White Bluffs spokesman. [volume] (White Bluffs, Wash.) 1907-1938, 1935-02-28

private chartered banks, as is now
done. These two major changes will
automatically remove the economic
evils from which the entire world is
suffering today Some minor altera-
lions would be necessary in the daily
transactions of life in order to make
smooth the running of the altered &C.
ononlic machine.
1t has been previously stated that
all industry would be owned by the
people for the general benefit and well
fare of ALL This means that the indi-
vidual would be in the employ of the
whole people under the direction and
control of the government which
means that the product of our labor
belongs to the government from whom
we expect pay for our work just as
we now look to our private employers
for our salary on pay day. Since our
government would issue it's own money
it has within it's hands the power to
pay any rates of wages that the needs
and comfort of the people may demand.
Now, let us suppose the government
is owner of all supplies and commod-
tiles necessary for our daily needs 1t
follows that the government must be
the store-keeper of the new system,
and this would be carried on just as
we do now, except that the shopkeeper
would be on salary in the employ Of
the government, and all money secured
from the sale of the governments
goods would be returned to the gov
ernment's banks and deposited to the
credit of the government from whence
it came. The storekeeper would be
merely a government agent, and while
assured of an adequate and permanent
income, there would be no private
profit for him further than an ample
salary Nor would the government re-
ceive a profit, as all goods would be
sold at their actual cost of production.
In order to operate under such a
system, the government would be UNI
der the necessity of establishing a COM
plete system of national banks through
which it would transact the business
affairs of the people, and the present
system of private banks could be util-
lied for this purpose. The trained per-
sonnet now operating the private banks,
together with the buildings and equip
nlent, could be placed in charge of all
industrial operations, but subject to
;; government control and supervision,
and it should be the function of the
national bank to issue the national
currency in such amounts from time
to time as the government may direct
and as required to meet the needs and
industry of the people. The bank would
carry no risks on it's own account, as
our private banks now do, and while
the banking system would necessarily
carry with it a responsible and hon
orable trust, yet there would be no
cause for the complaints and cursings
our banks are receiving today, simply
because they regard as a sacred trust
the safety of the moneys deposited
with them.
Now, let us suppose that natural
economic system has been duly inaugu-
rated and that the national banking
system is ready to function. The first
thing on the program would be for the
bank to issue new national currency
based upon the resources of the people
eminent. 1t matters not what our oc-
cupation u.s. just SO long as we are
producing value, and when we receive
our salary we buy just as we do now
and the money goes back to the gov
eminent banks to cover our next paw
roll. This is no departure, so far as
the individual is concerned, from our
present system, but it has the advan-
tage Of assuring us our salary without
stoppage SO long as we shall live.
Do