Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1870-04-23

NM u |||4I. |I'Il'I a. |t
MASurAcruREs,- There is a good dea
of truth as well as satire in the following
communication. But there is way u
start factories here without borrowing
money from bankers, and that Is by co
operation. When the fuss and furry o.
the election is over, and few spare mo
ments are allowed us, we will give a plan
by which our industrious people can be.
come wealthy. Anything that will tend
toward improving and building up Mem
phis we will publish with the greatest
pleasure: 900
To the Editor of the Ledger:
notice an article in your paper OF
this date, headed What we want.
What we want in this city is mauufac-
lures" etc., etc. Now, Mr.. Editor, this is
what we require to build up our city, and
TO show you how easy it is to establish o
mandatory here, l will state, of my own
personal knowledge, u few items. A per
SON starts factory here; probably has
not more than enough capital to get fairly
started; wishes to get few hundred dol
lars TO pay off hands until sales are
made; enters bank for the purpose OF
borrowing it; approaches the President
or Cashier, and the following conversa-
ton ensues:
Mr. President, wish to get this
note discounted to enable me to add TO
my supplies or pay my hands.
President lin a very dignified mannerl
Eyes, sir, we will discount this note il
you can get us some collaterals.N
Manufacturer What do you mean
by collaterals?"
President-"Depost with us gold, city
scrip, United States bonds or State
bonds
Manufacturer" | have none Of these,
or would sell them and put the pro-
ceeds in my business.
President Sorry for you, but we do
not discount without collaterals
Manufacturer leaves with long face,
meets on the street moneyed man, after |
his rebuff at the bank, approaches with |
diffidence, and asks what he will charge !
for few hundred dollars for thirty or
sixty days.
Moneyed Man" Well, sir, | will take
your note at 8 per cent. per month.
Manufacturer cannot afford To 1
pay that much, but as | am needing
money very much to-day wouldbe willing
to pay ] or per cent"
Moneyed Man" Two per cent? Sir,
10 you wish TO insult me by offering 2per
cent? | never lend for less than ) per
cent
Manufacturer stops on the corner of
he street to collect his thoughts after
such kind treatment. Finally he remem-
1ers that his young friend has no capt.
al, but has new Office with sign out,
g & Co., commission merchants, ETC.,
concludes to pay him visit. Goes to his
,fiice, find - sitting back with cigar
n his mouth, enjoying life hugely.
Good morning, -; how are you,
NJ? take seat. G., how is bust
less; making any money! Not a
emit haven't enough to pay my board
ill" MI wish to raise few hum
lred dollars to-day" "All right, old fel-
ow; if you win give me p per cent for
! will accept your draft for
What you want at thirty or sixty days,
Can you get it discounted" Easy
nough; fill up the draft and sign it, and
yait until come back, as will have to
o to - Bank" NJ 1T is no use
.oing there; | have just tried him."
Wait and see. Friend goes out, re-
urning in ten minutes with proceeds of
ote discounted at pei cent. who
id this for your" - Bank did
Ill ]
ave taken a few drinks together. Said
e was glad to accommodate me with
he discount. All, old fellow, you do
ot know how to manage the capitalists.
luit manufacturing, or rent an Office
nd put out sign as commission ner-
hant, and you will get all the nepey
GU wish" Which is fact :
If you think this worth publishing, so
S to induce persons to go into the
business in this city, ]
ill give you some more items in my
ext Respectfully, MANUFACTURES.