Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1913-10-09

scribe To the Federal reserve banks an
amount equal TO 90 per cent. of their
capital, one-h half Of which must be
paid in at once, the other half being
subject to call This IS to be taken
over and placed under TIE management.
of u corporation in Which the banks
have not only minority representa-
ton. but a very limited voice indeed.
In return for the capital thus appra
priated the banks receive a certificate.
which cannot be sold. assigned Or
hypothecated, over which none of the
usual rights of property ean be exer-
eised. The banks are obliged to
make this subscription, or be dis
solved. Charters have ever been re-
garded in the nature of contract, and
it is doubtful if, under our constitu-
tion Congress can take away the char
ter Of a bank in this summary man
ner; not because the terms of the
charter have been violated by tie
banks, but because the bank manage
ment might refuse 10 make a eoerced
investment such as the pending meas
IRE provides.
There Is no prov{sfon whereby a
hank which subseribes money To tbe
..,.itai of the Federal reserve hanix
ean recover the SAM exeent by
lial1idationz either Voluntary ar en-
forced. A bank is given a maximum
return of ) per cent. upon capital sub
seribed-if earned. Il the Govern
ment can annranrfata one tenth of n
Eanlk,s eanifaI in tn manner nroviae3
nv this bin they may anpronriate one
tenth next wear and sa on until the
eanital is all transferred to the Coy
eminent hank If they can fly the
fomnensation at : ner cent. this year.
tbev may maize II ner cent neyt
Vear and . ner ,fnf > na, cent ner
cent or MORNING very simple and
easy nrneess whereby The entire cani-
fal af the hanks may he transferred "a
tba Government
"phera are = are4f many different
kinds of Socialism but however In,
varions theories differentiate they All
aeraa nfan tho fenaamental nranas{-
tion that thn c,ooprp,1enf tbat is tha
conn7unitv as n whole should own I'll
the real estate. IN manufacturing en-
ternrises all hanks All transnortafion
sbart all monev-nal,in:r
utilities This proposition of the
Government TO take the banks capital
in the manner provided, carried to the
extreme, would easily accomplish. 50
far as the national hanks are con-
cerned. this contention on the part of
believe in socialism it is very hard 10
accept and ratify this proposed action
on the part of the Government.
There are other provisions of the
bill equally important and FAR reach
ing IN their effect
we nave feeoAhteu the CONDITION
which eonffonts us as TO that provision
of the pending measure, IN order u
impress upon the ranks the TACT thal
we nave feaettea point where We
must act IN our own interests and Tor
our own protection individually We
must reaeh our eoheiasiehs III TIE
pie,hiae9' s'iiu = a. ,'ot 90
wy -
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IT mas oeeii pieeiaiiiea III .-oiisi e9s
ana IN the public prints that man
features OF the peiiuihs measure are
exactly like or sliaiiaf TO provisions 81
TIE pm reported es the Natlohai
Monetary COMMISSION, ana when the
bankers III convention approved. ne
question Is asked, why, II the BANKS
approved such provisions In the so
caiied Aiarlch piit 10 they oppoSs
similar provisions IN the so-calien