New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-09-11

crops TO market. ready to make any sacrifice 70
get railroads built doubt il there can be any gen
eral uprising among the people of Missouri against
railroad extortiOn until the lines reach larger pro-
portion of the farmers You may give farmer nv
ing fifty miles away from railroad n mathematical
demonstration that the road when built VIII taKe
three-fourths of his crop for carrying the other
fourth to market, and he win look around ON ms
cribs overhowing with corn and whe&a aosoiuteiS
worth nothing in cash, and go of and vote bonds
and the most unheard-of privileges to any monop-
olistn who viii build him a railroad Years after
ward when he sees the stock for which he gave his
bonds wiped out, the road passed into new hands
and earning large dividends on watered stock, he
NAV wake M to the fact that be was too generous.
And even then If be was obliged to choose between
no railroads and their extOrtions he would submit
to the latter and wait for better times
THE FARMERS OPPOSITION. TO THE NATIONAL BANKS
Another monopoly winch Mr.. Allen told me he
found the farmers Of Missouri very generally COM
plaining of is that of the National Banks. They
think thatthe granting of special privileges TO these
institutions operates against the interest of the
people in two ways-first, by making an unequal
distribution of currency, and secondly. by main
tanning high rates of interest. was conyersing,
few days ago. with Missouri farmer who came to
this State two or three years since from Central
Pennsylvania, and as he put into more concise Ian
guage than any one else have met, the ground of
opposition TO the National Banking system, l ven
ture TO repeat substantially his words bere
Il hold" be said, that unjust burdens are
placed upon the people whenever any men OF class
of men, by enjoying special privileges, enabled
to realize unreasonable profits Oh any service they
render to the community, and it is on this account
that / denounce the National Banking system as one
of the most oppressive monopohes of che present
day. Take case that came under my own observa-
ton in Central Pennsylvania. Three men, two law
vers and one business man, established small bank
in village where there was none, about fifteen
years ago One of the partners held a State office,
and through his influence at Harrisburg secured
deposit of $1,000 from the surplus fund of the state
Another of the partners took charge Of the business
and they opened their house without paying in
dollar of the nominal capital Of the firm. They
made arrangements with Philadelphia and Harris
burg banks to give them aid in ease they should
need il for few days. and with that $4,000 of State
money and portion Of the deposits tAey at once re-
ceived they began discounting notes short time.
The State deposit, though often drawn upon,
was generally from $4,000 10 $1,000, and the bust
ness was 50 prosperous that in a few years. though
no diyidendshad been made, the profits amounted to
$4,000 and paid up stock for that amount issued
to the partners for which they never paid in a dol
lar Then Congress chartered them a National
Bank. With their $4,000 capital, which the bank
had already made out Of nothing, they purchased
six per cent bonds and deposited them in the Treas
ury Department There was six per cent on their
capital which cost them nothing, to start with.
The Register of the Treasury returned them $4,000
in National Bank bills These they used TO discount
notes at rates that neted them less than 10 per
cent or per cent on their capital. That makes Is
per cent. In the meantime the town had grown
rapidly. DO other bank had been established and
their individual deposits of course increased year
by year. The profits they made on these and on the
State money which they stin held, two OF three
years agO, made nearly 10 per cent more. So here
were three men who did not add dollar Of capital
TO that town. but by the enjoyment of these special
privileges of which we complain, first collected from
the people $4,000 in cash. and then took annually
from the same people % per cent Of that amount for
the u.s. Of it. That is what | cali a grinding mo-
nopoly.'
THE BANKING SYSTEM TO BIZ ATTACKED.
How would an abolition of the National Bank
ing system remedy this y ! asked.
" In the first place, we would stop the interest on
the United States bonds that now represent the cap
ital of the National Banks YOu the Govern
ment could issue greenbacs in the place of the Ma
I'D and stop the interest on 90 per cent of the bonds
now owned BY the National Banks. That would
help us some. The farmers are beginning TO under
stand this question and you win fewer men in fu
ture Congresses who either own National Bank stock
or are owned by the National Banks We farmers
think il inst about as Indecent for men who are
getting rich by the enjoyment of these special bank
ing privileges TO vote on questions affecting those
banks as for them 10 vote themselves back pay and
pocket it. Now. what is there In having such
a man as Mr.. Samuel Hooper for Chairman of the
House Committee on Banking and Currency He
nav be an honest man. bat nobody has any right to
EXPECT him 20 report measure TO reduce the IN
reasonable profits of the National Banks"
think there is no doubt that the National Banks
will next to the railroads. receive the attention Of
the anti-monopolists Of the West Very few of the
farmers comprehend the system as my friend whose
conversation have quoted does, but their public
speakers and newspapers are fast educating them,
not only in this bat in other Western States and
hazard nothing in predicting that the friends OF the
national Banking system viii be called upon before
long to defend it against a determined assault
than has ever yet been made upon il in Congress.
DEVICES OF TIE FREE TRADERS
great many Of the farmers. of Missouri, Mr. Allen
informed me- believe that protective tariffs the
source of all their troubles and there is no doubt
that considerable proportion of the farmers in this
state really believe that if duties could be removed.
everything they have ITO buy would be much
cheaper. This idea Is fosteTed by every interest,
and by every that now adds his p OF 80
per cent profit 10 an article he sells the farmer
A man comes 20 st. Louis 10 buy plow hoe
sewing-machine, and is charged p per cent profit
by the middleman of whom he purchases. He com
plains of the price. aud the trader begins at once TO
talk about the tariff iron the ships
carload of corn TO ST. Louis, and j. the rates
to him TOO high, the freight agent begins stump