In 1890 Hon. Thos. E. Hill, well known as the author of “Hill’s Manual” and other standard educational works, proposed, in a letter to the Farmer’s Voice, a vital and far-reaching reform in the banking system of the United States,—no less a reform than the government ownership and contiol of the whole banking business. Mr. Hill’s system met with instant approval from many of the clearest thinkers of the country, especially the leaders of the People’s Party. It has already been endorsed by local conventions of the party, and is likely to be incorporated into the next national platform.
In response to many requests Mr. Hill has elaborated his system in the book Money Found, over 20,000 copies of which have already been sold. He points out that the terrible business depression which began in 1893 was due mainly to the people’s lack of confidence in the unsound private banks miscalled “national.” He explains how the United States might open its own bank in every important town, pay 3 per cent on long time deposits, lend at 4 per cent to every borrower who has adequate security, do away with usury and revive business, and all this not only without expense but with a net revenue to the government of about $390,000,000.
The latest edition of Money Found contains a glossary of financial terms, together with important statistical tables showing the financial legislation in i the United States, the rates of interest in the several states, the amount of gold, silver and paper money in the principal countries of the world, etc. The appendix alone is worth many times the cost of the book.
