In all business transactions in Victory City, no money will be used. Instead, everyone will carry a bankbook which will have his photo on it to identify him. Whenever he buys an item in a store, he will always pay for the item immediately by handing the clerk his bankbook, which the clerk would insert in a specially designed machine that would be hooked up electronically with another machine in the one and only bank in Victory City. The clerk then operates the machine to deduct the amount of the sales from the latest balance in the bankbook and simultaneously deduct the same amount from the bank's record of the individual and add it to the store's bank balance.
Apartment rental will be deducted automatically each month. The next time the individual is paid his wages or salary, his employer, a company, would insert the company's bankbook in a machine to deduct the man's salary from the company's bank balance and add it to the employee's bank balance. The next time he uses his bankbook at the store, in the cafeteria or anywhere else, the salary will be added on automatically.
No payments will ever be allowed on a time installment plan in any Victory City. Every transaction will be cash except where it is necessary to send a bill for a service such as a doctor's or lawyer's fee. The receiver of such a bill will have the amount automatically deducted from his bank balance after 10 days unless he contests the bill or the amount before then. In the event of a contest, the case could go to court, and the bank will follow the court's order in the matter.
Any commercial, industrial or retail company locating in a Victory City will be required to agree to the money system, and terms to this effect will be included in the rental contract between Victory City and each tenant company.
In addition to the one centralized bank, there will also be one centralized insurance company, which will be operated like the bank as a wholly-owned division of the Victory City Corporation. The surplus money of each, available for investments, will be used to finance the building of future Victory Cities.
Obviously, the money could not be used for mortgage loans for people to buy or build old-fashioned individual houses and apartment buildings, for that would be self-defeating and would only clutter the countryside with unnecessary construction.
Minimum Bank Accounts Required
The minimum size required of a person's bank account will relate to the size of the apartment he is renting and the amount of rent he pays each month. If his bank balance falls below the minimum, he will be moved to a smaller and cheaper apartment.
Any time a person moves out of an apartment, the management will clean, repair, paint or restore the apartment in whatever way necessary to prepare it for the next occupant. The total cost of this preparation will be deducted from the former tenant's bank account.
A tenant's entire bank account will be a type of damage deposit. Agreement to this will be included in the terms of the rental contract.
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