Shepherdstown register. [volume] (Shepherdstown, Va. [W. Va.]) 1849-1955, 1874-02-07
For The Register.
BANK AND FACTORY.

Our town is old and improving very
slowly, if at all. What is the cause OF
this, and what can be done TO make it
what it should be, a fourishlng, busy
place.
One cause is the high rate OF interest
which has directed money from its pro-
per channel, namely, the employment
of labor with the legitimate and usual
result fair remuneration and prosperi-
ty of the laborer, aud the increase OF
capital.
Ten per cent. dividends aud interest
on deposits induce capitalists to curtail
or stop entirely their different enter
prises which employ labor, and invest
their money in banking operations,
which demand and obtain more interest
than this section Of the country can at
ford to pay, consequently the most OF
borrowers are getting poorer, intrench-
ing on their principal slowly (perhaps y
but surely.
We do not wage war against these
banks. We do not believe it right to
create ill-feeling, and thus array one
class OF society against another to the
detriment of both Moreover you can
not convince a man of error by abusing
him.
Our aim is to find remedy-not like
"Observor" by cursing high interest
men, and hanging them to lamp-posts,
but by devising measures that will re-
duce the rate of interest put capital
in manufacturing establishments, en-
ploy the mechanic and laborlng man,
create a market for the farmers pro-
ducts, thus tremendously and bringing
in direct cooperation, what by the
thoughtless are deemed conflicting in
terests.
The first measure we propose Is a &
per cent. interest bank Of $4,000 to
100000, to he located in Berkeley or
Jefferson. Put the shares at $40. Get
men of large and small means to take
stock. Get all interested in its prosper
ity, and give the preference to stock
holders and depostors as borrowers.
Forbid spectators having any control
over said bank, also forbid the purchase
of bonds as investments, and only use
the money for the accommodation OF
the people. Such bank would not
only relieve the people by lending them
money at rate of interest they can at
ford to pay, but would create competi-
ton and thus have tendency to reduce
the charges of other banks. The ne
cessary amount can easily be raised if
the friends of the scheme will be ener-
getic Talk about it, write about it.,
and get every one to take stock.
The second measure we propose IS a
wooden factory to be located in Shep-
herdstown. Make it a joint stock com
pany, shares IS. The stock to be Ia
ken by the citizens of Shepherdstown
and the vicinity. We are able to do
it. Look at our bank-capital 100000
deposits over 100000. Let some of
this money be invested in mannfactur-
ing wooden goods. A kind Providence
has given us good water power, but
we are neglecting his gifts.
Get the laborer, mechanic, farmer,
merchant, and professional man to take
stock. This will accomplish two OBJ
jects-frst, the capital to start and car
ry on the factory; second, make it pros
per, because all are interested. The la
borer will give the best possible return
for his wages, because he is stockhol-
der and wants a good dividend. Thus
the laborer is both capitalist and labor
err. No conflict, no accusation that he
is oppressed by not getting fair wages.
He is directly interested and represent
ed, and knows that as high wages are
paid as the profits will afford. The
mere capitalist will favor fair wages,
because they encourage the laborer to
work faithfully.
Let us have a public meeting at an
early day to discuss this proposition.
Adopt or modify it, or resort to other
means to make Shepherdstown grow
wake up her citizens, for the most of
them seem to be asleep. The high in
terest men are watchful and gathering
bountiful harvest. May they search
for their hearts and open them to the
general prosperity, of which all are par
takers
SEVERAL CHANGERS & MECHANICS.