The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1866-07-11
The National Banks.

The eubjoined clever article on the National
Bank system Of the country we take from the
Richmond Examiner OF the 9th. We commend it
to the careful attention of our readers:
National Banks" have sprang up with sur
prlsng rapldlty in Richmond since the close OF the
war. Some Of them have been inaugurated by
persons who have been non-residents before, and
some OF them by old inhabitants OF the city. They
extent OF their capital They make greater dis. !.
play in magnificent buildings than in the accom-
modations mod. % which they grant to the people. The
tained, some or il in Washington Oity, sons Of It
In Baltimore, much Of it in New York. It was OBJ
tanned from wealthy friends OF the South in those
so Fey cd
in the belief that the banks would relieve our
peouniary distress and revive the prostrated bust
ness and industry OF our country.
But the history OF these banks has not justified
the appeals that were made at tae time in their
who, In subscribing to their capital stock, thought
to aid the Southern people in their peouniary dis!
tress; The banks have been managed in the in
and Of speoalators who make q trade Of aeecing seeing
the South has been haughtily ignored; although
1t ls the primary interest," the revival OF which is
essential to the restoration Of prosperity to every
other great industry. The manufacturing inter-
ests has shared the same neglect We defy the
enterprises Of Richmond, or Of Virginia. have re-,
ceived any appreoahle aid or encourag cement
from these selfish institutions which are but nests
| OF ravenous broods Of speoulators. The farmers
and manufacturers Of the South have had to go
| to the North for the means which we're necessary
to put their operations again on foot.
What have these banks been doing? They have
lent more money in any single month since their
establishment, to speoulstors in gold and shavers
OF paper, than they have done for whole year to
the manufacturing and farming interests They
have been aetuated by groveLing ideas, and sor-
did notions throughout, and have not in a single
| instance made a loan upon enlarged, elevated and
not be guilty Of the folly which has characterized
some OF their more ignorant assailants, and
charge them with the direct practice of usury.
They do not violate the letter Of the law. They
| know better than that. They would not run the
risk OF taking note Of interest which would work
perfection OF their claim for the principal But il
the noteshaying firm Of Qurk, Cannon and
the market, and then offers the note for discount
| in the bank, there is no bank in Richmond of too
| high tone to throw it out. Nay, we Say it with
shame, II is the policy of all the banks here, 30
| far as our observation extends, to do business
principally in that species OF paper, to the excu-
| sion Of honester paper.
Thus these banks are 91rse to the State. They
facturers nothing for the class Of plain business
men CARRYING on an honest business. They are
conducted in the interest of speoulators in gold,
| in wheat, in flour; in the interest Of mer cilees
usurers. They have given no aid in developing
| the industry Of the State; they have done very,
very much to depress and blast its industry. No
body can afford TO pay the high rates Of usury
| that are current on the streets. institutions
which foster this usury exhaust the vitality of the
| community, paralyze it's energies, and spread
over all its interests the pail OF despair They
| are an abomina ation and o curse. ~.