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Newspaper Page Text
istence when they are entitled to a
comfortable and happy living.
1 don't know how the Foid experi
ment is going to pan out, of course.
I don't know whether he is going to
try the Taylor speed-up stuff or is
going to make good both for himself
and the workers. I do hope, how
ever, that he makes money while
paying the $5 minimum wage, and
without grinding the life out of the
My opinion is that Ford has start
ed something that is well worth
watching, and it's too early to form
our judgment on the meaning of the
A MUNICIPAL BANK
Editor Day Book: In the many dif
ferent stories of the late bank failures
there has not been the slightest refer
ence made in any of the newspapers
to the municipal banking bill, intro
duced by one of the Socialist repre
sentatives in the last general assem
bly. On April 22, 1913, Seymour Sted
man of the 13th district introduced
House Bill No. 671, which was de
scribed as "An Act to Enable Cities
to Establish and Maintain Municipal
Banks." It provided that any city in
this state could elect to establish a
city bank by a vote of the city council
or upon a referendum by its citizens.
Said bank would be a department
of the city government, managed by
a board of five commissioners, includ
ing the comptroller and his assistant;
of the remaining three at least one
must have had banking experience
and another a lawyer of at least ten
years standing at the bar. The bill
empowered this board to offer for
(1) Demand certificates of deposit.
(2) Short-time certificates.
(3) Long-term bonds.
These certificates or bonds were
o be issued oX apt less than par and
were to be sold in large and small de
nominations to everybody. The bill
further empowered this board to
make all arrangements to market the
city's bonds in the most advantageous
manner. The employes, other than
the commissioners named, were to be
subject to the rules of the civil serv
ice, as in other offices.
Is it necessary to go into details re
garding the possibilities of such a
practical measure as this? Imagine
the city of Chicago handling its own
funds and doing its own banking busi
ness, without bankers and investment
companies getting their slice.
Think of the peace that would
come when the guardians of this
city's finances would not be bothered
by the different banking institutions
for a share of the city's holdings.
There would be no question or sus
picion of anyone getting a "split" on
city deposits like we have had and
will have for years. Nor would any
one be concerned about the city's
funds when a private bank failed, as
some of them do occasionally.
This bill never left the committee
to which it was referred.
The Socialists of Cook county will
re-introduce this same measure in the
49th general assembly providing, of
course, that some of them are return
ed again, and it looks that way just
Incidentally we do need a few of
them. Bernard McMahon.
STRONG FOR JACK ROBBINS
Editor Day Book: My attention
was called to the fact that there has
been some criticism that came from
one of your readers, criticizing the
work of Jack Robbins, the "Big
Allow me to state that I am person
ally acquainted with the work Mr. '
Robbins is doing. He, being president
of the Glenwood National Club, an
organization of 6,000 members, has
not only proved himself worthy of
being the head of the only organiza
tion of its kind in the world, bat his