Money is a convenient means of exchange. Money must be controlled by a central authority since it must maintain a constant value recognized by all who use it. Thus the amount of money in circulation must not be too much as inflationary and not too little as deflationary. Since the value of money affects all, it should be a Government responsibility operated thru government state banks.
Socialism further means the All pooled resources from the many, that the individual could not obtain individually. Banks pool money as secure holding for and lending to private business or the individual. Insurance is the pooling of money from the All to insure the One against misfortune. Private banks are owned by private interests and their financial policies will tend to be directed to their own profit capacities rather than the good of the community as a whole. Banking and insurance might better be left to the Government.
The Convention would seek to ban
Corporations, which as the pooling of capital as does Socialism, but for private profit. Corporate Capitalism is amoral and sooner or later downright evil, wherein profit trumps all other values. Corporate Capitalists seek to own everything and will charge whatever the market will bear for even essentials such as food, water and medicines.
The stock markets are the breast milk of Corporations and without-them would wither away. Corporations destroy main-street with cheaper prices from foreign sources, where profits are diverted from the many and amassed to the few.
The Convention would not be against private investment in Capitalist companies so long as the resulting size increases did not affect the Whole negatively.
The Convention (3 of x)