer and became maritime people ar