The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1843-01-17


nishng the people of Virginia whose population In 1880
was 2l 4O5 and in ls4o showing scarcely any
increase with paper currency In the last ten years
then 763 people received Of the proceeds oil the
industry of the remaining i2ss0s4 100000 in divi
dends of which 1912 been sent out the State
This sum has been paid for the privilege Of using their
paper promises currency instead Of the constitution
al currency of gold and silver. The operation will be
made clear by taking the largest bank separately
the ank of Virginia That concern went INTO operation
in 1906 and during the time since elapsed being thirty
years. has actually divided paid among 704 in
dviduals according to its returns SIT l79OSO
This sum was paid by Vrginans in the proceeds OF their
labor for the privilege OF using annual average OF
$500 100 of the paper promises of the associated 704 per-
currency. In the year lss the circulation of
the bank 81 Osa $50, and the Richmond office paid
dividend of % per cent In 1921 the circulation fell to
STA s7s and the Richmond office paid but per cent. In
1887 the circulation again reached 1877 $780, and again
the bank paid 30 per cent dividend What an abomable
swndle this If the bank had existed and the
people, instead of giving SIT 900 the bankers for
nothing had spent 900 for specie the State would
now have had sound currency and not only been $l2
100000 richer in hard cash. equal three entire crops
tobacco, but would have all the losses that have
grown out of the continual fluctuations of the ank-
The people are beginning this and the man who
has conducted the bubble for forty years has last been
elected from the Presdentship various charges Of
which contained in the following attempted apol ogy for
it by one of the paper mongers in Virginia print
"The other incident of bills drawn bw man.
uacurer OF Tobacco-also relation Of the lat cashier
which, a period of sudden embarrassment At at the
north, were, with other bills drawn by 'aumber Of
similarly situated returned to the Bank pro.
tested The charge urged by the friends of the President
against the late Cashier that he suffered those bills
of his relation to remain unpaid This charge vague
aud in modern times, general in character, that
have been made at ALL except Gas in the charge just
tced happened to apply to connection of the late
Cashier. The public already understand full WELL that
in the late embezzlement there nothing charged
against the late Cashier, which could not with greater
pr0priey be charged against the President and Drec
Is not this bold easy and eool1 Here is Hnancer with
the most perfect non.cbaance avowing that for bank
officer to lend his relations money and let the lay
without scrupe is scarcely worthy notice. and is
of every day The public have long known
that chartered privilegesto few promote avorsm but
not prepared for bold position
Now, while people submit to this immense taxation for
the benefit of handful of individuals they refuse to pay
the debts contracted by the State because the tax though
small in comparison is levied in direct This
is very marked in the of Pennsylvania. Take the
of the U. s. Bank The number of stockholders was
as follows =
In Philadelphia, I4sl
Elsewhere s in the United States, 1859
in Europe, 1890
Total, 4523
The capital OF this Bank $35 000 and the pro-
fits in 20 of its existence amounted $40 900 OOO
whereof 80 per cent, SOL 100000 to Europe
aud 40 cent eoOO paid out of Pennsy vana
making 100000 paid voluntarily by people who were
shouting hozannas the who received this
enormous amount of money from them if they mpart
ed some great blessing by doing In 1910 Pennsylvania
was on theoint failure for want of $500 pay
interest. The Legislature the 18th June levied
on personal property, estimated to yield 81
Jan ls4l the Governor in his message stated that none
of the tax had been collected and that the county off.
GERS had taken steps in the matter This because
taxation was unpopular In the message of JAM 1892 the
proceeds of this tax stated at 500 OOO instead of
81 100000 Now why are the people willing to give
$4,000 900 to 1900 people for the of their bills
will not pay 81 900 900 for the honor of the is
because the robberes of the Banks have left them with
out the means.