Southport telegraph. [volume] (Southport, W.T. [i.e. Kenosha, Wis.]) 1840-1850, 1842-01-18
c 0 N N U MIC A I E D.
THE BANKING SYSTEM,

nection with party politics. 1t is one of general
principle and ought to be considered and discussed
without reference TO any class of parzans. view
II OF great and absorbing interest. There Is
no subject which more deeply concerns our people
! particularly the td6Or1ng people, of which num-
Der | claim TO be one-than the subject of banking;
and II Banks can be shown by facts to advance the
interests OF the aborer and improve his condition
and prospects, shall in future regard them as
beneficial and even philanthropic institutions; for
hold that wha tever is advanta geous the working
classes body, is of real and permanent good to
the whole country. But if banks cannot be proved
! TO have this ettect-lt they but sheer monopo-
hes sustained by the toll of the laborer-ifthe
| established and perpetuated by men who really
earn nothing themselves, but who grow rich and
! flourish on money not their own-then banks
positive curse to the laborer and ought 10 be ex-
terminated and branch. for it is the aborer's
of this country who earn all the wealth of the
try, and the men who would, if justice done
them, possess the largest amount of that wealth.
| maintain that Ii is morally impossible In the
very nature OF the case, that banks ad
vance the interests of the laborer. Because, the
officers OF these institutions, "a large majority of
them, being individuals who live by specializing and
note shaving, rather than by honest manual labor,
feel sympathy regard for working men, and
consequently care little or nothing for the protec-
ton and advancement of their interests. Why
should they!-Laborlng men do not associate to-
for the purpose of establishing an incorporated
moneyed institution. No; they can do without it.
Banks, general thing, get of their capital
from labOrers except as they steal ii from them -
What reason then that bankers should feel any
anxiety to promote their interests? None. Banks
are not Instituted one time in hundred, if ever,
with any reference to the interests of mechanics,
nor with any wish expectation of benehttlng
them and were every banking institution in the
country TO surrender It's charter tomorrow and
close It's doors, there is true aborer in the land
who would not rejoice at the act, and consider II
the highest benefit that banks have ever conferred
upon him. 1t is the highest folly a sensible man
can be guilty OF, to think that rich men, and espe-
clally bankers, will advocate the interests of poor
men. They never have done 1t, and they
Will; because they know as he sinks they rise, and
that their only hope of success depends upon keep
ing HIM unalteraby fixed in state of constant
vltude. II mechanics and agrlculturlsts would
have their interests protected and advanced they
must do 1t themselves. They must choose most of
their Legislators from among themselves; and then,
but not TIL then, will they to be the prey of
bankers sharpers and arstocrats. May we hope
that the people of Wisconsin will remain free from
vassaage to such That they will not be led by
the asses arel
The present Secretary of State said in speech
" Let the laws take of the rich and the rich
will take care of the poor NO man with the
least spark of repubIcanlsn, however, will agree
with that fundamental rule of arlstocracy; and of
all descriptions of 'the rch," banking institutions
are the most decidedly inimical and perncious to
the interests of the poor These institutions
enrich only that class of people, who, too lazy,
idle, or proud to engage in honest and productive
industry, content TO luXurlate and iatten in the
more genteel and arlstocrauc business of issuing
promises tn pay" which in too many instances as
laborers have found to their sorrow only PROM
Uses. and that too of most swndling character
I'm If he note Di oil hapk hu
no means follows that the banking interest pro-
notes that OF the laborer because, as every man
knows, all the money in the banks in the first
instance earned by laborers consequently these
Institutions as they earn nothing themselves, sub
sis in reality the hard earnings Of the working
man. And yet we are told that banks give pro-
lection to laborers
:" Yes such protection vultures give to lambs,
Covering and dcvOurng them"
The truth Is the situation in which the aborers
stand towards the banks is just this, and you may
see from It the extent to which their interests are
prostrated The labOrerS earn all the money the
banks contain and the bankers grow rich upon it;
and when the banks fail the laborers are obliged to
pocket the loss and 60 to work and more
money In order to be again dcirauded This, in
brief is the practical illustration of banking, as is
evidenced by the condition of the bank nabobs on
the one hand, and that of the poor, pundered de-
frauded labOrers the other.
The best standard by which to Judge any system
is to look at its practical effects, for then you be-
hold what it does for the interest, happiness and
prosperity of the people. The Banking System,
Judged by this standard, presents a series of cold
booded rascalltIes and denominations to which the
history of the world has no parallel God only
knows what bank projectors will have to answer
for in the way OF immortality, corruption and crime,
and their general diffusion through all the ramifi-
cations of society. Banks have proved to our
country, the fruitful source of all evil Theyhavc
turned out to be the poor mans curse instead ofhs
friend and, as present managed, are neither me-
cessarv, convenient nor useful except to the gam
bling adventurer, the swindler the Spectator and
the thief If this language be thought too strong
look at the number Of deliberate robberies which
have graced the annals of banking in our country,
within the past hcetCe months. Commencing with
the Bank of the United States, with almost its en-
tire capital of :335, 100000, which has beea abb
stracted from the owners, we have in addition "a
banks and corporate institutions which have failed
within the last year, with aggregate cBptal Of
1926, 900
Here then are $40 2Gi, 00) stolen, mostly by the
officers, all within the space Of one ycar Our
own Mineral Point Bank with its Knapp & Doty
Dire is with the rest probably, but the amount
they have swndled, from the people, is not
yet settled.
Thus is the pay Of labor monopolized by the ras-
cally few, that they may Biddle-like, live in SPLEEN
dor AMI look down from their criminal elevation
with contempt upon the industrious many and de-
nounce as "Agrarians, ar Radicals, "Levelers"
Loco Focos." Fanny Wright men," all who
presume to question the necessity and usefulness of
banks and the honesty of the officers who conduct
them.
Can system marked by such villanes be worth
sustainingl Who dares say before the world,
Eyes
WALwoRTH Co.
December, 1871.