The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1877-04-12
WHOLE NO, IA.

WHOLE NO, IA.
largely reducing their capital; that the prosp0-
sltions now Cenaing for reduction of capital
in the city of New York alone amount to &l2,-
6OO, 900, equal to about twelve per cent. of their
capital; and he predicted that this example Of
New York will be followed by other large
cities, then spread to the country, SO that when
he Iona wished for revival in business OCCURS
he banking taci .'tes in capital will be serious
~ crippled" He and other speakers also as
sured US s'that many banks are now paying
dividends out of accumulated surplus and not
out Of earnings" -.
On this point Mr.. George S. Coe, presidentRs
OF the American Exchange National Bank, of
New York, became eloquently emphatic, and
said:
New, as to the dividends Of the banks in
the city Of New York, one-Lalf OF them have
not for the last two years earned their divi-
dends. and for the last year, not one-third Of
them
Speaking Of the stockholders, he said:
They appeal to US with agony and tears,
Give US dividend, draw it from your re-
serves, the reserves were made for dividendS,'
and so we by necessity respond, we must do
It, aud we have done it, say that our institu-
tons did not earn the dividends which they
have declared, but have raid them out of their
reserves, because they could not help respond
ing to the agonies of the stockholders and the
ON EVERY HAND THE FABRIC IS FALL
ING INTO DECAY, THK WHOLE THING
Is GOING TO DESTRUCTION"
Ifthis is the condition of the banks,
of the repositories of the capital of the
country, what must be the state OF trade.
where necessarily there is two dollars Of
credit for every dollar of capitalp Aud
what must be the condition of the mass
Of the working people, whose daily la
Dor is expected to pay for their daily
bread? Wehave the answer in the news
columns Of the papers, filed with long
catalogue OF bankruptcies, embezzle-
! ments, suicides and every form of vio>
lence and crime.
And what does Hayes propose to do?
| He intends to continue the treatment
which has brought the patient to this
pass. He is confident that when the Hast
spark of life has been bled and purged
out of tho sick man, and he is laid away
| in the tomb he will at once rise up, burst
ing his cerements. and with the grave
clothes of contraction" still clinging to
him, come forth from the tomb, fat, '.jolly
and rol]icking," the very picture Of ex-
uberant health and vivacity. That is
what is to take place the moment the
premium on gold falls to par. F
How the charm is to be wrought,
what divine power is to clothe these
dead bones again with life, Hayes does
not tell US. 1t is sufficient for him to
know that there is no such sure proves
cative Of health as death.
The other day the Hon. Wn. y. Kel>
ley Of Philadelphia, leading republican,
was interviewed by reporter. We
quote some extracts
Reporter. Do you look for revival OF pros
perty under his administration
Judge Kelley. do not; for the pernicious
effects Of theft nancial policy Of the admins
results we may hope from its geneal tpolicy.
The quickening OF her industries, the en-
p oymont of her people in the development Of
her multiform resources would 90 more 70
pacify the south and reconcile its people to the
emigration OF NOrtherners than any political
action can do. Idleness is the fruitful parent
OF disorder and crime, and will continue to
curse the southern p -ople until the Just re-
wards OF industry to all tempt them to engage
!. in peaceful and profitable pursuits. This de-
sideratum cannot be attained under financial
policy, and believe that it will result in evil
and evil only, rejoice in the fact that its adj
Manifestation, which is composed Of men Of
rare ability and spotless int rity. is unit in
support OF his views. The experiment will be
; fairly made. The issue between the oontrac-
tionists and the anti-contractiOnists will be
submitted to the arbitrament OF events without
the Intervention of expedients or palliatives;
and when the administration and the country
I~h~ n~vxn - .~~AA h.. ~.
ruin that the idea Of the characterization Of sill
yer and Of the resumption ofspecie payments
by the process of contracting volume OF cur
rrncy which was fully and pr0ftably employ
ed, or in obedience to the arbitrary provisions
OF law, are mere vagaries Ct d0ctrinares. and a.
impossible Of execution as the reversal BY stat
uts Of tho law Of gravitation, it will not be said
that the experiment failed because it had been
intrnstsd to the hands of enemies, or for the
! want of faithful and intelligent efforts for its
success. Mr.. Sherman, to whom the solution
Of this problem is confded, is a man Of abili-
ty, experience. integrity aud adroitness. HI
. | will have the support OF the president and
every member Of the cabinet, and if the pro.
iect fails in his hands, President Hayes will
Irove his greatness by abandoning il and en-.
, deavoring to repair the ruin that more than 1
decade Of fnanaial mismanagement will have
wrought.
!, Reporter. Your outlook is q gloomy one
~ AASss AAA10A40 - - - sAA3 yOU ID
: prehend would you suggest!
Judge Kelley. The first thing would sug-
! gest would be to repeal that menace to conf
dence, the resumption act. The next, and
/ would do it coincidently with the other, would
. be to remonetize silver. The third would BE-
70 substitute treasury note or greenback q
like denomination for every national bank
: note now in circulation, and finally to respond
) to the sppeA made to congress BY Mr.. Chase
, in last report as Secretary Of the Treasury, "a
restore, and without limit, the system Of tenn
porary loans, whereby he proposed to give e
I. the people and absolutely safe savings bank 70
reduce the foreign interest account, and IN sup
3 port Of which he said:
'sSuch an ar1angsmsnt ths secretary inclinel
to think would operate benefciaily BY increas.
I ing the amount Of currency when unusual
strngenCy shall require increase, and reducing
! it, amount when returning ease shall allow
|; restriction.,
J That the first, second and fourth Of thesl
oi measures win Be adopted within two years
!, | enbasfain no doubt; but the power Of mOrl
{ | than two Thousand National banks may mo
= 4 vent The substitution q government ncleo ~
Y ffh6ia ~ thone 0ofuoKnftOO9.