The daily intelligencer. [volume] (Seattle, Wash. Territory [i.e. Wash.]) 1876-1881, 1878-03-08
Friday, March 8. 1878.
an INCONSISTENCY.

Some time last month. Senator Mat
thews. o. Ohio. "pre.ented the petition
of lsrgs number Of citiE,ns Of Wash.
ing,on Territory. residing IL the Coun-
ties of King, Clarke. Kltssp. Whstcon
and Cowlitz, representing that under
the Orvanic Act ofthe Territory. pissed
in 1853, no banking corporation il al
lowed 20 exist. nor can any branch Of a
foreign banking corporation be opened
or established in that Territory, and
that in consequence Of this unnecessary
restriction the citizens, trade and COM
merce of that Territory. ere compelled
70 nav excessive rates of interest, vary
ing from Is TO II per cent. per year,
while the citizens are al 20 compelled at
great Inconvenience to go into and bor-
row moneys from banking corporations
in the adjoining state. Of California
and Oregon and the Colony of British
Columbia. They therefore petition
Congress for the passage Of law re-
pealing that section of the Organic law
Of the Territory, which forbids the
establishment of any branch or agency
Of foreign banking corporation in the
Territory. | move that the petition be
referred to the Committee on Terrific
ries. The motion was agreed to-"
In Section 1924 of the United States
Revised Statutes. is q clause, In these
words Nor shall any branch or
agency of any foreign blnking corpo-
ration DO allowed in sal ! Territory" (of
Washington.) What is the effect and
what is no object of such RESTRICT u,
and how does it cumport with the
established international policy of the
United States
lta effect is 10 shut out money from
the new aud destitute regions of the
west. where money is the most needed
aud most difficult to obtain. II is to
bolster up II privileged and extortion.
ate local monopoly of money. cutting
off free competition in that interest in
which most of oil free competition is
necessary for the public protection, the
money interest.
The spirit of the American polity is
10 invite the Influx of foreign capital
and of foreign labor. To put pre-
MUM ON industry within our own bar.
ders and the investment OF capital in
our own enterprises by putting on a
tariff for the protection of domestic
produce and msnuf .ctures. The spirit
of our laws is 10 open tn, door free 10
materials not of snrplu. produce by
ourselves, and close it only tn fabrics
which we would prefer to export our.
selves. Men and money belong to the
lrst category rather than the latter.
Hence; the public good demands that
their entry he encouraged instead OF
blockaied.
Ii is certainly = glaring Inconsistency
marring the symmetry of our laws, that
this special privilege legislation Of
the tunes before the war. should stand
unrepesled, while the financial desti.
tuition of the great body of the people
of the United States. has forced the re.
monetization of silver az measure Of
relief, aud while it is further proposed
even To remove or vednce the tariff on
coal, lumber and iron. British Colum.
bia, with bar cheap and abundant Eng
lish mpney is even now enabled 10
divide with us the sale Of coal. with
greater natural disadvantages to over.
come and With the present duty Of
seventy five cents per ton, in our own
domestic markets.