Staunton vindicator. [volume] (Staunton, Va.) 1860-1896, 1870-01-07

FRIDAY MORNING, JAN. I, 1870.
: The money question is that most talked Of
in these times. From every part OF the
country, as we'll as this State, comes the cry
of hard times. and incidental thereto among
business men the National Bank system and
National Banks come in for their share of
discussion and criticism. As to the system,
we have nothing to say now, but in regard
to the National Banks of the South and their
interest in and effect upon Southern commu
mites we shall, as duty we owe to our peo-
pie, have word or two to say. Judging
from the National Banks in this locality, all
in the South we're started largely by the cap
ital of Baltimoreans and Northern men to
aid in building up the pecuniary interests of
the people Of the South. These foreign stock
holders, as many of them have repeatedly
asserted, did not take the stock in Southern
Banks with the view of reaping pecuniary
profit directly therefrom, but, as we have
said, solely to aid in building up the pecuni-
airy condition ofthe South and increasing the
field of their then contracted trade. Started
on this idea and for this purpose, some have
loaned money at fair rates to those asking
their assistance, while others have loaned at
most exhorbitant rates, or else refusing to
discount on account of scarcity of money!"
have either bought the same paper at an
enormous deduction with the same ''scarce'
supply Of money, or sent the individual to
third party, who was furnished with por-
ton of this "ecarce" supply, with which to
buy up good paper at large discount
This torturing the legitimate system Of
banking and converting the Banks into mere
shaving shops, to play upon the necessities
of the people, has enabled many to pay large
salaries to their officers and set aside hand
some per cent to their surplus fund and de-
clare very large dividends to their stockhold-
ers
Now this is all wr5ng. The Banks were
started in the South, as we again re-iterate,
for the purpose Of aiding the Southern peo-
pie and should have that end strictly in view.
Instead Of shaving them to the utmost ex-
tent, when needing assistance, to increase
the dividends Of stockholders, (Which in some
instances has ranged from 20 to 80 per cent.
a very large portion of which is sent to
foreign stockholders, never to return, there
by impoverishing to that amount the very
communities they were established to aid, }
they should SO manage their affairs as to rem
der that aid to the people which was the object
of their establishment Let them cut down
expenses. Some cashiers receive large sala-
RIGS, while others doing twice the business
get not over half SO much. Clerks, Tellers
&C., may get but moderate amounts for the
work they do. but we know there are leaks
somewhere. Then, We repeat, let them
cut down expenses, loan at fair, living
rate and though they may not declare large
dividends, they will have benefited commun-
ity much more, and indirectly largely ad-
yanced the interests of stockholders AS
the meetings of Stockholders takes place
everywhere in few days, we beg leave to
call their attention to the much talked Of
and crying evil of National Bank misman-
agemcnt and to take steps to corrcctit Elect
directors who will look to the interest of
community, as indirectly efecting the inter
est and efficiency of the bank, and will not
agree to pay large salaries to officers, sim
ply to pile up large dividends, drawn from
the necessities Of a people struggling with
pecuaiary embarrassments, but giving fair
salaries and content with fair rates Of inter-
est, really aid the people Of their respective
localities
If the stockholders do not attend to this.
and prevent their institutions from being con-
yerted into mere shaving shops, they can on
ly expect squalls. Some individual, extorted
upon, will, with the U. s. Banking Law in
his hand, not only defy them. but recover
from them double the amount of his shauem
note. Attend to this ye stockholders, in
your approaching meetings, all over the
South, and let "a word to the wise suffice. :"
This number commences new volume Of
the Vindicator aud the eighth since our con-
nection with it as Editor & Proprietor In
that time we all have passed through trials to
which few people in the world have been
subjected, and even at this late day are SUBJ
iected to the conditions of those who we're
victorious alone through might.
In this trial the indicator has endeavor-
ed to yindicate the cause Of its readers and
locality and has raised warning voice
against every thing that initiated against
their just rights and their interest The
past seven years, with the course it has pur-
sued in that time, is the only guarantee We
desire to offer, that the interests of the peo-
pie of Augusta, the Valley and the State
will huge the earnest support Of our Journ-
al.
Since our connection with the Vindicator,
We have endeavored to increase its value to
its many patrons, and in cur hands, it has
grown from half sheet to the largest in
size of any paper in the State We only
cite this as an evidence of what we propose
in the future, should We meet that increased
support, which it is the interest of every in
dividual in this county and section to rem
der.
Iln Aa.,,,, Ira lo.uo., H.. Al