, 1875-05-13
MONEY AND COMM ERCE


kOu fouNQ no tkHtFt+ n lCkl HeA A4AA1 ~ aoI
. year u per cent. In smother case, whcre manu
facturer who seldom has occasion to make an! paror
discount offered his nco to bank that almost never
5edA concsesiopa fts rato uf 10 per cent, It WAS
1aken ut per cent. There arc qnito nnmbor Of i'll
stances whers through SLOW collections. light Tacs.
delays transporting manufactures to listaut
tets, ~ Across thn nocfyl Mountains cr
tulu tho Lake Superior regions, mershnnta anti
manufacturers who srs ntaoet neysr ans-
rovcra anl II convenient to Offer thor PAPER far dis
crunt. Tho ba1ks tako a1 such at very favorable
rates-out "of' roycrence for such papcr" ~ ono
cashier explained wo did not liko TO admit that the
ratio Of interest was declining below the old-iasonea
figure OF 10 per rent. Ono Of nuE heavc capitalists,
who borrowed $101,0 ,0aD few months ago In one noso
and wnnts 10 repay 1t bcfore maturity, il mt ho"ca
10 do 10 by hta hank, which Is only too glad to have
that amount IN aven Ut low rate and docs not hco
Wllsre to employ II ngain 1t profit.
Hates Ct t3lfcouut NJ the banks arm GGel0 PER cent.
On ths street there Is angula !nqutrS from 9cstt-
abe borrowers an rates catlcr ut s@a PER cent.
New Fork exchange remains weak at Coo pre-
MUM bc!woen l,anks for f1.'aO.
Tho movement Of currency frou, OF to The city ss
light
. Tho e,ea1inss wars s, ,7oe,0to.
now counterfeit IS In circulation. It IN apras-
entity altered from tho plato which Tho counterfeit
IS on tho Traders Natlona, Dank printed. isa
IS counterfeit Tho F1rst National uans ot Canton,
ILL.,, and b. executed "A to dsceive most perAons
.unless 1t Is carefully examined.
sAyfxus EAKKs OFFICIALS As LEGISLATORS.
II is not IL Illinois alone that savings bamkA officials
60 10 tho Legislature Rnd their position thcro to
control legislation concerning the Savings banas The
Hon. Henry Rn!th, prosideut of the Homo Barlngo
sank Of noston procured election to The assac'si-
betts Legislature. Ills chief wort In the last session
t1,na bc,n to dcsoat bill introduced by E!zur Wright,
in which vsry sautary provisions with regard to
the sayings banka wcre incorporated. History repeats
itnelf. Tho ttng happened at ths last session
Of the Illinois Legislature. Tho President Of Chtca-
go savings baut got elected 10 Tho State senats lila
sole achievement during tho scstpn waR to prevent
Tho passage Of \ bill TO give Tho irresponsible
savings banks Of this ssato state suleryt-
e&on Tie parallel IL perfect except TINT tho
Massachusetts bankcF-cgh1ator Taa not, ~ wM his
Chicago protoyTr, Chairman Of the C1nntttcc Oh
Isnks mi uarkIug. and thorefora officially respon-
sibia for tho failure of tho bill.
Considerable indignation has been Awakened IN
Boston hy this conduct Of the President If savings
lank, and tho Hon. josiah Quincy gives expression to
H. letter printed III Tie Uoltoi Adrtr::s:r Of the
lolh ina, ant addressed to tho Hon. ueusJ Smith,
SENATOR anh President Of TIC lloms aaYsn.l Dans.
Ihere t much that Is admirable AMI Timely III thin
letter, and, with some change Of naues, e.c, ap-
ricable to savings banks generally, that although tie
letter unusually long for our colunn, We lriut the
mont OF herewith, emitting one or two passsgoa Of
no interest here. II Is entitled:
,1t1R DrT1rs DF8AyIH03 nASKsA AND THEiR DANCERS.
LII the newspaper notice Of your speech, BY which
Thousands Of workngmen, you arc rcportcs ~ sayng
that you 'nut aware that tho ssynes banks Of tlo
eaaraon eSnay n'ef e hs a%esen i St nnaie fos
passed Jour Iank Tho oslor day saw riscardcd IN
large letters uat 5on pay por cent On deposits. sou
NO 6uAnAsTs*E CAPITAL,
md yo credit rests simply tho nane Of your cor
Poration aud tho faith that deroHarn may he indured
to plscs tn The character and Alttv ut Tho mauago
Yueut,
Continuing nj walk, canc to the Trust CompanyiA
aGsi BY ass tnaneirrs. lrarn inquiry that they
ipay would
j DESTROY CONFIDENCE IN TIE nANg,
snd prohahly e1rosa tler excellent Act,,nry to fnju
41oua s,isr.c,ons. uuY,trs would It ouce ask,
How hs Compar. altorsl to offer, In the prstent
Eta:e Of the nns5 mastes, saeh percentage for the
ak yon Why It Il that an Institution with large
guarantee ealtta 1n,nsRed by en 81 wealth aud
,tnJur,uy it, credit, when "aytnEa bank with no
;Euaaa:os capital aud lnannce1 by ne,l almost un-
!LGuwn it, thn buaincsa community, undertakes to 20
1T. can aee hut une answcr. In tho trst case the
deposisasr are shsewd ncn Of husinesa III tho aeco
WORKING MEN Asn WOMEN
ntta rtilesl iu qucations Of tl,l.uce.
Quo of tho nhlest Eseaiden:A ot savings bank uho
that stle1 careful calculation 1t WA fon tl,a. 1t
coM not pay a taxes aud c4Ecnses an do honesty:
t,reas every cent af their money "aa arl"!Y I-lo
Tic report Of thu conns!.sotrs. f tho ar.ngn Hanks
for e ~; o. an D a ce eas .,a:Ks wo1e
purchased At the aYesago premium, and seeing thss
nearly haH af your Investments on oann wers a. onIy
pcr cent do mt nee, EuAunHE tho opinion u thu
sarnga bank President tn bo correct how yo arn able
even II yon made loepea and kct al! your mouey
drawing Interest," to pay is da w ror eent'o soaf
WITHOUT 1syn1ao1Sa ON roun CAPITAL.
Tour 10 pcr ecnt loans wcro not, IN my upusou,
sufficient to mike IN tho difference,
Jtfh $f ftet
sdscrsr, .lo but yuu must Infringe oil your
expilal by paying per cent 3nterert, not from tho
fneone Jour inycst.nents but tEotn TITO property Of
tbs dsposttofa the1nsoYeo.
. ON THE MANAGEMENT or THE BAv1t'1a DAHRs.
Than any ot!ss thing t4e ansnsiai tn;e5es. Of
nble deaua In Aono cases chi notice Of thlsy
Tss ssy, rs 0n ~ s s,1e, .%s, VII na
sess st eFowti, ans 9s1y issate laaro. Let sup
ion Oh insufficient security, Or that they nrs
ipA1INu pgroBIToNs OUT or TItE1n own CAPITAL,
OF that by artificial means they arc Keeping m the
, Ct aa % ror % s ay esns
Two years agn tho FfcetHaana RasinRs nant IN
hs ssea Sana ,sy to yon5 ots Sv :, u
dollur sud. what II wo'no. haye lost eo,'i!:ue
IN MI institutions, aud are wasting their money ia:ea
Of Baringit. What steps csH bN sakrn to 1sola
sucu cAfAsrnorHE?
Ift ths L.EIsaturo compel every hank to do hy law
villa. oyery conservative bank leos from financial re-
sirht1py resu!aE per cert e lclos!so5s VIE With.
length Of tlms tnslr deposits hAve bocn iii tbs instItu
lrn.
1ou Al 4 erHATon,
oher tho tea ut.Eea,a Of Tho Slate sre promoted by
abs clital II tho coinsnuutty and then p1es them.
&clyea fnn position whcrs they must eisher keep ur
nfliActaly tho price OF tnusey " pay their dcEota
Aho gdret1 ratp Of Interest fruNI their capital.