Richmond palladium. [volume] (Richmond, IA [i.e. Ind.]) 1839-1854, 1843-06-10

directors. These directors meet IN the bank par
Tor. 1t 10 resolved that at certain day. letters
shall be addressed TO all the branches authorlsIng
liberal discounts. Before this money had been
scarce 10 the county. add property had Iessened
IN price. No body all The land but these twelve
directors knew that on a certain day, motley
would be plenty They could not divest them
selves Of this knowledge; they would not fail to
use it, Each director has his friends--ulluenti
men. all the branches Eloquent members
Of Congress-Dubhc officers, editors, and others,
who sustain the bank policy. and direct pubic
opinion these all mus, be kept advised OF the
changes IN the operations OF the Bank. A. the
meeting above referred TO, The question Is-are
all ready? Have VIC and our friends effected
our purchased When this is asceTtained, the
flood gates opened, and the country filed with
! paper money. Property rises at once. The d.
rector5 and their friends sell their property
/ They meet again--ascertan that they and their
friends are read y--order the discounts to be check
/ ed and withdraw their circulation. This is tur.
ming the screws. This is screwipg and gougIng.
An old man lives the Bank. He IL COM
/ foftably settled, and owns three farms being
somewha, in debt At one of the seasons Of hard
. times, when the screws are turned, he feels him
self obliged TO sell two Of his farms to enable hun
TO retain the third. a very polite Bank director
purchases them alta trIfing price. Soon the flood
gates opened, property is high, and the hank
director sells one Of his farms for enongh to pay
for both. lie calls the old man and hands him
unlucky-he always buys and sells at the worst
time. What good thing bank IS. And what
a blessing it is TO have larnin'.n Now while pro-
perry up be concludes he sell produce and
pay for the farm which his friend the bank d.
rector is ready TO sell him. lie buys it back at
tho high rates. Receives deed-eKecutes q
mortgage. This game is going all over the
land. When the sales made the screws are
turned and hard times begin. The bank drec-
tor calls on the old man and demands his money.
"God bless you says the old gentleman, Il can
get no money. Produce is worth nothing. | can
not pay you. | thought we were always to have
good times, Mr.. Bank DIRECTORY" 80, my dear
SIR" replied the banker. 'there is war IN Africa
did you not hear Of the arrangement of ex.
change between Ecgland and Portugal? We
should have had worse times but for the bank
, 1t was chartered just at the right time. Bl,
must have my money" Il cannot pay you now
, Il SHALL pass my mortgage into the hands Of my
{ attorney" This IS done-ihe mortgage is fore
: closed-a sale of the property is made--no one
/ bids against the bank dIrector-he buys the farm
for trIfie-issues execution against tho re-
, manning farm and sells it And thus the old man
broke hearted, returns to look at his old and scL
! wife for the last ,me-falls on her bed and dies
, She is driven from her warm home upon tho colo
charity OF the world, victim of the glorious sys
. .etn Of screwing and gouging.
, Mr.. w. here read some authority to show tn.
wrelched operations OF the banking system. Mr.
W. would no, say that such the one h
had referred to ever occurred. 1t was sulicien
, for him, and for the people that such case nigh
= occur. They should then place such powe
:, into the hands of men who could not easily resls
temptation. Lead US not into temptation" Is tn
. language Of the best prayer ever uttered. Ii
o would expose no man TO temptation. lie wouI
;, not thus endapger the country.
! Mr.. w. here spoke of the advantages of a Stat
A Bank System; with Bankrupt law applicable t
Banks; not such one as we have repealed whlc
f., enables every man to ipe out his debts, but
;, aw that when note was presented at the coun
i ter of a bank and the specie not Forthcoming
;, that the institution should be declared bankrup
!, and its business thrown into the hands Of assign
= ees or receivers.
Mr.. w. wished 10 speak upon the tariff Ques
,r ton Protection is demanded for our manufac
y lures and we referred 10 the authority OF on
:, old statesmen. Are we never TO advance bey ION
\ the day of the revolution Is the policy of on
age 10 be perpetual? The pioneer goes t. wor
clearing the forest, shall his sons continue hi
, policy and cut down all the trees in the forestl-
- Our manufactures then needed protection. The
, can nop sustain themselves
~ The census of 1910 brought out some usef,
- facts. 1t shows tina: while the farmer average
e profit of but little moro than $500 per year, ii,
:, manufacturer averages $500. The consume
:, pays the duty. If foreign article is taxed
must sell IN this country at the old price with tn
- duty added. Oar manufacturers viii raise tine
= prices to correspond with this rate no matter ho
- low they may manufacture. But few engae
=, in this branch of business. 1t requires capt.;
. OF about $500, 900, to 60 TO work 10 the rIgl
"a STYLE So that the few who engage 10 tho bus
~ ness can easily combine TO keep on their prices
. pay orators aud editors and 10 sustain the tari
=, policy.
"A Oar manufacturers can now compete with thos
a Of other lands. Evidence is at ha nd show tn
\ American cotton has undersoid English COTTON
= the Brazilian markets. Oar cottons have bee
: sold ia London When Mr. w was spe akiuc
- the North he made statement IN relation
- American goods. upon which there dut
-, selling 10 Brazil cheaper than Eags goods.
very smart young man, a candidate for Cong res
, denied the statement. For fear such your
:, msn (who might have grown too large for h
= breeches) was present. Mr. w. had the au,borit
- with him Nat Intel.l Does no, this show ihi
re W, man 'eu 40