■ Knu-n-d sc<Hinlini: lo Aci of in jbo your 
 
 By Alfrp<i B. \Vi'>inip. in tho Office of ihc I.ibrsrian of Conpiv>~. 
 of Washington. Disitrict Colnmbia.^ 
 
 XKE 
 
 ABOLITION OF INTEREST 
 
 SIMPLE PROBLEM. 
 
 'TIm* Crisis 'rii(‘ 
 
 DEATH STRUGGLE 
 
 ol- A 
 
 A Jj M H \v r* (I i'v iri s I (M M ’; n • ,v 
 
 and the LABOR PAINS of a 
 
 New Birth to Industry. 
 
 A KEVEIATION Til.VT IS DK Molli; CONSKQt^ENTE TO MAN THAN 
 ALL THE INVENTIONS ANII I>IsrOVEKII>! SINCE 
 
 T I M E ]i E (r A N . 
 
 -O — 0—0- 
 
 nv ALFIIED n. WESTHirP. 
 
 PUBLISHED BA' 
 
 The MURK AY HILL PUBLISH IXJ (M)., 
 
 No. 121» IaAST 2HTn STREE'I'. New Yoke. 
 
 I'EICE. 1") CENTS. 
 
FIFTY GEYT8 
 
 Will pay for Dn. Foote’s HEALTH MONTHLY for 
 one year untl for one copy of 
 
 The American, Illustrated, Pocket 
 
 DICTIONAEY, 
 
 CONTAINING 30.000 WORDS!! 
 
 The Health Monthly is edited by Drs. E. B. Foote, 
 Sen. and Jk., and is filled with valnable suggestions for 
 taking care of the health, every nninber being worth more 
 than the subscription price. It will save to every subscriber 
 ten times its cost. 
 
 The Health Monthly eontains in each issue 16 royal 
 octavo pages, double columns, and has all the attractive¬ 
 ness of a health newspaper rather than the heaviness of 
 the average magazine. 
 
 The premium is a peculiarly attractive one, for every¬ 
 body needs a Dictionary, and to receive such a Dictionaby 
 by mail, postage prepaid, and the Health Monthly for 
 one year postage free- and all for 50 cents—is something 
 worth looking after. It is almost equal to our author’s 
 proposition to have money without interest. Sample 
 copy of Dr. Foote’s HEALTH MONTHLY^ will be sent 
 free. 
 
 MURRAY HILL PUBLISHING CO., 
 
 No. 129 East 28Tn .Street, New York. 
 
(Enteivd according to A-ct of fiongroas, in the year 1870, 
 
 By Alfred B. Wes*tr\ip, in the Ofllcc of tlie librarian of CougresM, 
 of Washington, District Columbia.) 
 
 ABOLITION OF INTEREST 
 
 SIMPLE PROBLEM. 
 
 T}xn Voimling' Crisis Tin^ 
 
 DEATH STRUGGLE 
 
 OF A 
 
 Alone.'V'Bd Aristocracy 
 
 and the LABOR PAINS of a 
 
 New Birth to Industry. 
 
 A IlEVKLATION THAT LS OF MORE CONSEQUENCE TO MAN THAN 
 AJ.L THE INVENTION.S AND DISCOVERIE.S SINCE 
 
 T I M E n E G A N. 
 
 By ALFRED R. WEVi'RUP. 
 
 PUBLISHED BY 
 
 The MURRAY HILL PUBLISHING UO., 
 
 No. 129 EAST 2«th STREET, New York. 
 
 15 CENTS. 
 
 PRICE. 
 
Auth-or's Preface. 
 
 'I'd state tlxat interest for money loaned on goo<l security is irra¬ 
 tional, and that ita abolition is not dependent nixm philanthropic 
 motive but upon business principle, and therefore tinavoidablc, is to 
 either startle the “ civilized " world or else to evoke ridicule. To 
 stale that Savintts Hanks are economic absurdities, and that history 
 Hives no greater evidence of man's folly than in their establishment, 
 is to become not only the lauHliing-stock of sttperflcial thinkers but 
 to be regarded as noii comixos ineritis by " learned ” writers on ixo- 
 litical economy. Of course we do not court, neither do we fear, 
 these results ; ttiey do not constitute arguments ; they are the result 
 of a firm belief in accepted views of the nature and office of money 
 and of the laws of value. It remains to be seen how long error, 
 ui)on this subject, will remain unassailcd, while mankind is making 
 rapid progress in other directions. 
 
 To those wiio will further extend to us the courtesy of their atten¬ 
 tion. we would say : The pioof that interest niion money loaned on 
 good security is irrational Is the fact that the security is canital, and 
 tliat what the borron er obtains is merely something which enables 
 him to avail himself of the use of his capital without cutting it up 
 into small jxleces. as is done with the capital consisting of the metals 
 used as monev. but which in his cas(! is impossible. The hanker 
 lends his creefit, and the borrower pledges his capital. The banker 
 being far more secure than the holders of the banker’s paper. The 
 banker takes ixay for the use of caixital, although he furnishes none : 
 for the capital is furnished by the borrower. The banker therefore 
 renders no more service to the borrower than he would if. both using 
 in every way the same kind of spectacles, the borrower should hand 
 bis to the banker while he boirowed the banker's for his own use. 
 
 But it is not our intention to enlarge here upon the subject of our 
 Essay, which is fully treated there. What we propose* is not new : 
 it has long been knon n to a few who, when we hear the unsound 
 doctrine of those who want an exclusive government moixey, and the 
 falltxcies of “ sjxecie basis ”, wonder how long we shall have to wait 
 Ixefore we get a hearing. 
 
 We can only say. in conclusion, that the ixxconxpatability of present 
 money systems with the requirements of modenx progress is a 
 guarantee of their speedy ovcrthniw ; that the wnding crisis is the 
 struggle incident to a death and birth—the abolition of a Moneyexl 
 Aristocracy, and the realization of Justice to Industry, by the 
 establishment of a Money System in which interest will have 
 no part. 
 
 THE ArTHOH. 
 
TKE EEIISrCIELES OE 
 
 MONETARY SCIENCE. 
 
 Thi: present paper is inteiuled to show that there is 
 a true and correct MoxiriARY System : that there is a 
 Monetan/ Science, as exact as any of the sciences so named : 
 that Monetary Science detines tlie oftice, or object and 
 uses, as xvell as the nature; of money ; and that our pres¬ 
 ent, as well as all past Monetary Systems, are as unsci- 
 tmtifie, and the popular views -of money as incorrect, as 
 the notions entertained in re<.;ard to astronomy before 
 the days of Copernicus. 
 
 In order to arrive at comprelieusive views of a giv<;n 
 subject, we must first settle beyond all dispute, between 
 contending parties, the meaning or detinition of all 
 terms employed ; and especially does it devolve upon 
 one who writes on a subject as little understood as 
 money, to make himself clear on these jioints. 
 
 We shall commence therefore by giving the definition 
 of terms as we use them, with a view, if ])OHHible, of ma¬ 
 king ourself understood. 
 
 The terms which we shall make use of, and in regard 
 to the moaning of which theio may be any difi'(>rence of 
 oi)inion, are as follows : 
 
 Wealth : Value ; Measure of Value ; Money—Circula¬ 
 ting Medium ; Usury ; Cost: Barter. 
 
6 
 
 MONETARY SCIENCE. 
 
 Wealtli. 
 
 1. Wealth : There are two kiuds of wealth ; natural 
 and artificial. Natural wealth is that which is the sponta¬ 
 neous product of nature, or in the production of which 
 man has taken m part. Artificial wealth is the pro¬ 
 duct of man’s labor, or in the production of which man 
 /m taken part. Wherever the term xceidth simply^ is 
 used in this essay, it is intended in every case to moan 
 artificial wealth. 
 
 Value. 
 
 2. Value : There are two kinds of value. There is 
 what is commonly called “market value”. The market 
 value of an article is ordinarily determined by the ex¬ 
 posure of that article for sale. Owing however to our 
 deplorable financial condition the market value of pro¬ 
 ducts often depends very largely upon the “ money 
 marketwhereas, when we come to correct monetary 
 principles the “money market” will have nothing to do 
 with it. The other kind of value is constituted by the 
 usefulness of an article. Thus the air we lA-eathe is so 
 valuable that we cannot live without it; yet its market 
 valire is nothing. So with water (unless labor is bestow¬ 
 ed upon it) it has no market value ; yet to one dying of 
 thirst, it is not easy to compute its value. Money also, 
 because it is not scientific money, has, and until it is, 
 will continue to have, two values. First, its exchange¬ 
 able value. Second, its value in procuring an income. 
 It must be evident to any one of sane mind that the fact 
 that one has borrowed money without interest will not 
 affect its pux-chasing or exchangeable value ; hence, this 
 exchangeable value must depend upon something else 
 than upon the amount of interest that money will bring ; 
 
DEFINITION OF TERMS. 
 
 whereas the other value is entirely dependent upon its 
 ability to draw interest. 
 
 Measure of Value. 
 
 Measuuk of Valve : There is a fatal misunderstand¬ 
 ing in regard to this term, and almost all writers upon 
 the subject of finance appear to have fallen into this er¬ 
 ror. In the sense in which it is most popularly used, 
 there is ?iO such thimj <is a measure of value. Instead of say¬ 
 ing “ gold is the measure of value ” ; we sliould say the 
 [fold dollar is the unit (f v<due. The fact that we cannot ex¬ 
 press the value of an article, except by stating a (quantity 
 of some commodity, is proof that there is no fixed or 
 permanent measure of value; for the value of all com¬ 
 modities change with supply and demand, and the ob¬ 
 ject “measured” is as much the measiTrer as the com¬ 
 modity by which it is “ measured ”. Value not being a 
 substance nor occupying space, cannot be reached by 
 mathematics ; its “measurement” is an attribute of the 
 mind, not of - the yardstick. The absurdity of the popu¬ 
 lar and vulgar view of the measure of value, is grai)hi- 
 cally illustrated in the Constitution of the United States 
 in “conferring the power” upon Congress to “regulate 
 the value of money ”. The value here referred to is its 
 market value or, more jiroperly, its purchasing iiower. 
 Neither Congress nor any other legislative body have any 
 more power to re/juktte the value of money than they have 
 to regulate the velocity of the wind or the degrees of solar 
 heat. So long as competition- supply and demand — 
 regulate the market value of labor and jiroducts, it, and 
 not legislation, controls the purchasing power of money. 
 
 Unit of Value. 
 
 4. Unit OF Value: We have already indicated the 
 
8 
 
 MONETARY SCIENCE. 
 
 meaning of this term : and, for reasons already stated, 
 believe that the terms “measure of value” and “stand¬ 
 ard of value” should not be used, as they convey incor¬ 
 rect ideas of the functions of money, as well as in regard 
 to the laws of value. The term wtit of value answers 
 every purpose, is correct in statement, and is therefore 
 calculated to lend to correct conclusions. 
 
 Money. 
 
 o. Monky — CxKCTi.ATrxo Mkdiom : These two terms 
 hav c about the same meaning: money is a circulating 
 medium, and a circulating medixxm is money. 
 
 Money cannot properly be called wealth, although it 
 is wealth to the extent of the market value of the mate¬ 
 rial of which it is composed ; as is the case when it is 
 made of gold, silver, etc. : but it is nqt wealth when it is 
 made of i)aper ; for the wealth conUiined in a paper dol¬ 
 lar, or a thousand paper dollars, is too insignificant to 
 be called wealth, or rather to warrant the statement that 
 such money is wealth. Hence, to call money icealth, is 
 incon-ect, for that would imply that all money is wealth, 
 whereas, as we have already shown, some kinds of money 
 is )iol wealth. Therefore, in defining money, we say 
 money is a I'eiyvesentaiive of icealth. Or to state it more 
 fully ; money is the circulating medium ; its oflice is to 
 facilitate the exchange of the products of labor. Its na¬ 
 ture is a representative of wealth. 
 
 We do not expect any opposition to our first two pro¬ 
 positions, viz. : that money is the circulating medium, or 
 that its office is to facilitate the exchange of the products 
 of labor; but to our third proposition, namely, that the 
 definition of money which relates to its nature, is not 
 wealth, but a represenfative of icealth, we anticipate oppo- 
 
DEFINITION OF TEEMS. 
 
 ■ 9 
 
 sition from n certiiin quurtor. For instance, an oppo¬ 
 nent might ai’gue that money is wealth, and attempt to 
 prove it by the fact tliat the posse.ssor of a million dol¬ 
 lars, even in paper money, is a wealthy individual. We 
 do not deny this, yet it does not conflict with our defini¬ 
 tion. He or she is a weidthy individual, because he or 
 she possesses the representative of one million dollars 
 worth of wealth, and can ex(dmnge it for wealth at any 
 time ; but to say that that individual is the ix>ss-essor of 
 wealth would not be correct, for he or she is the posses¬ 
 sor of wealth only to the extent of the market value of 
 the paper stock contained in the said j)aper money. We 
 cannot too strongly urge the importance of recognizing 
 this distinction, for by so doing we admit the fact that 
 we do not increase wealth by issuing- paper money ; yet 
 by issuing i)aper money ami)ly secured - scientitic money 
 — we increase enormously the available capital for the 
 purpose of productive enterprise, and at the same time, 
 as will be seen by the plan for Mutual Banks, we destroy 
 that which is the bane of all modern enterprise -Usury ! 
 
 Usury. 
 
 6. Usury : The term usury is applied to that siim 
 which is paid for the use of a larger sum. It is true the 
 word “interest" is now more commonly used ; but this 
 is because the former is somewhat odious, owing to the 
 fact that modern legislation has “ legalized ” usury up 
 to a certain extent; hence, it is now customary to regard 
 usury beyond w’hat is “allowed by law" as immoral and 
 call it “usury”, while legal usury is politely called 
 “ interest ”, and regarded as acceptable morality. The 
 question here arises, are legislatures the sourc(^ of 
 morality ? 
 
10 
 
 MONETARY SCIENCE. 
 
 Cost. 
 
 7. Cost : The term cost is meant by the present 
 writer to denote the net expense of i)rodnction, exclu¬ 
 sive of any profit. 
 
 Barter. 
 
 8. Barteii : This term is given to tliat transaction which 
 is an exchange of wealtli for wealth, or one prodxict of 
 labor for another product of labor; such as a ho-use for 
 a farm, a watch for a horse, a pair of shoes for a hat, or 
 all these for specie. Specie is a species of wealth : there¬ 
 fore to purchase with specie is bai'ter. 
 
 Having given our definition of terms in regard to the 
 meaning of which we might be misunderstood, a meas¬ 
 ure wo considered absolutely essential, wo will now 
 proceed with our subject. Our object being to prove that 
 the money question is a subject of science, and that there 
 are principles by which we can test the correctness of a 
 money system, we w'ill first state what those principles 
 are, and then apply them to the systems popularly re¬ 
 garded as correct and see if they will stand the test. 
 
 Bssential Qualities 
 Of a Scientific Money System. 
 
 1st. Money being a representative of wealth, a 
 money system must provide a sufficient volume and fa¬ 
 cilities to enable all wealth to be represented by money. 
 
 2nd. As interest for money loaned is not “compen¬ 
 sation for the use of capital”, the borrower possessing 
 the capitixl (wealth) and needing but the representative, 
 (except in cases where money is loaned without security), 
 a money system must provide for the loaning of this rep¬ 
 resentative ^cost. 
 
PRINCIPLES AND THEIR APPLICATION. II 
 
 § 3rd. As the liolder of a bank bill or government 
 note is not thereby the possessor of wealth, a money 
 system must provide absolute security against loss to the 
 holder of paper money. 
 
 “Specie Basis”. 
 
 The system most popular with bankers is commonly 
 called “hard cash” or “specie basis”; that is to say, 
 gold and silver form (almost) the only circulating me¬ 
 dium, except bank bills which are issued either by de¬ 
 positing an equal amount of coin as security, or in case 
 an additional amount of bills are issued, this additional 
 amount is otherwise “secured” by mortgages, railroad 
 and other bonds, individual notes, etc. “The amount 
 of silver in all cases to be sufhcient to satisfy the claims 
 of such bill holders as might (according to the laws of 
 chance) present them at any one time for redemption, or 
 in other words, to be exchanged for coin.” 
 
 In the first place, the system does not fulfill the re¬ 
 quirements of § 1, for all the gohl and silver in the 
 world is not adequate to represent the balance of wealth, 
 and would still remain withoiit a representative itself. 
 For example : suppose the demand for money to be such 
 as to induce all owners of buildings to seek money by 
 ihortgaging the said property ; it is evident the amoujit 
 would not be sufficient. Rut snpj)ose the circulating 
 medium to be increased by the issue of more bank bills, 
 securing the same by depositing the mortgages. Each 
 additional issue would render it more and more difficult 
 for the bank to “redeem on demand”, lantil finally it 
 wotild be an impossibility to meet even the ordinary de¬ 
 mands upon the bank for coin. 
 
12 
 
 MONETAKY SCIENCE. 
 
 In tho second place, such money is not a representa¬ 
 tive of woaltli ni(!rely, but to the extent of the metals 
 n.sed it is wealth itself, and therefore cannot fulfill the 
 requirements of § 2. 
 
 In the third place, the system does not fulfill the re- 
 (piirements of 3, for a.side from the notorious fact that 
 the history of such banks is a history of failures, these 
 banks promise to do what their managers know is an im- 
 po.ssihility; for the history of banking shows that no 
 bank could ever redeem all its bills on demand at any 
 one time, having issued at least three dollars in paper to 
 every silver or gold dollar on deposit. Again, such 
 banks do not afford that security demanded by our 
 from the fact that the only “security’’ is in the hands of 
 the bankers themselves. 
 
 It is evident from the foregoing that the specie basis 
 system of money is unscientific. It does not possess muj 
 of the qualities demanded by monetary science. 
 
 Greenbacks. 
 
 We will now consider the government pai)er money 
 known as the “greenback". Greenbacks are notes is- 
 .sued by the United States government; they are prom¬ 
 ises to pay. The government receives them as money, 
 except in certain payments, while the people are “ com¬ 
 pelled by law ’’ to receive them in payment of all debts. 
 The volume of this government paper was not to be 
 limited in proportion to the amount of taxes that could 
 be collected during a given period, but was simply is¬ 
 sued to meet its wants. This was the theory and prac¬ 
 tice for a time ; but the bankers, not liking this uncere- 
 
PRINCIPLES AND THEIR APPLICATION. li 
 
 inonious way of abolisliiug coin, beseigcd and captured 
 the governiucnt. Since which time the *• national bank ’ 
 system has been slaughtering both nation and indi¬ 
 vidual. 
 
 The modification of the greenljack system, or as it is 
 now advocated by large numbers of people in the United 
 States, is that this money shall be made a “legal tender 
 for all debts public and private ” ; the volume of its Issue 
 is to be “ sufficient for the wants of trade”. Wo might 
 shite all the other absurdities of this system, such as the 
 “interconvertable bond ” feature, etc., but we hope sat¬ 
 isfactorily to avoid this labor by having said enough to 
 condemn it, and in accordance with our principles show 
 what a Government Paper Money System should, and 
 can, he. 
 
 The greenback, as a money to be adopted as the onit/ 
 circulating medium of a country, does not fulfill the re¬ 
 quirements of § 1, for government issues of paper money 
 —“treasury certificates of service ” -at best but repre¬ 
 sent the wealtli created by the service rendered the gov¬ 
 ernment, and therefore cannot represent wealth not so 
 created. 
 
 It does not fultill the requirements of § 2, as the own¬ 
 ers of other wealth cannot obtain it to rei)resent their 
 wealth at cost. 
 
 It does not fulfill the requirements of § 3, because 
 holders of such paper “ money” are not secured against 
 the issue of enormous quantities which could not be re¬ 
 deemed by government. 
 
 As to the “National Bank” system, now in vogue in 
 this country, we do not consider it worth our time to ex¬ 
 pose it, as it has no advocates anywhere except the own¬ 
 ers of those banks. 
 
14 
 
 MONETARY SCIENCE. 
 
 A Government Paper Money 
 
 WHICII AC<X>U1).S WITH THK 
 
 PRINCIPLES OF MONETARY SCIENCE. 
 
 A. hirst. .A governmont may is.siie treasury ecrtiticates 
 of service with which to pay its expenses, providing the 
 volume issued does not exceed the total amount of its 
 revenue in any one year. 
 
 R. Second. A government may issue treasury certifi¬ 
 cates of service to the extent of two-thirds of the value of 
 the wealth it possesses. 
 
 In each of these issues each hill should bear upon its 
 face a jiledge that the government, in all its departments, 
 will recognize and receive it in payment of all debts at 
 par with gobl. The facts in regard to the volume issued 
 and to be issued, in accordance with what has been 
 stated in paragraphs A and B, should also be impressed 
 upon each bill. Torn or worn out bills should be ex¬ 
 changed for new ones without charge. Government has 
 no need of promising to exchange these bills for coin any 
 more than it does its revenue stamps. No need for pro¬ 
 vision for the cancellation of such issues, excejit for the 
 burning of bills received for new ones, providing the 
 volume does not exceed the limits already indicated ; as, 
 within such limits, the bills will continue to circulate at 
 par with gold ; and providing such bills are not forced 
 upon the people by “legal tender” acts. The bills or 
 certificates should be placed in the ti-oasury, offered in 
 place of coin, and paid out to such as will accept them. 
 
 Such treasury certificates of service do not conflict with 
 principle § 1. They either represent the wealth which 
 is the property of government or they represent the 
 
GOVERNMENT PAPER MONEY. 
 
 15 
 
 wealth created in the service rendered government; and 
 as they are not intended to be the oiily circulating me¬ 
 dium, other means being provided (in the plan of the 
 Mutual Bank) for a representative of private wealth, they 
 do not interfere with other wealth being represented. 
 Neither does this system conflict with ])rinciplo § 2, as it 
 cannot affect the rate charged by the Mutual Bank. 
 
 It does not conflict with principle ^ 8, as ample secu¬ 
 rity is obtained in the limit of the amount issued, and in 
 its voluntary acceptance. 
 
 The Mutual Bauk. 
 
 Tuk following is Oon. Gkkknk’s jilaii for a Motu.u.. 
 B.vnk, with such alterations and additions as, in my 
 humble judgment, will explain it more fully and add to 
 its usefulness and safety" as a co-operative instrumen¬ 
 tality : 
 
 1. The inhabitants or any portion of the inhabitants of 
 any town or city may organize themselves into a Mutiiau 
 Banking (1oxa>ANY. 
 
 2. The officers of a Mutual Bank should be a Board of 
 Direchirs, an Aiipraisor, a Superintendent and a Sec¬ 
 retary. 
 
 3. Those who propose to become members should 
 elect the Appraiser and the Board of Directors, who 
 should hold their office for one year. 
 
 4. The Board of Directors should first elect the Super¬ 
 intendent and the Secretary from among their number. 
 
 5. The Superintendent and Secretary should hold office 
 until removed by the Board of Directors, who should re¬ 
 quire each to give bonds. They should be subject to, 
 and not members of, the Board, nor participate in its 
 meetings. 
 
IC, 
 
 MONE'l’AIlY SCIENCE. 
 
 0. TlieAj)praiser and nienibers of the Board of Direct¬ 
 ors may be removed at a general meeting of the members 
 of the Bank and other.s elected U> till their places. 
 
 7. Meuibei'ship ceases when a member jmys his notes 
 to the Bunk, and none but members should be Directors. 
 
 8. The Board of Directors should employ a Secretory 
 of its own, and a legal Advisor, and tix the salary of the 
 officers and employees. 
 
 !). The Superintendent should manage the atlairs of tlie 
 Bank, and the Secretory should have charge of all docu¬ 
 ments, see that all mortgages were duly recxjrded before 
 notes are cashed by the Bank, and keep an account of the 
 ))rinting and issiic of bills. 
 
 10. .Any person may become a member of the Mutual 
 Banking Com)>any of any particular town or city, by- 
 pledging Uxi.N-cf.uiiEKED 11kai> Est.\te (buildings, not va¬ 
 cant lands), situated in that town or city or in its imme¬ 
 diate neighborhood, to the Mutual Bank. 
 
 11. The Mutual Bank should print paper money with 
 which to discount the mortgage notes of its members. 
 
 12. Every member, at the' time his note is cashed by 
 the Bank, shall bind himself and be bound in due legal 
 fonn, to receive in payment of debts at par, and from all 
 l)er.sons, the bills issued and to be issued by the Bank : 
 but no member shall be obliged to receive the bills of the 
 said Mutual Bank to an amount exceeding the amount of 
 his mortgage note or notes. 
 
 13. Notes falling due may be renewed by the Bank, sub¬ 
 ject to the modification which a new valuation may re- 
 (piire, so that the note does not exceed two-thirds. 
 
 14. Any person may borrow the p.nper money of a Mu¬ 
 tual Bank on his own note, ninning twelve months 
 
BANKING. 
 
 17 
 
 (without indorsement) to an amount not to exceed two- 
 thirds of the .Appraiser’s vahie of the property pledged 
 by him. 
 
 15. The charge which the Mutual Bank should make 
 for the loans should be determined by, and if possible 
 not exceed, the expenses of the institution. * 
 
 It). No money shall bo loaned by the bank (;xce])t on 
 the above condition. 
 
 17. Any member may have his property released from 
 pledge and be himself released from all obligations to 
 the Mutual Bank and to the holdei-s of its bills as such, 
 by paying his note or notes to the .said Bank. 
 
 18. The Mutual Bank shall receive none other than 
 Mutual Bank money, except such coin money as tin; 
 Board of Directors may designate, and this should be 
 discounted one-half of one i)cr cent. 
 
 19. .All Mutual Banks may enter into such arrange¬ 
 ments with each other as shall enable them to receive 
 each other’s bills. 
 
 ‘20. The Mutual Bank should publish in one or more 
 daily papers each day, a statement of its loans the day pre¬ 
 vious, describing the property, giving the owner’s name 
 !ind its location, with the .Appmiser’s value and the 
 amount loaned on it. .And also a statement of the notes 
 paid during the same period ; which statements should 
 be signed by the Superintendent and the Secretary. 
 
 • Sheppard Homans says that the Havings Baiik« of Massnchiiselts 
 paid their expenses from ISiKi to 1873 with three-tenths of one jjer 
 cent per annum. 
 
18. 
 
 MONETARY SCIENCE. 
 
 Conclusion. 
 
 The foregoing plan for a Bank of Issue or Bank to 
 Discount Mortgage Notes, upon the idea of mutuality, 
 and wherein the stockholder is dispensed with, and in¬ 
 terest is abolished, is suggested after mature reflection, 
 but the author will gladly accept any improvement tliat 
 could be proved to be such. It is obvious that if individual 
 notes thirt are secured by mortgage on buildings can be dis¬ 
 counted in this way, so can individual notes that are se¬ 
 cured by mortgage on other imj)erishablo proi)crtj'; nor 
 is it necessary to state that an essential condition is that 
 all such property be covered by am])le insurance. We 
 would simply add that Mutuaj. Insurance can only be 
 Possumu when interest is abolished. Then none other 
 can exist, and such will afford the best securitj' that 
 human institutions can furnish. It may be asked, why 
 has this never been done? We answer : first, these views 
 are not known except to a few ; .second, such institutions 
 as Mutual Banks are prohibited by law. 
 
 Finally : To those who are disposed to combat our 
 views, we say, tedemne; but bear in mind that our re- 
 seiwe is omnposed of heavy guns and an overwhelming 
 army of facts. 
 
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 GOOD H ■!-: A I. T H 
 
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 synopsl* of the DeTclopment of the Ovum. A 
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