The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1870-01-12
The Banks and the Railroads.

come the controllers of Legislation in this
country-others say the railroads. Mr..
SPINNER, Treasurer of the United States,
saws the railroads arc the great enemy OF
freedom, &c. Now, we have no especlai
fear of either. Some of the State Legisla-
lures NAV be turned about and bamboozled
by either of these great agencies indeed,
instances are too fresh showing how far q
little liquor and good feeding may 60 with
them las for instance the influence OF Lit
tleield's free legislative bar in Raleigh !;
but such Legislatures are hardly worth the
buying, so little are they to be trusted, and
so easily may they in twelve-month undo
what they have done.
As for any general tyranny to be exerted
by railroads, we have no belief in it. The
subsection of very long consolidated lines
to the legislation of two or more States is a
tolerable protection against enormous i'm
| positions. The force of competition Is
better shield. We cannot believe that there
will be conspiracy between two or more
roads running in parallel lines to swindle
the public. But should both these pro-
tectives fail, there will be an appeal for the
popular voice to Congress, and that will
hardly fail. The Federal Government is
the great consolidation of this day, which
must swallow up and control all monopolles
having national character.
Those minor matters of railroad SWIM
dling--such as watering stock-muSt rest
for correction upon the natural conse-
ouences of such frauds. Capitalists Will
| not be long in detecting their rascaiity, ana
their credit will suffer for it. AS long as
railroad management is made public, there
is no fear that it will not be thoroughly cri-
ticised, and receive Judgment and as open
frauds cannot pass muster with men Who
have money to invest, railroad companies
will sooner or later get their deserts.
But the country is too grcat--tle trade
too vast-the public interests too over
whelming-tbe constantly multiplying con-
duits of trade too competitiye-to allow any
such imaginary monopolies. No corpora
ton in this great country can possibly get
''thc world in sling"
With reference to the banks, they cannot,
from their nature, ever have the form and
completeness of monopoly. The present
system is not that of q great institution
with its parent and many childrcn-i. c.,
many branches. Each bank is confined to
its locality, and its interests take the hue OF
the local interests Of the community III
whose midst it stands, and who are its
owners. So that combination is altogether
improbable-the sectional and party Diff
ferences opposing barrier to any such
thing. Indeed, they might raise common
fund to induce the Government to extend
or continue some favor to them affecting
their banking relations merely; but any
interference by them with politics or gen
eral measures is out of the question.
While referring to these institutions, we
take occasion to say that the present bank
ing system is altogether suited to the new
relations of the States and General Govern
ment. Their currency is oil assured by the
Government, as it is based on the security
of evidences of the public dcbt-the very
best that can be given-deposited with the
Government. The currency thus credited
is good all over the Union-the smallest
local bank in the country, in respect OF its
issues, standing in as good credit as the
greatest bank in New York. This COM
pletes the great object of paper cur
rency-that it shall be respected every
where and equally good in every corner of
the Union. Besides, there is the assurance
that it shall be always kept so; because the
Government has control over the making
and the issuing of it, and will not allow a
dollar to 60 forth that is not firmly based upon
bonds deposited in the proper Government
safe in Washington. For deposits in those
banks there is only such security as there al
ways has been, and We suppose there can
be none other: the integrity and skill with
hulC1l WIG UuAho i'll lluI.S5So' AA1S SoANA
ton is one easily Judged Of by depositors,
as they are daily familiar with the bank in
| which they trust their funds. 1t is the
distant public who handle its notes that it
has ever been the object of Government
| to protect, and in protecting them it keeps
in good repute that currency which is a
| medium of trade, and which, once dis
credited, involves endless trouble and loss
| to q widespread community.
Thus much about the best system Of
banking we have had-one answering all
the purposes of banks-wbose issues are
universally credited and whose very nature
repels the fear of any such thing as mon
strous and tyrannous monopoly.
We see that the Government has grown
powerful more rapidly than wealthy corpo-
rations. 1t is so immense and pervading
in its authority that it will both overslaugh
and overawe any monopoly which may as
sumo anything like national or even extern
sive sectional proportions. 1t must be ire
pressibly jealous, and will not tolerate any
setting up of arbitrary authority outside Of
it's own over the important interests, the
personal privileges, and commerce of the
people. And it may be with great color Of
reason assumed that, in view of the threat
ening character of the money-power in this
country, it is both well and fitting that the
Government should become SO vigorous as
to keep it in check.
The Nav York Tribune will not heliarn