WHAT'S IT ALL ABOUT
What's It All About By The Man On The Street ; The unit bankers of Illinois declare that they are looking for leadership in the fight against the pernicious chain-banking system. • • * This Is...
...Rules governing checking accounts have been tightened...
...We really can't for the life of us see why the big bankers should be granted any more favors at the expense ot the people...
...says the report of the executive committee of the Illinois Bankers" association, "Is ft leader to take up the challenge to our system of unit banking mid aggressively defend it against the efforts of those ndvocating replacement by a system of branch banking...
...No issue for (rears has awakened public interest in such a widespread Banner as is manifested in chain banking...
...Almost a billion loiters...
...We often wonder where some of the Stalwart country editors get the misinformation that they peddle to their readers...
...And out of every one of these many, many dollars 42.3 cents are used for expenses, 31.8 cents are hoarded Into the great surplus, 16.1 cents are handed to the federal government and 10 cents go into the pockets of the owners of the banks...
...Moral: . Raise your boy to be a BIG BANKER...
...Unit bankers everywhere will And splendid arguments against the chaln-oaking evil by reading the speeches of Phil La Follette, Lieut...
...Think of it...
...Everyone but the Stanley editor knows that Phil La Follette was district attorney of Dane county—and what Is vastly more Important—made an excellent record, • * * k The Mineral Point (Wis...
...They are veritably wallowing In huge, swollen profits, reaping year after year gains that fairly stagger the man in the street...
...where, was the chain-bankers' life-saving crew when this calamity occurred...
...k • - • ^^Bpr Lawrence Smith, writing in the Atlantic Month-^^^Ees the bankers to task for lending to brokers on ¦^^H^w York stock exchange eight and a half billion ^^^H He says: BbbVl£ a staggering voliune of credit to be allowed to ¦BHr under an established, practice which provides NO ¦BSQOATS DETERRENT TO ITS RECKLESS USE, Ef systematic Investigation df the ultimate borrower's Enacity to discharge hie part of the total debt, and, in K2tt2£hy cases, no clear intimation to the ultimate B^Hfehfif the amount of his loan or of the set-tout P^P^^oi^ition to^fBicJa te p*«u*atf...
...It went to the banks—$9,584 as dividends and $22,-036 to surplus, which has now reached the gigantic sum of 162 per cent of the paid-in capital...
...glittering bait that is being dangled before their fsyes by King Kasten, the emperor of the Milwaukee banking trust...
...A MUwankeean has asked % number of pertinent gaestions which the banking combine has found so [ embarrassing that it has been unable to answer them, E although it has money to burn for propaganda, hires MfsiKDatve press agents, and has the Indian sign on number of servile pa pern...
...It Is hoped that such leadership can be found shortly...
...I The Shawano newspaper dismisses as hooey the talk fcat chain banks, being larger, will be better managed, Hive better service and attend better to people's wants, laying the whole scheme is designed to get hold of the Strongest banks in Wisconsin and (.hen sell out to the Hg banks in New York...
...The Wisconsin Bankers' association has gone on record by a large majority in favor of the unit or local system of banking and has pledged Its support to legislation that will preserve to the various communities of the state their own banks...
...Thi6 is a guaranty that a great, preponderance of the bankers of Wisconsin are not going to be tempted by Ihe...
...The previous square and honest conduct of the patron In his banking relations counts for nothing...
...f Where, oh...
...They are aroused over this question, for they thoroughly realize, its great Importance...
...Pretty soft, eh...
...The unit bankers of Illinois, yes, the unit bankers of 'every state in the republic, will find it to their benefit to ally themselves with the Progressive forces that are lighting unit banking in Wisconsin...
...Ht • • • ^pnesearejlis hhmKiiii ^^.Vre the chain bank/ of any benefit to small business K end tai it—emrtractors ? ¦ Do they offer lower interest rates on losns or higher Jategjoo tone deposits...
...Tribune, a violently Conservative organ, says that a radical in politics Is generally Hkdcrstood to be a fanatic...
...Huber and the editorials of The Capital Times of Madison and The Progressive...
...This Is encouraging to the people of every community Who are awake to the necessity of throttling the most oppressive trust that has ever been conceived...
...The old Standard Oil combine was looked upon as a great evil but it was only a speck compared to a monopoly of money...
...They have learned that in those countries the bankers who turned over their Institutions to the monopoly have been reduced to the position of mere clerks, who are permitted only to receive deposits and pay out interest...
...4few much do you suppose the national government— which means the people—got out of that $36,403,000...
...These slave-like "bankers" are not allowed to make loans...
...This is at once made evident by talking with any person you meet...
...HOiat's the difference between a double-rrvetted ConBBmatlve organ grinder and a stoughton bottle...
...The great need at this time...
...What became of the rest of the $36,403,000 mellon...
...Another sign that the people are awake and * determined to battle for their rights is seen in the t - discussions of chain banking in the newspapers...
...W W Xing Kasten and his satellites have been traveling ' ¦ around saying that chain banking is planned to help I the little banks, to make them stronger...
...The Shawano IWls.l Journal truthfully declares that Igfthe chain-bank question touches our homes, and is one R&t-Chpuld be frowned down by every Wisconsin father...
...nth an apology...
...The answer, of course, to every one of these questions «»"Nor • • • i "The financial policy of each of the member banks ol Rhe chain," says this Milwaukeean, "is fixed by the larger or parent institutions...
...that important function lias been reserved for the 'heads of the chain, who live at distant points from the local banks and who do not and cannot have that intense Interest in the local community that a unit banker has...
...Has the financial policy of chain banks become more elastic so as to make it possible to obtain loans on -easier terms...
...The 12 banks of the federal reserve system, since its /formation 15 years ago, have enjoyed gross earnings of more than $900,000,000...
...The people are backing the fight against monopoly ta money...
...Huber seriously...
...Americans do not want their money placed In the ~bard, fists of a few multimillionaires, as is the case in England and Canada...
...That is PURE PROPAGANDA, designed to weaken opposition...
...This is equal to 22.9 per cent on the average paid-in capital...
...Or perhaps the loan is flatly refused...
...The other I day three banks in Iowa busted—busted because of F "froien assets" and depleted serves...
...It would ¦eeem, by this time, that the small depositor and small business .man would take Lieut...
...For example, the Stanley (Wis) Republican says that Phil La Follette Is "without official experience la public life...
...The bankers of Illinois, in searching for leadership - ¦ in the battle that means life or death for the unit ¦ banks, have to look only to their bordering state ot • Wisconsin, where the Progressives, true to their prin* elides, declared war on chain-banking a« soon as It raised its ugly and greedy head to the public view...
...Net earnings last year amounted to the enormous sum Of $36,403,000...
...Lots of business men would like to reap a profit of half that amount...
...More 'gilt-edge' securities ^ire demanded...
...We ar* unterrlfiod, and are not at all confused by the Claim that branch banking is inevitable...
...The government was paid $4,283,230...
Vol. 1 • February 1930 • No. 9
