The Owyhee nugget. ([Silver City], Idaho) 1905-1984, 1909-03-05


the running expenses of the country.
| favor governmental ownership of
banks for this reason; the people must
furnish the means (the money for the
tanks TO do business upon, and wholly
for the benefit Of private corporations,
for this is what the banks are.
We all realize that the currency Of a
country is the life blood of that country,
that il is a creation of law, that it is
Congress alone that can coin and regu-
late the value of the coin (money).
Note one year ago, Mr.. Cortelyou took
1926, 900, 10000 from the United States
Treasury and deposited it in the clear
inghouse banks of New York City alone,
and these banks were still s53,0tO,0 900 90
short Of their reserve required by law.
These banks had stimulated trade by
these excessive loans, and this for their
own advancement; but when they had
to account they were short, and then
Mr.. Cortelyou made them the loan Ode
posit). Mr.. ]. P. Morgan took this
money and loaned to thu men on
the stock exchange (when they
were wanting money at any price) for
10 per cent upon call. This was of
course not less than 40 per cent per an
mum. Mr.. Roosevelt gave each of these
men great praise for what they did in
the way of avoiding great panic. Mr..
Morgan made many thousands of dol
lars out of the peoples money. Should
Mr.. Morgan or the people have this
This money had been gathered in by the
from the producers Of wealth and used
for the ADVANCEMENT Of private inter
ests. will ask: Can or will private
corporations do the business of the Da-
ton as we'll, or can we expect them to
do it VS. we'll, as a civil service of and
for the people?' will answer "No."
| have outlined the situation aud
named some OF the conditions that exist
to-day. Now will show you by the
condition that exists here, and the
same extends all over the country, ex-
cept perhaps, would not find banks
generally in the sound condition that
our banks are, and doing business in
the conservative way that our banks do.
No one is afraid to deposit in them.
They need no guarantee.
Loans and discounts, ST.
Ol9, 728.77 at l0per cent. .$l0l,9 72S7
United States bonds, $780,
10000 at per cent ....... $4,000
Other interest bearing pa
per, $559s6.03 at per cent. 4,478. S8
$ll0,95l75
Thus find that it cost the producers
Of Canyon County $lIO,95l75 annually
to keep money in circulation that the
business men in particular, and the
people in general may have money, 1.-THE
life blood Of the nation to transact
their business with. This their own
product, put out at their own expense,
and kept up at their own expense.
The people, not the banks have to
stand the abrasion of the coin, the coin
ing of the money in the first place, aud
the recoining.
Compare this with the expense OF
managing the business OF this. Canyon,
County. l find the whole expense OF
this to be SlS,39O.O0. This latter is a
very necessary matter to life in civil
zed country, and the people pay il
and say who shall do the business
The money or banking business is just
az necessary and in fact more so. The
people must stand for it and by it and
really are all there is of it, and oul
Congress has turned it over to certain
class Of corporations to handle anc
thus exploit the people.
> The handling of the money, the regu