Bisbee daily review., 1914-01-16
POOR MANS "cGNrRAL BANK"

| plan to establish chain of Poor Mans Banks across the country announced few days ago Il was reported that Andrew Carnegie Vincent Aston were interested in the project which, if correct was guarantee of the financial soundness of the pans for 1t was fair inference that other men of great wealth were associated with the enterprise
 Inquiry has developed the fact that Julius Rosenyald of Chicago and pr. E. R. L. Gould of New York are identified with the undertaking. Those gentlemen have given their impressions to how these banks should be operated That, of course is the vital point Tho situation of the is not going to be ameorated simply by increasing the number of banks It is not more banks but different kind of banking that will help him.
 Mir Rosenwad and Dr. Gould are quite at variance in their impressions The former says that no collateral will be required oh oans that wageearner indorso his note The latter that the scheme is in sub stance the "capitaizng of character. The difference between the two is vital The first plan which will call for ndorsement of the nate will deem the project to failure as remedial agency men in need of funds The second plan that of capitazing character must De the basic principle of this banking if it is going to furnish relief to those it purposes to help
 The matter of dispensing with collateral may be waived, for the simple reason that the man with coat eral can always get money any normal time f col lateral were insisted upon proposed banks would have no excuse for being But requirement of an ndorser which is moral collateral should also oe omitted if those banks expect make any loans to poor men An indorsement whatever the circumstances under which 1t Is asked further security to the lender The bank that makes pretense to being other q business security. But bank that is undertaking humanitar. ian role that is going to which the business house. bank would not make. will defeat it's purpose if 1t insists the borrower bringing along an ndor
 The "capitaS,ny of character is the crux of this proposition if 1t is to do any practical work The Dor rowef must be accommodated refused upon his per. sonai trustworthiness One reliable man is as good 2 risk as two in the proposed scheme of banking More over with the necessity of an ndorser done away with he does have tell his needs to anyone Tho action is confidential between him and the bank Is to avoid the humiliation of having lis friends nov he is hard up that many good man has gone to the loan shark and destruction The worthwhile man who up against it does his heart on his sleeve He doesn't tell his harduck story to strangers or to friends On tue contrary he fights tue battle out secret y and to often under the desperate handicap of loan sharks consuming usury because only fin that way he do it. secretly
 That the behind the proposed chain of banks have not formulated definite or even tentative operat ing plans is indicated by the conflicting statements quoted It Is sincerely to be hoped that they will not defeat their aims by adopting methods under which the poor man today however worthy financially helpless