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The day book. (Chicago, Ill.) 1911-1917, December 03, 1914, LAST EDITION, Image 9

Image and text provided by University of Illinois at Urbana-Champaign Library, Urbana, IL

Persistent link: http://chroniclingamerica.loc.gov/lccn/sn83045487/1914-12-03/ed-1/seq-9/

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tCtT T V T" "" "
ONE MAN'S OPINIONS
BY N. D. COCHRAN
Bonds for the People. There is a
growing movement in this country
in favor of cities cutting out the bond'
middleman and selling bonds direct
to the people.
When you come to think of it there
is no sound reason for selling city
bonds of $1,000 denomination to
bankers and bond-dealers for them to
sell again to the public at a profit.
If the interest rate is to be higher
from now on, why not issue city
bonds in denominations as low as $25
or $50 and sell direct to citizens
The savings of the people now get
them 3 or 4 per cent from savings
banks and they can't draw their sav
ings out except at 6 months periods
without losing interest. A municipal
bond is a "live asset and can be con
verted into cash at any time. If is
sued in small denominations, it would
make a splendid investment for small
savers; and they would get the profit
that now goes to bankers and bond
brokers
There are times when big financial
interests will block the sale of mu
nicipal bonds, because they don't
want municipal bonds sold for some
purposes. Municipal ownership is
one purpose they don't like, because
there is always an alliance between
banks and privately-owned public
service utilities.
Comptroller Traeger disposed of a
large block of municipal bonds over
the city counter, even though they
were of $1,000 denomination. Had
they been $50 or $100 bonds he could
have sold millions, of them; because
bonds bearing more than 4 per cent
are a better investment than money
in the bank.
Why should municipal bonds be
$1,000 bonds? Who is protected ex
cept the speculators in bonds, ,the
banks and bond brokers?'
Certainly the city isn't protected,
for it cant readily dispose of many ,
$1,000 bonds to citizens who have
I small savings. The large denomina
tion merely gives control of the bond
market to the big financiers.
The city of Paris issues bonds in
denomination as low as $20, and the
bankers sneer at them as "servant
girl bonds," but the fact remains that
a large part of the bonds issued by
the city of Paris are owned by mem
bers of the working class.
If a city is going to pay an interest
rate higher than the rate paid on sav
ings deposits, why not pay it to hun
dreds of thousands of citizens instead
of to a few bankers and their cus
tomers? Why not let our own citizens have
the profit which now goes to specula
tors in municipal bonds?
And wouldn't citizens who owned
city bonds be more interested in
THEIR, government when they were
in on the ground floor and interested
financially?
Will somebody tell me why Chi
cago issues $1,000 bonds instead of
$100 and $50 bonds?
letteWtqeditor
RELIGION AND ECONOMICS
Open Letter to N. D. Cochran and
M. M. Mangasarian Friends: The
subject matter of both your articles
opens up a much misunderstood and
yet far reaching subject, namely the
wealth of the Church of Rome.
With no antipathy toward the de
vout worshiper, I wish to lay before
you a few .facts which as yet have
been unrefuted:
The Roman Catholic Church is a
perfect Business Corporation.
It has vast land and property hold
ings in all countries.
It is required of each priest as a
condition precedent that he be at
least a Good Business Man.
The collections and receipts of
moneys for the past 1,600 years have
had no public accounting, not that
this should be, but that this majr be a,
fi&WMiM!ifcjyMjA iMiiMwKftui. jimtfaij.iMAji-rt. ...J.-M. i--3

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