The Richmond palladium and sun-telegram. [volume] (Richmond, Ind.) 1907-1939, 1922-08-25
Get-Rich-Quick Bubbles That Have Burst
BY HARLEY MATTHEWS
EVERY MAN HIS OWN BANKER

making way" one issue of the Journal
declares. Already arrangements are
being made to extend its operations
to the country. By refusing to do bus
mess with us, the other banks are
drawing disaster on themselves. They
are all rotten to the core"
| Whether it was through alarm, as
! Mr.. Oakley suggested, or concern for
the public's money, the banks reiter-
ated their charges of instability
against Mr.. Oakley's bank, again and
| again. A Bishop who was a share
holder in one bank, ordered the Rev.
Hope Robertson to resign his trustee
ship in the Cooperative. The clergy
man replied by letter to a newspa-
per, which the Journal afterwards re-
printed. 81 deposit my money with
the Cooperative Credit Bank because
Of the interest it pays he said. 'Any-
body can be a shareholder, and the
bank publishes quarterly balance
sheet issued by an auditor who is ap-
pointed by the subscribers.
| 81 have nothing to do with the man
! agement of the bank We trustees
are selected by the depositors to take
care of the reserve funds. People
have written, not hesitating to say
that any system which promises to
pay Is per cent is delusion. They
have also said that Mr.. Oakley is a
swindler. That is really too bad.
I'VE ask any one to point out a sin.
! gle dishonest action in Mr. Oakley's
lpast life. Yet, the best reply to all
objections is the success of the bank
=, 'T also write as a clergyman. ]
; hope the scheme will remedy the fl
nancial condition of the clergy. Our
salaries are inadequate, so there is a
!, need for us to get the highest inter.
est possible"
The other banks we're jealous of the
Co-operative's success, the Journal
suggested A balance sheet published
: in March, 1875, showed that a profit
of 120 per cent had been made in foul
months.
Soon Liverpool and Glasgow were
getting their Cooperative Credit
Bank. In both places placards and
advertisements appeared in praise Of
the Cooperative system of banking
To explain it further, Mr.. Oakley hell
meetings, which, to quote the journal
were attended by crowds who lis
5 tened breath1essly."
1.-THE present system of banking,
he told them, SIS framed to keep TIN
, poor content in their poverty, and the
rich happy in their wealth"
2 Newspaper attacked his proposals
: established banks in both Liverpool
! and Glasgow showed their hostility
2 This but got him public sympathy
Soon branches were established il
r both cities 1--WE want agents in coun
!. try towns, now" he declared. ANY
t bank that refuses to act as our agen
l we shall drive to the wall"
5 It had always been the policy of the
tCo-operative Bank, according to it!
e manager, never to lend money with
{ out adequate security "Other banks
r may lend to friends of their director
J. on note of hand" he said. But We
y will not"
t Thousands of people now had thei
:. money in the bank. A second quar-
e ter had gone by, and the subscriber
and depositors received their divi
t dends
Soon they were being promised
g special bonus. The bank was financ
5 ing a railway scheme in America
h line only fifteen miles in length
|, which was to earn huge profits. "Ou
o Mr. Oakley has received more thai
full security for all advances" TIL
!. Journal announced. THE profits from
l. this investment in which we shall al
: share will be enormous"
Deposits in Glasgow and Liverpool
y were reported to be coming in fast