It will furnish a security to the depositor and thus keep the money which should be in circulation from being hoarded; for the man who has a little money will have no fear of depositing it. A banking law recently enacted in Oklahoma has been much praised because the state guarantees the deposits. How much better would be a law which provides that in return for the guarantee of the deposits the State shall take down the profits of the business. Is it right that the State should take all the risk of losses and not share in the profits?
It will settle the much disputed Tariff Question, because the profits arising from the banking business will probably pay all the running expenses of the Government, and leave a balance besides.
If this should prove to be true the Custom house can be abolished and there will be no necessity of levying tribute on imports.
It will settle the question of Internal Revenue taxes, for the Government will need no longer to shock the tender sensibility of the Prohibitionist by levying tribute on the vile Demon to support itself.
It may, eventually, lead to the Government ownership in such a gradual manner that it will not unsettle the business interests of the Country, for as the revenues produced from the profits of the banking business increase in excess of the expenses of Government, the same can be invested in bonds and stocks of the Public Utilities from time to time, until after a number of years they would naturally be absorbed by the Government.
The local tax collector can be discharged and our direct tax on lands and chattels will cease, as the profit to each County will more than pay the expenses of the County, including State taxes.
Examine the published and sworn statement of all the local banks in your County, and figure a reasonable rate of interest on the deposits alone, not including capital stock and other sources of revenue, and you will find a profit per annum of more than sufficient to defray the expenses of your County, including maintenance of schools and roads and bridges.
This scheme may seem visionary at first, and not feasible, but think it over. Don’t dismiss the idea without a thought. Surely it is worth some consideration. Perhaps you may get some good idea from it.
Bankers will dismiss the idea, of course, as not being worthy of consideration. Money lenders will oppose it. Large capitalists will treat it lightly. To the man, however, who is interested in Government of the people, by the people, for the people, free from any personal advantage, it will surely merit your consideration.
Governments are formed to regulate society and to protect the weak against the strong. That was the prime object of Government. That which vitally affects the public is proper subject of legislation. If a wrong is being perpetrated it should be righted by law. The people have the right to expect this to be done. They have it in their power to regulate this greatest of all necessities, money.