Show MONEY TRUST I GRIPS ENGLAND I JOURNAL AVERS Banks It Jt Is Charged Will Pill G Gain Gaiu in Unearned R Profit of j f i By B Floyd Macgriff cn Service Stitt Cor- Cor London Jon JOIl 31 England Englan England is in tie t e 3 J clutch clutch pf pr a gigantic antic money mone trust which Is Iii s' s holding the nation to ransom on to the iho London according mone money rates Dt Dally Daily l Express The Dally Daily Express has been waging ing a campaign to force the government First t to Insist that the clearing clearinghouse house houIe now nose dominated b by private banking bankIn banking bank bank- with the result that It Is In ing interests t virtually a monopoly be thrown open so ao that scats cats ml may b bo be held t bv by nn any bank Second lI to lo enact legislation making it illegal for tor tho ho banks tp to combine to fix r rates tes of interest and discount thus amounts to a preventing what virtually restraint of trade trado b by big banks Third to end the career of oC the BanK or of England as ai a private enterprise with certain national privileges eS' eS making mak mak- ing lug the bank Instead a a. real national bank Appeal to lo public The Dally Express s has called upon the public to back up this demand which It has contended is Justified not conditions only by br onerous banking hut but but b by Increased charges on eer every persons person's persons person's persons person's per per- sons son's cost of or living r resulting from methods employed d b by the alleged bank corn combination rho Tho process of forming the money ti trust is virtually complete the Daily ily Express charged and a headed five octopus of or great concerns dominates J tho the mone money market and can cnn fix money mono rates independently of ot tho the law of oC supply supply sup sup- ply and demand It was waR alleged that th the Lank Dank o of or t Bugland England Eng Bug land was a part pan of oC the money mone trust and that It had Increased tho the bank rate toG to tor toI I r G per cent without ample amplo ro reason son a adding add add- d- d ing n ng millions of or dollars daily dally to the na- na natIons nations nation's na na- tion's burden Remember r warned the Dally Daily E Ex Express Es- Es press that mone money has ceased to bo be a afree afree ar free r e commodity s subject to tho the laws of or supply and demand deman so so far as Great I Britain Is concerned The Tito treasury and hU L A h I mo urn t mui r 11 u vu- vu twin lain advances ancs and nd credit only at nt the he hands of or the tho trust and must pa pay for them what the trust cares to demand Situation Called d Menace This Is a dangerous crous and antisocial situation and no such power can safely sateh be he placed in the uncontrolled hands of or Individuals that Octo October Oc Oc- The Express pointed out on to tober er 3 J tho rate of Interest In treasury 1 bills 1113 at three months was waN b per cent while toll today a it Is L Cl j per cent On October Oc- Oc October Oc tober 8 tho the rate of ot interest paid on dej de- de j b by banks was 3 per per cent while now no it Is 15 1 1 4 Thus the banks are receiving 2 per cent cant more from the tho treasury the they are paying arIng their depos depos- depositors tors on only 1 1 P per r cent more As there are about 4 of or treasury bills out all of or tho the negotiable securities which can be he turned into cash an any day dar the added 2 per cent means a gross profit of ot some omo to the banks which hold bold practically all the bills liaising the Interest on customers' customers deposits de deposits deposits de- de posits which were used to take up such bills still sun leaves lea the banks a net 63 G- G The Dally Daily Express 11 held ld that such uch a division of or profits was absolutely absolutely absolutely indefensible Profit The Express said Raid the total annual gain of the banks lJ was was mo more e than 02 2 and that the raising of tho the Interest In in- in crest terest rate to iho tho government ad added ell nearly a i 73 por per cent increase o to the banks banks' profits Th The Express demanded that thai the chancellor chan chan- chancellor of oC the tho exchequer assert control I over ocr over the tho money trust and compel th the banks n cs to ral raise c their rato rate of or interest to their depositors to 0 the tho full amount oC or thu tho increase in treasury bills |