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The Commoner
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VOL 19, N0, io
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Our Team Has a Nciv Bat
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Prrn If.iJimitxilii N't.-
A Protest Against
Branch Banks
S Under tho title, "The Cream
Skimmers", Andrew Jay Frame,
. Chairman Board, Waukesha, Wis
consin, National Bank and Kx-chair-man
of Tho Country Bankers' League
of tho United States, addressed the
following open letter to congress, pro
testing against the passage of H. R.
Bill 136G0. Ed.
THE CREAM SKIMMERS
Tho serious question arises: . Is
democracy dead; or, in common par
lance, has Wall Street swallowed the
democratic party?
Again the venomous branch bank
ing propaganda Is spreading its dead
ly miasma in an attempt to eat up
tho best and most democratic bank
ing system known throughout the
world.
Wo refer to H. R. Bill No. 13560
for branch banking in cities, which
will,, if passed, simply be a stepping
atone to 100 or 200 great central
banks, mainly in Now York, Chicago
and St. Louis, absorbing the 30,000
Independent banks that have done
more to fructify tho wonderful pros
perity of this nation than all the
"cream skimming" monopolistic
branch banking systems of the earth
have done for other nations.
Tho honeyed reasons for this bill
are that New York -and a few other
states undor their laws permit branch
banking, Tho Corn Exchange Bank
of Now York City, grasping in its
fangs late additions, has now some
forty branches. Such a cancerous
"growth is sure to eat out the vitals
of tho independent banks by slow de
grees. In fact, as wealth advances.
the contagion will soon break out
broadcast, unless the nation cuts out
tne cancerous "cream skimming"
process.
If it is a slow poison that is gradu
ally eating out the life of the inde
pendent banking system in New York
City, is that a sound reason for graft
ing the cancer upon the great na
tional banking system? Does is cure
a disease to dope a sound body With
more quack medicine? New York
state should cut out tho cancer as
New Jersey did a few veara aco. New
Jersey passed a law permitting
orancu banking. At once the big fish
began to swallow the little ones.
Bankers became aroused and a repeal
bill was passed over the veto of the
governor. The cream is now spread
broadcast and prosperity prevails
throughout the state.
Listen to a brief of what the great
"Toronto Star" said a few years ago
about tho
CANADIAN BRANCH BANKING
SYSTEM
-"Monster banking monopoly a
leech at Canada's throat, killing local
iiiuuairy, depopulating rural districts.
Centralization of almost entire finan
cial power in the hands of a few
capitalists has resulted from our
much vaunted banking system. Al
most total extermination of local
uumva. i-iunung or a "branch" to
suck out local earnings, etc."
"To this accursed system of con
centration of credit, the Dominion of
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Canada stands indebted for a con
tracted population of 7,000,000 in
place of 25,000,000 rightfully due it
under decentralized systems of banks,
designed to sustain, o breathe the
breath of economic life throughout
the remotest, as well as tlie most
insulated of its parts, etc."
Similar evidence from a prominent
Canadian banker, and another from
a lawyer, confirming the essence of
this indictment was sent me some
time ago.
Listen again: Branch banks have
no local stockholders, no directors,
no presidents or cashiers They prac
tically pay no taxes; they distribute
no profit locally where all their
profits are made. They have figure
heads for managers, undor instruc
tions from headquarters, and thoir
principal occupation is to "skim the
cream from every locality to enrich,
the exchequers of the monopolists in
the great centers." .
Will the democratic party .stand
sponsor for this, monstrosity?
ASTONISHING FACTS
The calamitous failures of mono
polistic banking in Europe, Australia,
Canada, etc., are so astounding when
compared to our national banking
system, as outlined in several of my
addresses delivered before State and
National Bankers' Associations of the
United States (copy on request), that
the great American Bankers' Associa
tion, after open discussions of tlie
subject, went on record, w.ith but two
dissenting voices, "against branch
banking in any form".
To illustrate: The City of Glasgow
Bank with 131 branches and The
West of England Bank with some 50
branches failed in 1878. Their short
age of assets about equalled the total
losses to all the depositors in all the
national banks of the United States
from 1863-to 1919. .
In 1893, the American- Encvclo-
paedia says, in Australia 17 or 18
central banks with 800 np onn
branches failed for 90,000,000 ster
ling. A moratorium of five years was
granted them. The liabilities ex
ceeded the total liabilities of all the
independent banks of the United
States which failed from 1863 to
1902.
Canadian bank Rrat.lsrins shnw nm.
paratively three times the losses to
depositors as against our national
system.
Query: Is it bettor tn "hnnrr nil
together", or occasionally "hang se
parately" under our wonderful demo
cratic system y
In view of these facts, it would
seem that the congress of the United
States should turn a deaf ear to the
siren songs of the octopus to get a
strangle hold upon the vitals of the
democratic banking system, and at
least give the country bankers a
hearing before granting the request
of stealthy monopolists for an enter
ing wedge, which, in the end, will
surely slow down our 'wonderful
progress.
We have been charged with hys
terical fears on the subject. Mav we
not well ask: Is there any -sound
reason for passine anv law timf win
allow selfish greed' to tacitly Bay to
uuo Buuuruun cny oanicer, or country
banker, who has toiled for years to
build up his business and the nation,
hou out .10 us or we .will start a
orancn near yours and drive you out
uj. uubiuobb.' reverse the goring of
the ox and then listen to tho wail of
woe. Listen! The United Stnto tn.
day is a creditor instead of, as here
tofore, a debtor nation. In tlie past
our funds were all needed for home
development. Now wealth begins to
seek new avenues for investment.
Branch banking opens the door. Ex
ternal branch banking, in order to
develop our; foreign trade, wo have
always justified, butH " '
hold a scheme which 8S?nia?no1
in sidetracking a resolut fe
sion of the American Banw. a a Ees
tion that the independent W0C!?'
no hiiRlnpna ,im. .; ueni. banks do
practicing, brand, banff 1
this time forth wo tonuL
sucrcestions tn o .rpo8o no
theT?
have throughout the war patriottoS
served the United SUtes'TS
cost of money and labor to them w
our legislators pass a law that I
allow their destruction by mon0p
istic "cream skimmers"? P
I Hill IrEoU! Lil
HOULI TAKI
PHI
mm
Nothing Like Plain IHtro-Pho,spbnte (o
Put on Firm, Healthy nexi, nnd
to lncrcn.se Strength, Vigor
und Nerve Force.
Judging: from tho countless prepara
tions and treatments which are contln
ually being- advertised for the purpose
of making thin people fleshy, developing
arms, neck and bust, and replacing
ugly hollows and angles by the soft
curved lines of health und beauty, there
are evidently thousands of men and
women who keenly feel their excessive
thinness.
Thinness and weakness are often
gM60U)tovwwvwwrf'b''i'"' '
duo to starved nerves. Our douh
need more phosphate than Is conta neu
in modern foods P?f'ci?.nn8ol, tW
there is nothing that will supply .w
deficiency so well as the organic Pn,
phate known among druggists as Dr
phosphate, which is Inexpen jive and &
soia oy must u." ut "oj --- mnnpr
guarantee of satisfaction i or mowr
back. By feeding the c$c th
and by supplying the .toWffLJiu,
tho necessary phosphoric ; f ood elemen ,
o-phosphaten shou a P
tho Increase in weight frequentu
astonishing. m
increase in weight also carriej J
it a general improvement in the n f
Nervousness, sleeplessness ; and la
.. ..i.i nil nnnr v a wujo .- - ,.
SScKve thinness, should soon aj
appear, dull eyes ought to bnghte q(
palo cheeks glow with the mo
perfect health. MJJ "f",
Who was once thin and f ran, rt i
he,r own experience r a atftt
Phosphate naa """-" i gained ?,
transformation with me. x b ffell,
pounds and never before ie"; n03.
CAUTION: - Although wtwf
nhato is unsurpassed tor rftl
SSJvSusnesB, sleeplessness and ge
weakness, it should no t,ojib us
tendency to ncreoo -j elgn . t0 put
by anyono Who does not "
on flesh.
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