Staunton vindicator. [volume] (Staunton, Va.) 1860-1896, 1870-02-04
For the Vindicator.

Mr.. Edttor Il saw an article ill a late
number OF your valuable paper, signed "a
Citizen" setting forth the Importance of es-
tablishing manufacturing enterprises in our
town. l agree with him that it is most i'm
portant that zee, as a community, should so
shape our course as to induce parties Of cx-
perience and capital to invest their means
here, in such manufacturing enterprises us
will insure permanent prosperity, and think
the suggestions he makes are good and
should claim the attention of our leading
business men, so that, when we get control
Of our own affairs, his plans may be adopted.
But this is not ali that is necessary for
our prosperity. Some change in the man
agement OF our Banks is most important
No legitimate business can pay II per cent.
for money. much less from 3 to 5 per cent.
per month, as I understand is the case in at
least one of them and presume it must be so
as the Board Of Directors now give their
Cashier a salary equal to 3 per cent. on their
entire capital stock.
Now what We wan is a Bank that will
take good business paper at fair rates. 1t
may be that 3 per cent. is not enough for
National Banks with small capital, but I am
sure that s per cent. would pay a dividend
of 10 per cent. on the capital stock. which
ought to satisfy any reasonable stakeholder
When these Banks were established here it
was understood that those merchants in the
Northern cities, who took stock, did so for
the purpose Of assisting the merchants and
business men in our community and not to
rob them by charging u%surious rates for
money, and make IS per cent. annually, as
they are now doing. I would just say to
these Northern and other stockholders, be
careful or you may ''kil( the goose that lays
the golden eggs" Our merchants buy their
goods in Baltimore, Philadelphia and New
York, perhaps from some Of these very
share holders and the time may come (by
constant shaving by the Banks they have
established here for our benefit when these
Stanton and Augusta county merchants
can not pay what they owe them for the
goods purchased. Now the question for
them to decide is, whether they prefer to
continue to sell their goods and get the
money, or take 80 per cent. on the few
shares OF Bank stock they hold in our Banks.
The fact is, Mr.. Editor. too many of our
people are engaged in the blood thirsty bus
mess OF shaving. 1t seems to me that it
pervades all classes Of society and that each
man is trying to see how much money he
can make out of his neighbours necessities.
Now let me urge upon all. people, Ban
kers and others, to be content to DO a legit-
innate business. if it don't make quite as
many greenbacks. I am sure it will create
a better feeling among our people and i'm
prove the business prospects Of our town and
county. 1t certainly is no i~nducement to
men experienced in manufacturing, and
having the means to build up manufacturing
establishments in our midst, to learn that 3,
. and . per cent. per month is demanded
and paid for money here. The present usu-
rlous rates of interest, on the contrary, is an
impeachment to our advancement. And with
the assumption with which I started, a change
must be effected in the m~anipulations of our
Banksand others. The frowns Of community
now gatheI. against the cxtortions practiced.
But the people must put their thoughts and
feelings into practice. They have it in their
power to put down usury and they must do
it. Then We can induce capitalists to invest
IN our midst in Legitimate business, such as
"a Citizen" suggests, and I AIN sure it will
stimulate enterprise, thrift and industry
among our people, and start US On a sure
road to wealth and material prosperity.
STAUNTON.