The Washington union. [volume] (City of Washington [D.C.]) 1857-1859, 1858-01-09
BANKS IN GERMANY.

In abiding to the fact that Frankfort has up to
this time remained exempt from any known, heavy
losses or open failures an intelligent American re-
siding in that city says, under date December !:
esThe Bank of Frankfort maintains its accustomed,
upright position 1t has circulation OF 9, 7855O5
orns and 75SO,3OO forms in specie to redeem it, =
This we would consider pretty safe concern--so
long at least as its affairs conducted by honest
men, under due share of responsibility to compe-
tent authority But in the letter, wo find other
passages which represent the Bank operations of
some of the German States in less favorable light
Thus
..In regard to the credit bank joint stock bank
shares reputation of which, taken in general has not
been the best during the present year. may be said that
Germany has not been behind in adopting the system OF
credits aoilier SO much extoed by scheming nancers,
and so fayorably received by deuded public. Even
the smallest German States with neither commerce
manufactures of any Importance appear to deem it an
Indispensable appendage to foster some banking establish
mcnt of its Amongst the most interesting OF these
wicked little foundlngs the credit bank OF Breckeburg
eckebure is the metropolis of of the putan States
of the German confederaton-the prncpaty OF Scham-
burg -Ippe State which covers the enormous area OF
200 square miles, about twice the size OF the
District of Columbia and boasts Of the astonishing num-
Der of 30 1876 inhabitants who have not yet emignted
But still the enterprsng fnanciers of Schamburg Lippe
thought it in accordance with the speculative spirit OF the
age to open bank establishment at the princely resi-
dence of reckeburg The Bank of Breckeburg has
na capital of twelve millions thalcs and is authorized
to issue notes to the amount Of thirtysix millions
correspondent writing from Berlin, under date
of December 8, complains justly of the exaggera-
ted statements published in the leading journals
throughout Germany relative to the bread-and-labor
movements which took place some time since in a
few Of our large cities without, however, anything
serious or even alarming having occurred. Our cor
respondent adds :" During the most dangerous Pc
Rod of the American crisis the German papers were
full of exaggerated accounts of revolving and bloody
cases amongst the workmen of New York, Philadel-
pha, &C. 1t may, therefore, be interesting to state
a fact connected with operations Of the crisis at
Berlin Mr. Borsig one of the richest and most en-
terprising men of the city--the proprietor OF the
largest European machine acknowledgements with
some difficulty on Saturday last december 81 in get
ting his bills discounted at tho Prussian Bank, as
heretofore What did he do Why he threatened
to discharge at once the whole of his $500 work
men. The threat was sufficient. Mr. Borsig OBJ
tanned the money without further argument because,
even in the well police-regulated Prussan capital,
there was greater fear of unemployed workmen than
in the unpoliccprotected cities OF The United States
We fear this novel mode Of raising the needfll
would prove totally Intellectual with our bankers in
this country, as the patient endurance OF the labor
ing or mechanic classes of our people has 30 often
been subjected to the most rigid test and no violent
demonstrations have yet been made. In this co''n-
try we accustomed to look for redress Of grev-
ances, bank well as Others to sound public SEN
timent and faithful execution Of the laws to which
such sentiment gives birth ~