The Worthington advance. [volume] (Worthington, Minn.) 1874-1908, 1907-11-29
THOS. DOVERY, PUBLISHER.
There is Plenty Money

There is vastly more money in the
country today than ever before in its
history, and, although owing to the
unprecedented business of the co untry
more money than usual is required to
conduct commerce, the supply is am
pie for every purpose-providing the
money is left in circulation and not
hidden under the mattress. It is an
other case of our not being able to''eat
our pie and keep it,
And right here is where our tinancl-
al system is weak: lack Of confidence.
But what causes this lack Of conf
dence anyway? Is it not the lack of
safety and protection to the deposit
ors? If bank depositors had the same
absolute confidence in the banks as
! they have in the federal government
! there would be 90 Withdrawals Of de
posIts for boarding as any tine and
at any location. II there be 10
hoardiDg panics a money stringen-
cy would be well-nigh Impossible.
Then why not take steps to provide
system Of banking that assures de-
positors absolute safety? THIS could
be done in various ways, with the fed
eral government as the supervising
agent in the background. #, for in
stance, a fraction Of ere per cent we've
collected Of the banks, On the average
deposits held by them, and converted
into fund out of which depcsl ors
lee paiuin full. in case of failure. the;e
would be no occasion for a run on
bank By depcsi5ors, for they would be
sure OF their money whether the bank
went under or not. Then AGAIN if
banks RETAINED from participating,
even Indirectly, in the scramble tor
iuvt stment Of deposi S in questionable
dcaiiugs, such as call loans Of stock
spectators in Wall street, it would go
u good ways to keep currency within
the proper bounds of it's Intended
function as a circulating medium for
legitimate business. 30, 40 or even
go per cent interest on call loans may
be be very alluring, but it has no
place in careful banking bu.iness and
any bank official guilty Of taking risks
of that nature with the deposits OF his
bank should be held crimina II y amen
able for his acts. An individual may
do as he pleases with his private
funds, but no institution Of trust is
justified to speculate with the money
of ITS patrons in wildcat und ertakings.
But for this disposition on the part of
a comparatively few big manipulators
ia the east, assisted of course by IN
dividual plunger5 in the country,
there would be no lack of currency
for moving the products CT the farm;
for the banks in the northwest, as a
rule, are sound and in possession of
more ready cash than ever before, the
farmers a,e prosperous and in good
spirit and the workingmen up to
few weeks ago were busy and EN-.
ployed at good wages. It is only the
unscrupulous and unrestricted big
gambler that causes the trou bic and
he should be restrained in short order
by the strong arm of the law.
In England the government oper.
ates savings hank in connection with
the postoffce. in which the people
have deposits of nearly billion dol
lars. No one is allowed to deposit
more than $3.50 a year, plus the
amount of his largest single with
drawal. Depostors get pass-book
and can deposit at any postotfice in
the country. Withdrawals can be
made from any place where there is
a postofice. Any deposit from rs
cents upward is received.
Just think of it, what a convenience
for the travelling public and for the
people of small holdings. Besides,
the system doesn't seem to interfere
in the least with regular banking
business and at the same time gets
much Of the money otherwise hoard
ed, by timid and suspicious people, in
circulation. Postmaster Genera Mey-
er has promised to recomend some
such plan for this country to the in
coming congress. but there appears
to be strong opposition to this plan