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"FUNDAMENTALLY SOUND"
Bowbells, N. D., Tribune, Farmers Paper
"Chicago, Illinois State Bank of closed today by the state audioffice due to the of the week in the Chicago 28th bank the second in the suburbs. capitalization $100,000 and its deposits time its last statement mounted $650,000, making one of the smallbanks affected. Bank, with deposits of $7,"The Garfield State 836,000, was closed yesterday.
The above bulletin sent out by the United Press will tho, that the Evanston bank had deposits $650,000, the banks to that was one You'll further, that the affected." State Bank, with deposit account of Garfield nearly $8,000,000 closed on Thursday of last week. Yet, in spite of the fact that banks Chicago vicinity in HALF A WEEK and two more very large banks went couple days later, making 28 closings in one week, the president large institutions issues the following statement to the press: banking this week by 28 closings and three is good condition, Melvin A. Traylor, president of the First National Bank the nation's leading told the United Press today. ''Public confidence is being restored,' Traylor working to restore the small neighborhood institutions which have closed. of the closed banks were small ones. They were relatively unimportant th ecity's entire banking picture, although their closing must, of course, greatly regretted.'
The closed banks were "small bank with eight million dollars on deposit "small" bank The unpaid employees city of Chicago may not agree Mr. Traylor. But that beside the point. The whole truth is that financial system breaking down depositors are the who suffer. But, though the people who their money may get share it back, and, in some considerable portion of it, "modern" way of liquidating the banks certainly the wrong the monster banking institutions. Yet Mr. think this wholesale closing fortunate, the statement, aiso given the United Press, means what it says: recent mergers have helped greatly the entire banking situation, said. Even the (closing of the smaller banks was an aid to some extent. banks closed were the weaker of the ctiy's institutions and their from the field leaves the entire structure in stronger position.'
The banking structure is in "stronger position" if this is right. The big fish the little and the big fish feel just fine. are position' to keep on on their species. The system NOT in stronger position. is it can not possibly survive as exists. few large banks will in few years all the wealth and the people will all if this system not changed very soon. The people, their must control ALL the money. Private banking MUST GO.
SMALL BANK DOOMED
The small bank owned and operated by a few individuals chance to survive. It can not possibly make sufficient profit to keep on operating and pay its way. not matter what would like to have but what the system forces us to do. Two of our neighborhood banks failed this Monday. The open bank in Columbus of three that were operating there ten years ago, closed. The one in Noonan failed open its door Monday. Crosby bank went last winter, and is no that there not single bank county expenses now, or having paid from its earnings for some years. Small private banks are not making profits never Why face that fact. again to. The big will never banking service to any small community. They will draw all the money out and ship where profits are large and money fluid.
NOTE: The people here the great open spaces where we raise the wheat that feeds the world, are used to think of banks with five to eight millions of dollars in deposits small. Rather when bank has footing of million we feel that it's something to talk about, and that any money in such bank safe-absolutely safe. However, over in Chicago, the failure of 28 banks involving hundred million dollars is regrettable of course but nothing to worry about. They are the weaker ones only small part of the picture, their closing leaves the larger banks in SO much stronger position. Nobody worries about the thousands and thousands that stood in line all long to their bread workers that day get money; had worked toiled and saved for years. The great Chicago daily papers gave very little space to the failures, and the stories of the suicides following in their wake, were was all too gruesome. However, all of the banks that failed, everyone of them, in their own communities were "Gibraltars" would stand like the rock of ages against the tides of time just like the little tin box banks out here in the west with their $20,000 capital and three or four hundred thousand dollars of deposits-of which one smaller Chicago bank would make hundred.
Capitalism is in state of collapse. course of time the small banks, of the farmers, all of the small business men will broke and in the bread is no hope for them, nothing can save but the orerthrow of capitalism and the social revolution. There be no relief for the farmers and workers in the frame of capitalism. There must be change.
