_3i— 



describing the property mortgaged, giving the owner's name and its 

 location, with the appraiser's value and the amount loaned on it. 

 And also a statement of the notes paid, and mortgages cancelled 

 during the same period, which statements should be signed by the 

 manager, cashier and secretary. 



The foregoing plan for a bank of issue or bank to discount 

 mortgage notes, upon the idea of mutuality, and wherein the stock- 

 holder is dispensed with and usury is abohshed is suggested after 

 mature reflection ; but the author will gladly accept any improvement 

 that could be proved to be such. It is obvious, that if individual 

 notes that are secured by mortgage on buildings, can be discounted 

 in this way, so can individual notes that are secured by mortgage on 

 other imperishable property ; nor is it necessary to state that an 

 essential condition, is that all such property should be covered by 

 ample insurance, payable to the bank. We would simply add that 

 Mutual Insurance can only be possible ivhe7i nsiiry is abolished ; then 

 none other can exist, and such will afford the best protection that 

 human institutions can furnish. 



That this system of organizing credit is based upon our principles, 

 must be evident to any one candid enough to examine it. The ques- 

 tion remains then, are they principles ? or are they dogmas merely? 

 The answer we must leave to the future. 



That this plan will furnish real credit independent of any monied 

 power, at cost, and thus materially help personal credit, seems evident 

 to us. 



The emancipation of borrowers-with-colateral, from a monied 

 power who control the circulating medium, will render financial crisis 

 impossible and perpetuate that prosperity which is destined to abolish 

 poverty, and with it all the evils it is the cause of. 



If there are those who think they can refute any of the arguments 

 or ideas advanced, or conclusions arrive at in this work, we shall be 

 most glad to hear from them, either through the press or by directly 

 addressing the author. All such communications or published articles 

 will receive careful consideration and be courteously answered. 



