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Show u THE C T IZEN 5 That interconnection of banking resources has made the tablish in a community, and the outside money they bring in as same stride is evidenced by the growth of the Bank of Italy. In permanent investment. It means profit for the investor arid for every producer within reach the farmer, gardener, miller, twenty years its resources have increased from $285,000 to It is owned by 15,000 California stockholders, and on tradesman and artisan. June 27 of this year it had 1,140,394 depositors in 278 branches, Mining is a basic industry ; as essential as farming or transportation or clothing. It is to everybodys best interest to enExclusively in the state of California. This is some record for a bank 3,000 miles from Wall courage legitimate mining prospects. This does not mean apStreet. proving fraud or over enthusiasm mining does not need or want The greatest evidence of the strength and practicability of that; but the intelligent attitude of making mining an integral branch banking is found in the passage of the McFadden bill by part of a countrys resources, on a par with every other indusCongress. For the first time there appears in the laws of the try that supports life and brings prosperity. $675,-716,00- 0. country, legislative reference to and recognition of the branch banking system which applies the same principle to general banking that was successfully introduced on a nation wide basis in the development of the Federal Reserve System of branches. The basic idea of diversification, unified direction and uniformity in Ranking practice, characterizes both organizations. & Criticism that branch banking, because of its possibility for expansion, will develop a money trust, is as groundless as the charge that the building up of great power systems to serve the public need will develop a. powertrust. Increasing size of banks and power companies' causes them to be increasingly careful to keep their operations free from grounds for criticism. Mere size is no reason to attack industry or banking today. Service to the public is the measure by which to gauge the desirability of any institution. Public regulation and our present laws will prevent abuse of power by banks or electric companies. The growth of the Bank of Italy is one of the greatest business romances in American history. GAS CONVENTION ARE WE GUILT Y Governmental economy is a surpassing issue in state politics state debts having increased $78,713,000 in 1926 over debts of 1925. Taxpayers and homeseekers are learning to shun states that do not keep within their budgets and heap up net debts. About $8,000,000,000 is now flowing annually through the state and municipal governments, and officials exist who still expand functions and swell the outgo. One of the most accurate and painstaking newspapers has found only 14 states living within their budget requirements, and sums up the situation thus: While extravagance is but a single factor in the skyward flight of state taxes, substantial saving can be effected through prudent expenditure and the careful guarding of the taxpayers dollar. The continued prosperity of the country should not be used as a vehicle for governmental excesses, but rather as an opportunity to economize to lower taxes. The politicians glibly blame the people for voting higher taxes and larger appropriations. Let us show them we are not The first convention of the entire gas industry of the United guilty. States (the combined American Gas Association and Natural Railroad taxes have increased 228 per cent since 1893, Gas Association of America) will be held in Chicago, October 10 while dividends to stockholders have increased but 22 per cent to 14. The convention will consider problems and opportunities during the same period. which have been brought to the fore and must be faced by both LABOR DAY manufactured gas and natural gas industries, because of changes in supply of natural gas and the eventuality that some day manLabor Day in Europe, coming in the early spring, usually ufactured gas will have to replace natural gas. means a day of turmoil and rioting. Labor Day in America At present the gas industry is working on a five-yepromilgram to increase the use of gas both in the home and in industry. has just passed. The New York newspapers tell us that a e transmission of natural gas has proved prac- lion people left the city on the date to enjoy an outing in the tical, and the manufactured gas industry is considering adopting country, at the seashore or in the mountains. People flocked similar methods. When the supply of natural gas is insufficient from the smaller cities to the country in equal proportion to to meet normal demands there will be many thousands of miles spend the last week-en-d holiday which the waning summer will of mains lying ready for parid conversion to manufactured gas. afford. It is significant to note that these millions of people were OVERLOOK COSTS principally from the more modest walks of life. They left the city on the train and the trolley, or in automobiles of all makes A pertinent commentary on state owned and operated busi- - and descriptions, from the humble flivver to the smooth running ness comes from the Panama canal zone, where the government six and eight. They left with full dinner baskets, in most infinds it necessary to dye all its gasoline green to prevent its stances taking their wives and children with them. There was no rioting, no sedition and no trouble. theft by officials and hangers-on- . In fact Labor Day was a typical American holiday and it The one unanswerable arraignment of the state in business is the lack of interested, responsible control. Some officers are was a typical holiday because in America the man who labors is honest ; but the tendency is to be more interested in short hours little different from the man in other walks of life. He is well or politics than in the job. With so little responsibiblo super- fed, has a good job, owns his own home, is educating his children vision, political turnover every few years, and political loyalty and, if he is thrifty, saving up a little money for a rainy day. the real test for compatibility, service is too frequently sub- He can drive to the lake, or the seashore or the mountains if he so desires, and in most cases he did so desire. merged. The worker in America knows that he is a part of America. He knows that here lies not only the future for himself and of his MINES MAKE GOOD children, but perhaps the future of civilization. He realizes that In Shoshone county, Idaho, new mines being developed under the American system with it high wages and steady emd wTas local mon- -' ployment he is infinitely better off than the worker in any other spent $4,570,514 during 1926; of which country in the world. Hence he has little patience with the misey and the rest from outside states. Most of these mines will pay good profits. The important guided agitator or the professional communist. That is why an American Labor Day is a typical holiday for thing, howrever, is the confidence that a few good mines can es- ar Lond-distanc- one-thir- ' |