The workingman's advocate., 1869-12-04

From the foregoing table, It will be per
ceived that the banks were indebted at the
above period to the amount of from Sl01, :
\ 272, 468, up to Sl1O,12S, lO4. Their
average indebtedness, including the refund
ing of the capital stock to the stockholders,
was SIO6,931, ,OO4. Their average amount
of their specie at the different periods as
above, was 50, ,119,0O1 Deduct the specie
from the Indebtedness e., $9,119,00
from $106, ,931, ,004-and we have left S97 )
S12, ,003, which sum must b been can
celled by paper. Our banA have specie
enough to redeem only about one-6fth part
Of their capital stock The balance of their
capital stock, the redemption Of the bank
notes in circulation, and the payment Of the
deposits, are secured by the indOrsed notes
of the people, binding the property Of the
drawers and indorsers. Their property as
much secures the ba k-nOtes, as it does their
own notes. The bank-notes are represen-
tatives of the property of the people, and
not representatives of the property Of the
banks Not a single dollar Of the paper
issued over and above the actual amount of
specie, is secured by their capital stock, be-
cause, if none of these indOrsed notes and
bonds Of the State we're ever paid, not
single dollar of the Indebtedness of the
banks, either for bank-notes or deposits
above their actual specie, would ever be
paid. The S97 7,812,003 would be total
loss to the holders of the bank notes, to the
deposirors, and to the stock holders.
The interest collected on the indorsed
notes and State bonds supports the
banks, and pays all their extravagant ex-
penditures in granite buildings, salaries of
officers, ETC. They can pay their presidents
and cashiers from $4,000 to S., 900 each,
and other expenses, house-rent, etc, in pro
portion, to the amount Of SAC, 900 or $780,
900 yearly They also pay to the stock
holders from three to FIVE, six, or seven per
cent in dividends every six months. The
banks, under legislative authority, make the
public furnish the capital, and then pay in
terest on this capital. But although the
industry Of the people supports the whole,
they have no voice in the management. The
directors in the banks can at any time call
upon them pay off their notes and cancel
the bank-nOtes aud if they fail, they are
blamed lor over production and Over-trading
When the banks contract their loans rapid
", and distress the people, the directors are
said to be prudent and judicious managers.
Yet if the people should demand specie, the
banks could not pay it, unless they could
collect it out of the indorscd notes of the
people. But these indorsed notes were
never founded upon specie, and could not be
paid in it, because the d.awing and indOrs-
ing of the notes by the people, and the en-
cravings Of the bank-nOtcs by the banks,
and the exchange of the bank-nOtes for the
indOrsed notes, do not create gold and
silver coins to pay either the hank-notes or
the indorsed notes. There has never been
time wien the banks could have paid
specie for a week, for their average deposits
are more than three times their whole
amount Of specie.
To BE CONTINUED
PRINTING TELEGRAPH MACHINE.-
Charles T. Moore, White Sulphur Springs,
West Va.-Ths invention consits of a set
Of sending apparatus, a set Of receiving oPer-
ating apparatus, and a set Of apparatus for
" calling" the Office or station to which the
message is to be sent, all conveniently ar
ranged upon stand, and adapted to work
in conjunction with similar machines at all
the stations, and capable of communicating
with all the stations simultaneously, or with
only one, as required.
A New SULPHURIC ACD.-Professor
Shutzenberger has discovered a new acid
having the composition $50 ho." He calls
it hydro sulphurous acid; but a standard
scientific authority says it is undoubtedly
the true hypophospborus, analogous to by |
acid, &c. This term how
ever, is unfortunately employed for anO-
ther acid, the composition Of which has
OF late given rise to some discussion. 1t
is formed when sulphurous acid is placed
n Ot r