Seventeen Talks on the Banking Question: Between Uncle Sam and Mr. Farmer, Mr. Banker, Mr. Lawyer, Mr. Laboringman, Mr. Merchant, Mr. ManufacturerFowler, Charles N. (Charles Newell)
History
Seventeen Talks on the Banking Question: Between Uncle Sam and Mr. Farmer, Mr. Banker, Mr. Lawyer, Mr. Laboringman, Mr. Merchant, Mr. Manufacturer
Fowler, Charles N. (Charles Newell)
Banks and banking -- United States; Currency question -- United States
MR. FARMER: Well, you have forgotten the thing that interests me more,
generally speaking, than all else, and that is the Land Credit Bank,
which we went into last Wednesday night. Of course you intend to
include this when you prepare your bill.
UNCLE SAM: You bet they will, for I think it's about time that the
corn raiser, cotton planter and grain producer and all the rest of the
toilers of the turf, should be getting their money at as low rates as
anybody else on first-class security for a long period of time, and I
am determined to give the farmers of the country the benefit of my good
name to aid them in this matter.
MR. BANKER: Of course we had all agreed to that, and shall include it
in the draft of the bill.
MR. MANUFACTURER: Uncle Sam, I move that Mr. Banker, Mr. Lawyer, and
Mr. Farmer be a committee of three to prepare a bill to be submitted to
us next Wednesday evening.
MR. MERCHANT: I second the motion.
UNCLE SAM: It's a go.
Good Night.
SIXTEENTH NIGHT
DRAFT OF BILL
UNCLE SAM: Well, boys, here we are ready for the report of the
committee on legislation, I suppose you would call it. Are you ready to
report now?
MR. FARMER: Yes, Mr. Lawyer will make our report and speak for the
committee.
MR. LAWYER: Uncle Sam, your committee has been deeply impressed with
the duty you have imposed upon it.
That the solution and settlement of our financial and banking problem
is the most important economic question that has ever confronted the
civilized world must be admitted by all who will take the trouble to
investigate it and institute a comparison between our conditions and
those of any other country at the time when it adopted its financial
and banking system.
In 1803, when the Bank of France was established, the financial
resources of France were without official record, but comparatively
nominal.
In 1844, when the bank act under which the Bank of England is conducted
was enacted, the banking resources of that country were probably in
the neighborhood of $500,000,000. The total note issue of England,
Scotland, and Ireland was less than $200,000,000; the public and
private deposits in the Bank of England were less than $75,000,000; and
the gold in the Bank of England was less than $75,000,000.
In 1873, when the Imperial Bank of Germany took its present form,
industrial Germany was still slumbering; and the bank resources
probably did not exceed $1,000,000,000. The capital of the incorporated
banks was about $425,000,000, the notes were about $325,000,000, and
the reserves held about $30,000,000.
Public-domain text, read in full here on John Shaqi.
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