The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1932-03-11


but sometimes payment is made in full. In any
case, funds are tied up and much Inconvenience
results.
Our national banking system is as sound as
generations of experience have been able to
make it. Most of the states follow similar
system. The nature of investments is regulated
by law, and most banks are carefully super
vised, rigdly controlled and frequently exam
ined by government agents. While absolute
safety has been impossible to secure, it is prob
able that the records of money deposited in prop
erly regulated banks in this country would show
over a series of years that it has been in the
safest place to keep funds
Banks are an absolute necessity for the trans
action of business If it were possible to con-
ceive of all of them being closed, starvation
would face most Of us inside of ten days. They
exist to facilitate the process of exchange,
which is the basis of all business. They one
of the main sources of credit, on which our eco
nomic welfare largely depends.
1t is apparent that if their source of currency
were cut off by people taking money out of
banks and hording it, locking it up or hiding it
away, our banking system soon would become
deranged and the whole nation would begin to
suffer losses. Loans would have to be called,
mortgages Cancelled, prices would fall, wages
decline, credit would fail, and general panic
would be produced
If all the people attempted to draw their money
from the banks, all commerce would be reduced
to barter, and universal bankruptcy would pre-
vail.
While particular banks may become unsound,
we can feel adequately certain that bank
ing system whole will not become unsound.
If it ever did, we should find that the money
we had hidden away had become unsound also.
1t would not be possible to buy anything with
it. All exchange would be at an end. Even pay
ments by the federal government would have
to be suspended. While keeping money in
banks involves some risk, because possession of
property always involves risks, it is a risk that
must be taken. Compared with the certain
lamity that would result if the people drew all
money out of banks the risk can be considered
negligible.
Those who are engaged in boarding currency
are probably no safer as class than those who
keep their funds in the banks. They are injuring
themselves and everybody else. They are in the
position of not taking their part of the risks of
life and trying to make themselves safe by
letting others carry their risks for them
1t might be great personal comfort II we
could lay all the blame for our misfortunes upon
some source outside ourselves That is why it
is easy to convince some of that we have not
failed, but society has failed. OF course, it would
follow that if society were to be blamed for our
failures, that some society must be credited
with successes. If want to look at it
that way we shall have to admit that on the
whole, society in this country has done very
well by u.s. Our country, over its span of his
tory has been considerable of success.
o.
But while there is relationship of all of u.s.
which we term society, that differs from each
of US, just as house differs from the individu-
al bricks in it, yet people are not bricks, and
moral responsibility cannot be shifted to others.
1t must rest with the Individual The same
ciety produced Paul and Judas, Washington and
Arnold, Lincoln and Tweed, Edison and the
gang leader.
If we are to be free to make our own choices
in life we must take the risk of being responsible
for the results.
If could lay the blame for present condi-
tons in our own country or in the world on So
ciety at large, against whom is the blame to
be assessed? 1t is impossible to point out any
general moral lapse, any widespread dishonesty.
We may say it was the result of greed and sell
fshness. But what body is to be specifically
charged with that? Were the wage earners too
greedy in getting all they could for their work?
Were the managers of enterprise, big and little,
the farmers too greedy in their efforts to make
more money by tilling mJre land and enlargfng
their production?
Even if we could convict society on a gen.
eral charge of sefshness. we could not point
to any element that consciously brought about
q condition of falling prices, unemployment, lack
of confidence, business failures, and hard times.
The most say is that there has been
general lack of judgment widespread to
involve practically the whole country.
49,
We have found out that we were not so big
as we thought we were. We were riding too high.
We shall have to keep nearer the ground. We
may not feel so elated but we shall be much safer.
Economic webeing Is very important, but
perhaps it is not so important as we thought 1t
was. If it is used as it ought to be. to minister
to spiritual well-being, we cannot have too much
of ii. But If 1t is made vehicle for stimulating
greed and selfshness, idleness and ignorance,