American Lancaster gazette. [volume] (Lancaster, Ohio) 1855-1860, 1857-10-15

IL
Asserting Brokers A am.
We took orcasion, few days since. TO
mpke some remarks Al out class oi mon
lsy Changers known as asserting brokers.
We publish communication this morning
upon the same su jsct, which will be- read
with interests Our remarks were inten
drd for The good Of the G, mnupi!y, and
we cared hui lille whether We offended
ne gully parties o. rot We consider as
sorting brokers. Who collect lhe notes O.
eur banks auu demand he specie, in these
lrou lous times. Ms a course to our pros
PellIy. They do more harm in such times
as these TO the business community than
any other class OF men. and we should
like TO SEE th-m denounced until the at.
mosphere OF Louisville. yea, qf all Ken
lu' KY, would become Tow hot Cor Item to
,hrearhe wllh'any degree Of comfort.
We are told, bowpver that these brok
Fers are pursuing : legitimate b sjness, and
That Ilr y have iiphl 10 buy up The notes
Of our banks aud dempud he specie. We
I3o'no' deny tIal The laws Of the band pro.
lecI them ia their vocation. Ii is possible
irdf+d. that icy do some good by acting
A. check Upon lie banks of issue II
usually turns out lowvrr. that Their
lcheck acts most slrenuously Just at he
| 1me when they do the most harm, The
fact of thtir business heing legitimate.
moreover, does not make il respectable
and proper, II is legal TO establish negro.
prps md to buy anil 81, slaves in our
midst, and vet we should not like to en-.
gage in The business.
There is no law against banker receiv
ing deposits from tie poor and needy, up
To he hour before he closes his doors, and
yet We caunot approve Of such conduct =
The law prIplts u 70, less Shylock to len |
money spd sue his debtors when he can I
pay, md bny Lis property under the ham.
mer ~ hall ils worth and yet we must
[rondtmD pll such ac,s rs these. Neither
do We approve Of The course of brokers,
who. in lhese times Of financial disaster,
gather up theno'es ofour bsuks, and send
them Oft for gold, although the sct is not
forbidden by the law OF the land. They
make money by Incorporation. but they do
j. 70 the Iuin Of Qr business communi,y.-
They compel tbsa banks TO contrast their
issue, wblch al once effects the ruin o( the
business meplNho have depended .upona
more txtrpdrd cirouLlion a, gaa.i
Ii is possible, however, that the mer-
chants and manufactures, and IL FmschNnics
who deposit with such, brokers, are a,
much 70 blame rs the brokers themselves
They go to tbs hanks end horruw mon
ey, and deposit The same with The broker.
The Broker, atfonee assorls the, monls ,
and sends of tho noles..to the different
branches for gold. In this way the de
positor furnishes the broker with the
n cans Of injuring the whole community ;
He enables the brokers lorafry ona war
With the hanks, in WHICH. The nerclrmts,
manufactures. .merhanics DC. ate the
soldiers. who get sI the knocks. and Teel
alla,he bruises. nnd die all The deaths anr'
ltis phin that the deposlor thus fur.
ulshes lhr broker with capital on wliiohntn
net. He enalles him TO make. the banks
ccniIa"l then issue and thus tail to px,eud
acc 'mmodH ions to the ctmmuniv. lie
also ltnds the b dktr money with which to
goguc and ohissel himself Ha may to day
deposit thousand dollars with hIs broker,
ohlwhich he wll get no interest, and to
morrUw Cant borrow Of him i've Hundred
dollars without = paying txorlitant
usary. The r0keriak hsmoney ana
huyS gold or TX, hange and then sells The.
ssnlullo bin at fuinous rates In other
words, the broker has the dtposior's mon
ry lying In his drawer. and he lakes il
an't getsgo with il, and dhen SELLS the
Y ldi,o the 9me drposilor NJ from 3 10 s
p'r cent premium. This is one way ibese
brokers have OF paying interest on depos
its, and IT is The only way in which, they
never fail to pay interest, ,.,,.5,
We do uol know that we have aoy of
tins class brokers in our city. We hope
We have not. They are a class of Shylocks
Il At ought 10 be pculmr to Wall st, and
Cincinnati, BnI ye, il we have auy of
them, our remarks are intended for Them
also, They are ipjuring the community,
and they mus know IT, They are doing
more harm at this particular crisis than Rn
aye cf better deeds wculd atone for. They
are dtpriying the merchant. tho manuiac.
,urer aud The mechanic Of the loans at bank
necessary 70 save them from ruin. They
are using The money Of these very men in
such way us TO etIest l. eir ruin. III
What then. is TO be the remedy of the
evil? There is hut one. The communi
ty should raise such howl Of iliai1na
ton thai no agent nom n foreign asserting
home would dare come in our midst. They
should he treated somewhat like the shye.
holders are seVed when they cross tie
line with their property. Not so bad,
however, MS they treat the elNvehoIder. for
they steal his property, On the cdrtrary.
they should he sent back wltttheir black
catpet'bags oflark notes, not by vioisnce
hui by a deep set public scorn, and con.
tempt and Indignation that 20 human be.
ing could hreast. , 'Fr y '' t'ar'[
AS to our asserting houses at ONE let
the meict ants, manufacturers and .mecban-
ies, and all our people who haup money
deposited with them, at once withdraw
their deposits. If this can be done ip no