A banking scheme can be devised that will accomplish this beneficent purpose. Under it an elastic currency can be established, a non-fluctuating standard can be provided for, the tax gatherer can be made to disappear, panics cease, depositors will be protected and unlawful combinations in restraint of trade be a thing of the past.
Put the Government into the banking business and the thing will be accomplished.
It may be charged that the scheme is too radical. It may seem so, but nothing is too radical that is right. It will be a very great change from the present system, and will be opposed by all the force and power of organized wealth.
It may be charged that it is not authorized by the constitution. If it is right, change the constitution. It won’t be the first time it has been changed. At one time the negro was a slave with no more rights under our constitution than an animal. Today, by reason of a change in our constitution, he has all the rights of citizenship and stands on an equality before the law with his white brother.
Let the General Government, the State, the County and the municipality get together and go into the banking business. Does it not look too vast to be comprehended? Think about it a while, Mr. American Citizen. Don’t brush aside the idea without consideration, but if you are not interested in opposing the plan, and will give the matter a little thought, you will see the advantages of the proposed system.
Thomas W. Lawson was at one time opposing the present system; he laid bare many of the fraudulent and unlawful outrages perpetrated by it, which the system of Government bankers, if established, will be able to prevent. Take the present system, which he has so ably shown to be noxious, and transfer it from the hands of the individuals into the hands of the Government, and this great power, now exercised by the few, will be placed in the hands of the people, where it justly belongs.
Give the General Government at Washington, under the supervision of the Treasury department of the United States, banking powers. Let it organize a central bank, with power to supervise and control all the lesser banks proposed to be organized by States, Counties, and municipalities. Provide by law for the opening of a bank in each state, under the control of the State, but to be tributary to the Central bank at Washington, each to be known as a United States Bank of Illinois, or the state in which the same is located.
Provide also for tributary banks in each County, to be known as a United States Bank of the County in which the same is situated, with general banking power; it being optional, however, with each state to pass laws to avail itself of the banking privilege or not, as its legislative body may see fit; this option also to extend to each County.
Make a provision that the Central bank at Washington shall receive deposits from County Banks and issue Government bonds for the amount of the deposit; the County Bank then to be empowered to issue notes, similar to the present National Bank Notes, to be used as a circulating currency among the people, to the extent of its Government bonds, depositing the bonds with the Central bank as a security.
Give the County Bank general banking power, to receive deposits, draw exchange and loan money on real estate, chattel and personal security, under proper regulations.