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other public bonds or securities, the pay- running the bank, and $10,000, the one ment of which must be made by taxes per cent. to be repaid to the donor; this levied and collected.
makes $35,000, and leaves $215,000 as Seventh-Such banks could draw ex- dividends, or interest, on the $6,000,000, change on each other without the trans- or a little more than three and one-half fer of funds, the treasury at Washington per cent. on the dollar to depositors. serving as a clearing-house for them. This is a higher rate than most of the
Eighth—The circulation of such banks, government bonds carry, and the security in sums of two dollars and upwards, is equally as good. should be paper, furnished by the general It is sufficient to say, however, as shown government, after the style of the green- above, it is all that the deposits justly back, except that it should be receivable earn, and that is all that any bank should for all debts, public and private, includ- or can properly pay. ing duties, and should bear the vignette At the end of the first year, there is of the donor. The gold originally do- added to the bank's capital its pro rata nated should be kept in the vaults at share of the interest, $35,000, and so its Washington, except as it might be used capital goes on compounding from year by the department as provided by law, to year. in redeeming bills. The bills might read: There could never be any runs or other “The First National State Bank of Colo- financial distress of such banks. So long rado," "The Second, etc., etc.," as the as the state and the national governments case might be.
stand, the depositor is absolutely safe. Ninth-Such banks could receive de- Whenever the securities are in the first posits and pay interest thereon, but the instance negotiated by the state, county, interest should be confined to the actual etc., directly to such a bank, such state, net earning capacity of the deposit, which county or city should be stopped from should be ascertained semi-annually or setting up as a defense any illegality or quarterly, and so much on the dollar paid informality in the issue of such bonds, or for each dollar of deposits that remained the contracting of the indebtedness. The in the bank for thirty days or more. All state being bound to make good, by geninterest not collected within two years eral taxation if necessary, any such loss, after due, might be converted into the it is as broad as it is long, and certainly funds of the bank.
more just, to prohibit such defenses. In Let us suppose such a bank started in Colorado (and in all states), where people Colorado, upon a donation of one million are paying interest on public indebtedcapital. (In the last twenty years I have ness, the people paying such interest known of at least $20,000,000 being do- would get it back by the interest made on nated in this state to schools, homes, etc., their deposits. every dollar of which, I believe, would I submit to your good judgment, that have gone into such banks, even if the there is no “Mississippi Bubble” scheme party desired to use the annual payments here proposed. It must be admitted that to endow other institutions.)
you and your department are more capSuppose the deposits should be $5,000,- able of looking after the financial interests 000 the first year. We thus have $6,000,- of the people than any other agency that 000 on which we must earn interest. Five could be employed. No risk or specuout of the six millions could easily be lative venture is recommended. General spared for investments in good securities, and commercial banking is avoided. The which would average five per cent. interest people at large are given absolute security per annum. Five per cent. on five mil- for their small individual deposits, and lion dollars equals $250,000. From this the government would be drawing to itwe will deduct $25,000 as the expense of self the control of the money of the land. If the act should directly provide that the simply for the good he is doing thereby, government, in case of necessity, might but it would have a decisive influence by pro rata levies on such banks, draw with the prudent investor, who wished into its own treasury funds even to the to look well to the future. extent of their capitalization, eventually There is another matter, which, while returning the same without interest, it not controlling, is still worthy of mention. could not be objectionable either to the We erect statues of bronze and marble donors or the people, and would certainly to our military heroes and our great very much strengthen the money power statesmen. It is but fitting that the great of the general government.
who do their I also pray you to consider the trust whole duty and more than their duty to feature here suggested. It is one of the the people, should be properly rememstrong points of the proposed measure. bered. May we not even claim that it would meet To be able to reach national fame only with the general approval of moneyed men ? through politics or military deeds, is too
Take, for instance, a man who, either restricted a field. There should be anin the trades or at his bank-desk, has other way by which both men and women passed near a lifetime, and by his good may be able to build lasting monuments business ability accumulated a fortune to their own memory. It is for this reaof $20,000,000. He desires to so dispose son that I suggest that the bills issued by of it as to secure the very best results for each of these banks should bear the vignhis family. Suppose he should leave ette of the donor of the fund, and thus the half of it directly to his heirs and perpetuate his or her memory in the donate the other half on the plan here hearts of a thankful people. suggested, to the national government That a Carnegie, or such an excellent to start ten banks of $1,000,000 each.
as Miss Helen Gould, should The $10,000,000 given to his heirs must thus live through long centuries after run the chance of unwise investment they have been laid to rest, and even after and business contingencies, and besides statues of marble shall have crumbled, pay taxes at from two to four per cent. is
is not an unpleasant thought. Who per annum. That which is given to the should object that the bright, new, crisp government is in the hands of a trustee bills, that shall be used a thousand years that cannot fail in doing its duty. The hence in paying the laborers of the land, fund can suffer no loss. It is given under should carry the features of a Carnegie, a law that shields it from being taken or a Miss Gould, as well as those of Washfrom the donor, or his heirs, by legal ington, Lincoln or Grant? I would also process. Being shielded from taxes of suggest that the very act of capital thus from two to four per cent. per annum, it reaching out to help labor, would do much is the same as if the government was pay- to bring about that perfect harmony being the donor that amount for its use. tween the two that we all desire. The income from it will be steadily $100,- Bank bills are the only proper medium 000 per annum for one hundred years, of exchange. It is a well-known historat the end of which time it would all be ical fact that newly-coined gold pieces returned to the donor and his heirs. will, in twenty years' ordinary use, fall
Now, if we look upon it solely as an far short in weight. Thus value has deinvestment, what better could he do? parted that can never be recovered. For Where can he place his money at as high this reason in your department, you a rate of interest for such a length of neither receive nor pay out large amounts time? Where can he find such absolute according to its stamped value, but by security? Not only would such a law actual weight. We say, therefore, that appeal strongly to the donor who gives gold should be kept locked in the vaults
at Washington, and be allowed to send to the government in the loss or destrucits servant and representative-paper- tion of its bills, instead of coins, amounts to do its work in the busy world.
to far more than
many of us can conceive. While the man that loses paper money It is also true that the people, as a rule, by fire or flood, may (not always) lose as much prefer to handle paper money. much in value to him as if it had been I am with great respect, gold, still in such case the world has not
Your obedient servant, lost the gold. In such case the world
T. B. STUART. has only lost so much paper. The saving Denver, Colo.
EDWIN MARKHAM: THE POET-PROPHET OF
AN EDITORIAL SKETCH.
By B. O. FLOWER.
OME time since, after publishing a to the canons of art and are rich in melody,
sketch of the life and work of but they ring true at every point; they great poet of democracy, Edwin Mark- are instinct with the virility of democracy; ham, we received a personal letter from they are vibrant with the spirit of justice one of England's gifted writers, the au- and fraternity; they represent all that is thor of two fine critical works and a valued best, truest and finest in the new social contributor to the great English reviews. awakening which is battling against the In this letter our correspondent, in re- rising tide of reaction, imperialism and ferring to this sketch, thus graphically class-rule based on privileged interest and characterized the poet:
acquired wealth. “You have succeeded in understanding and depicting the ambient air, as the
Mr. Markham was born in Oregon French would say, in the life of the great- when the West was young to the Angloest poet in America and the greatest poet Saxon world and when sturdy determinaof democracy in the world; and you have tion was companioned by buoyant hope; done this by calling particular attention
when rugged, sane and hardy youth beto the art displayed in Mr. Markham’s held glorious pictures woven in ambition’s not previously been found in such close loom while gazing into the blazing logs
in the great open fires. unison. Whitman, in spite of his natural
His early education in home and school charm, vigor and originality, was never laid the foundation for a love for the best an artist in the academic sense, and for
in literature and to him was given that this reason many critics do not enjoy reading him. For the first time in the passionate desire to learn the written
For the first time in the word that comes to the hungry intellect history of America we have a poet who of a child reared far from the maddening brings us a chiseled and statuesque art, distractions and moral enervation of the right out of the soil.”
city. He felt the mystic power and spell We fully agree with this critic, that Mr. of nature known only to the children of Markham is democracy's greatest living imagination; and happily for him in poet. His stately lines not only conform early boyhood circumstances necessitate
his having to herd cattle alone in the sub- “Lincoln,” that superb pen-picture of
She bent the strenuous Heavens and came down
To make a man to meet the mortal need. Here great dreams began to form in his
She took the tried clay of the common roadplastic mind, while God drew near to him Clay warm yet with the genial heat of Earth,
Dashed through it all a strain of prophecy: as in the earlier days on Sinai and the
Then mixed a laughter with the serious stuff. mountains of Galilee He had drawn nigh unto the mighty statesman of Israel and "The color of the ground was in him, the red earth; the sublime Prophet of perfected human
The tang and odor of the primal things—
The rectitude and patience of the rocks; ity. Here, environed by the august sen- The gladness of the wind that shakes the corn; tinels of time, the mighty, spire-like peaks The courage of the bird that dares the sea; and frowning heights, scarred, riven and
The justice of the rain that loves the leaves;
The pity of the snow that hides all scars; torn in nature's labor-pains when conti- The loving-kindness of the wayside well; nents were born, the youth received his The tolerance and equity of light most vital education. He was in fact in
That gives as freely to the shrinking weed
As to the great oak flaring to the windnature's university, with the Infinite for
To the grave's low hill as to the Matterhorn his master and in touch with the sublime
That shoulders out the sky. thought of the immortal poets of the ages.
“And so he came. Later in well-known educational institu
From prairie cabin up to Capitol,
One fair Ideal led our chieftain on. tions of the Pacific Coast he received the
Forevermore he burned to do his deed intellectual training which the cultured
With the fine stroke and gesture of a king.
He built the rail-pile as he built the State, acquire within modern college halls, and
Pouring his splendid strength through every blow, subsequently he became a leading edu- The conscience of him testing every stroke,
To make his deed the measure of a man. cator in California, while all the time the songs of the human, the "chants demo
"He held his place cratic,” were germinating in the imagina
Held the long purpose like a growing treetion of this child of genius and freedom Held on through blame and faltered not at praise.
And when he fell in whirlwind, he went down who on the ample breast of rugged nature
As when a kingly cedar green
with boughs had drawn deeply from the fountain of Goes down with a great shout upon the hills, inspiration.
And leaves a lonesome place against the sky.” From the hour of the publication of “The Man With the Hoe,” “The Sow“The Man With the Hoe” Mr. Mark- er,” “The Leader of the People,” and ham's position was assured in literature. “Lincoln ” are typical examples of the Men and women of imagination and heart distinctly great and stately creative verse discerned at once the presence of a new of Mr. Markham in which the poet leads and a great poet of democracy,—he for the reader out upon the promontories of whom we had waited since the day Whit- thought and stimulates the imagination man's voice grew silent and Lowell passed to its profoundest depths. They are under the spell of reaction. Some there indeed spire-like peaks in a range of lofty were, it is true, who shook their heads mountains where many summits rise and cynically predicted that though this amid valleys carpeted with nature's was indeed a great poem, no other work glory, where sublimity and beauty go would come that could compare with it. hand in hand. But as if in answer to the carping, the
*Lincoln and Other Poems. By Edwin Markham. poet gave us “The Sower,” followed by New York: McClure, Phillips & Company.