Cincinnati daily press. [volume] (Cincinnati [Ohio]) 1860-1862, 1860-04-12
NInnufaoturIns Intorests and Banking.

We print In another column an abstract of
a report read yesterday at the Mechanics
and Manufacturers Exchange, from the Com
mittee on Banks end Banking, committee
which, II would seem from its title and its
report, is appointed to devise ways for pro-
viding the mechanical and manufacturing
business Of Cincinnati with banking facili-
ties. The necessity for these is assumed as
beyond dispute, although fhe reasons which
are referred to would hardly indicate 1t.
The report states; .t.....
There is no city in the world Of equal inn
portance as manufacturing point, where
the parties concerned are so completely left
TO their own resources as Cincinnati, and
there is no doubt that any measure of relief
must originate with themselves"
If the mechanical and manufacturing in
terests of this city have reached their present
proud position on their own resources, GER
tainly those have proved to be pretty safe re-
lance; far safer than any banks have ever
been. But II, as the Committee say, "any
measure of relief must originate with them
selves" then they are to be left to their own
resources still, and the measure of relief would
seem to be to invest those resources in banks
ofissue, provided the requisite legislation can
be obtained. t .- So
This measure of relief would then be on
the Scripture rule-'To him that hath shall
begiven, that he may have more abundantly;"
for those who have resources are to put them
into banking capital with the privilege of
duplicating their resources by the manufac-
ture of paper money. Would that be mea-
sure of relief % the great body of the me-
chanics and manufacturers? Who would
naturally have the use of these banking facil-
tiles? Is anybody so simple as to suppose
that the control Of these special privileges is
to be used by disinterested and benevolent
gentlemen, to relieve those who need help?
They are the very persons whom bankers
treat to the cold shoulder. A borrower in
need of money will hardly have his paper
classed as A. No. by board of bank direc-
tors. The first duty of bank is to borrow
of the public and loan to its managers. If
AS is rarely the case, there is any surplus left,
1t goes to discount the paper of its A. No. |
customers; men who have large resources of
their own to back their extending operations.
Thus this measure of relief gathers the re-
sources of the community and uses them to
increase the resources of capitalists, and to
build up monopolies.
The committee conclude: H..
While we are asleep other rival cities are
awake and instead of accommodating their
mechanics and manufacturers with few
hundred dollars at a time, at high rates, dur
ing the dull months of summer, give them
all they want so long as they present sat
istactory security, and show that their opera
tions are legitimate. Our policy, too. as a
community ought to beto foster their various
hives Of industry, without which our city
would be defunct-and it is certainly time
that city whose manufactures aInually
amount TO seUenty:fve millions Of dollars had
at least tithe of that amount, in associated
banking capital. -
II, while we have been asleep, we have built
up manufactures which amount annually to
seventy-fve millions of dollars it is possible
that our sleeping progress will compare with
the best wide-awake time Of our rival cities.
Where are those cities which give their man
utacturers all the money they want? 1t
would be pleasing to see bankers with such
bowels as that. And is the fact that on their
own resources our manufactures have in
creased to seventy-fve millions of dollars
annually, reason for investing sat least a
tithe of it, in banking? Or, in other words.
is the remarkable prosperity of our manufac-
lures entirely on their own resources any
reason why those resources should be put
into banking capital?