The Evansville daily journal. [volume] (Evansville, Ia. [i.e. Ind.]) 1848-1862, 1858-01-09
TAs POLICY OF ORR RANKS.


TAE POLICY OF Orr RANKS.
1t is apparent from the reports Of the
condition of the. Western Banks that
they have become almost exclusively
dealears in Bills Of Exchange. Their
policy is to promote trade--to help the ex-
ports Of produce to create specie balances
on which they can draw for the easy and
rapid redemption Of their circulation.
Shippers only can look them for accomo-
dations;- all OF their customers-msst be-
como produce exporters. No coun-
try ever prospered through three
generations by the expectation oil
the crude products Of agriculture
In the earliest stages of new coun-
try, shipments of the products Of the
earth. are OF necessity the only elements
OF its trade. But the Ohio valley has
passed that stage, and its Banking Insti-
titions should be organized to encourage
q change Of pursuits and industry. To
Evansville especially such policy of her
Banking Institutions would be unfor
tunate. The area OF her trade is being
constantly diminished by the course Of
Internal improvements on all sides OF
her. II her chief dependence is to be
upon her commencement above all upon
her exports Of agricultural produce to
points where specie can be procured for
her banks-if to furnish specie to her
banks is to give direction to her trade,
her destiny is limited one, and the end
oft is already visible; she may as well
yield herself at once to the possession Of
her banks, and become their dependent:
and servants.
We are glad to see by tho recent re
port of the President of the Brancl
Bank to the Stock holders, that while hi
urges the necessity of basing their cir
culat!on principally upon sound com
mercial bills maturing at points that viii
furnish the bank with Eastern exchang
and specie. he recognises the necessity
Of appropriating good share Of TIL
capital to fostering home industry an
affofding all the facilities in the power Q
the Bank to aid the operations of on
mechanics and manufacturers. Durin
. part Of year, in the intervals Of tn
chief commercial operations. large POI
ton OF the banks permanent capital Cal
be employed in aiding the local enter
prises Of the city.
But the prosperity of our workshop
ought not to depend upon the partia
and casual assistance of single bank {
issue, whose means Of accommodation
are Of necessity fuctusting and uncel
tain, wfere it has the chief facilities "a
our exports to furnish.
The future Of our city is in the ski
and strong arms OF our Mechanics IN
Manufacturers. To support their in
dustry we have exhaustless resource
and unusual facilities. All they need [
secure their own prosperity and pr
mote the growth Of the city and make
home market for all the agricultural pr,
ducts Of the vicinity, is full supply
capital to build their establishments an
proper Bank facilities to enable them ,
purchase the raw material for . perio
long enough for them to turn it out Z
an article for use and sale.
If this city ever advances far beyou
her present limits it will be by Il
growth Of her manufactures. To maj
ufacturers and mechanics, bank accom-
modations are as necessary as to me
chants. We must have an institute;
that will grant these facilities to then
A B,nk of Deposit and Discount.-if OF
antiquated usery laws were abolished, ;
could lie established, which would {
more to promote the industry and pro
perity Of the city than all its presel
trade. by helping its mechanics. If Il
Legislature will not repeal the usuI
laws, it could pass an act allowing a
sociations like the building societi
to charge conventional interest amol
themselves, and by uniting in bank
Loan and Deposit, our Mechanics Al
Manufacturers could provide q way
procuring Bank accommodations. at lea
at rates as favorable as the merchan
procure the discount of bills. There
large amount of idle capital in {
hands of farmers and others that wou
be deposited in an Institution with s:
guarantees that would pay fair rate
interest on time deposits. These wi
its subscribed capital could be loaned
10 or IL per cent. on good homo pap
and the Institution msds profitable
its managers and perhaps more benefi
al to the public than athe Financi Il Re
ulator of the whole region to which