New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-09-13
NEW PUBLICATIONS.
TaE BANKERs MAGAZINE. Septeml

which the opening paper Oy dcOrBo
question "what Banks for Labor may be read with
great interest Mr. Walkers thesis that well devised
banking system is necessary part OF the hnanciai
machinery of all countries and that II capitalists hau
no interest in maintaining 1t, the people cannot 40
without it. is stated with elearness and maintained WIN
ability In illustrating the question, he afhrms that
capitalists do not suffer from disordered sta'e OF te
finances; OH the contrary they thrive upon u;
It is the poor man, the small trader the me
ehanie the farmer, tue labOrer VINO nave .ne
deepest interest IN maintaining the floating capltai OF
country in a condition Of the greatest possible uni
formity What wanted by the poor, even more than
bv the rIeh is stability values neither rapidly rs
ing rapidly falling market; with prices Tor com
mOdties and labor such as will result from naturh
causes connected with the progress OF CIVILIZATION Inc
labOrng class might like TO see rising price Tor aDor
and falling price for food clothing, and house renti
but these two things are incompatible. 1t is supposed
that an elghthour law 80 as to shorten production
and raise prices, would occasion consequent Hse
in wages But the very reverse OF this would nap
pen Since in restricting the time OF human LABOR II
would equally restrict the time for the operation OF
machinery and thus increase the cost Of production
The eighhour laborer would be the first to suffer by his
own attempted OF relief the currency were 10
be again augmented, prices would undoubtedly rise put
the rise in prices would affect commodities sooner thah
labor The rates of wages and of salaries change very
slowly and never attain the high point which are
reached by commodities in the progress Of speculation
Hence the greater the circulation OF iredeemaoe pa
per- the worse will be the condition Of the people VINO
live by labor and not by the profits Of capital The
great fortunes which have rapidly accumulated
in Europe and In this country have been made
during wars and periods OF irredeemable currency
II was so in England during the general European
war, which prevailed with intervals OF rest from
1897 to 1915 it during the piivaeerng period
of our own war with Great Britain in 1872 1t was so
during the late Civil War. 1t will always be so in similar
emergencies when there is political and social up
heaval combined with disordered circulation and ex-
eeptonal financial Capital, political power ana
social influence seize the opportunities which are never
within the reach Of the less fortunate classes lndlV
duaIs grow rapidly rich and powerful while the whole
community suffers It for the highest human welfare
Mr. Walker insists that all the elements composing the
body social and the body polite should move on and mp
together, and eff ever the millennium is reached
it will be when differences OF wealth, ana III
huence, and power, and culture, and social con-
dition are oblterated." The place occupied by
banks in the economy of production is not properly COM
pretended by many persons who look upon banking as
a business merely Of money-lending and usury. Inc
necessity of capital to the employment OF industry is
elucidated by Mr.. Walker, in simple analysis Capltai
sets labor in notion because labor cannot be employed
except upon object and that object cannot be pro-
cured without the The farmer must have
land and TOOLS food clothing and shelter long before
his labor can produce any return The meehauie' OF
mllhand in like manner, must have shop to work H.
raw materials to work upon, and tools and maohneryto
But these conditions can only be supplied by
capital. This capital is the realized fruit Of former
labor applied TO the objects provided by former
capital But this realized fruit is profit which at first is
widely distributed among individual capitalists. II 1t
remained in that state it would very mperfeetly serve
the great purpose Of reproduction and increase, OF
which, when combined with labor, 1t is capable There
are few individuals who possess sufficient capital TO
carry great operation. 1t is only by the combi-
nation of individual means that sums sufficient for that
purpose be obtained. The earnings Of labor, which
would otherwise be fttered away thus be brought
into competition with the profits Of the largest sums.
Each sum that has been saved would earn moth
ing in the hands Of its owner being too small TO accom-
psh any result But combined with other sums vast
amount Of capital becomes vvihed and capable OF in
crease. Now the National banks in this coun-
try afford the means for such combination. The
impression is wholly unfounded that these banks are
owned by large capitalists. The statistics show that
they the property Of persons Of moderate means
When they well managed the distribution OF the
stock grows wider and wider. large element consists
in the distribution Of the Of deceased sOckhod
ers among their heirs in small parcels. Now these small
property holders, If they had any desire TO do So
would unable to cOnspre against the interests Of the
Iaborng The interest Of each is small and their
sympates usually with those who live by the work
Of their hands. Nor have the directors and man
ayers of banks any interest adverse to labor All the
money they make is equally for the benefit Of every
share OF the stock and their constituents who hold the
shares as has been shown persons Of moderate
means The dfscOuntng payable at future day,
or advancing their cash value ready money, is an
advantage 70 the labOrer The way it helps
him is this he is employed in some kind Of work,
which yields a salabe product whether harvesting
wheat mining coal, making iron or cotton cloth.
But his employer has not enough capital to his
business without credit IT, them he has to wait for the
receipt Of price OF his commodity before he pay
for the labor expended upon the labOrer necessarily
suffers because he has buy his food and clothing at
higher prices than would be demanded for cash. Now
the banks the employer this necessity They adj
him money his before they are harvested
and discount the notes FOR his merchandise the moment
lis sold lie is thus able pay cash for his materials
and cash for labor The laborer receiving cash
buy his food aud clothing at the lowest price, and
may be always out Of debt, and lay by some
thing against rainy day. Constant regular en-
ployment. at steady wages and sure pay, at
short intervals and in good money. are the best
conditions for abOung men. These conditions could
not be secured IL there banks or the banks
did not pay out good money Under the old State bank
system, much Of the money paid out was bad, aud
cheated the laborer of his honest dues But with the
large securities Of the National banking system, loss
to a bilholder did occur, ever can occur The
man who has earned dollar in Texas carry It to
Maine, and 1t is equally good money all the journey
through put it between the leaves of his Bible,
leave TIL he dies. and It will come out good
money after any lapse OF years for the benefit OF his
widow aud children.
Harper g. Brothers have recently issued in
the "Half-HOur Series" Handbook 10 the Practice
of Pottery Painting, by John c. L. sparkes, containing
full practical directions for the various styles Of deco
rating china and porcelain intended for the OF
smateur painters Professor PressenSte MaterialiSt
aud Insentor, by John Esten Cooke, a psychological
describing the experience of deep and auda-
cous thinker IN his conversion from extreme mate
realistic views 10 living faith ~ God and the soul,
f,f,.o at, al trial o,A