Mower County transcript. [volume] (Lansing, Minn.) 1868-1915, 1878-10-10
Groundless Hatred .

Just now it is the fashion to hate the
National Bank. The fact of our running
a paper is sufficient proof that we have
no interest in any Nation al Bank, but we
like 10 see an have fair play, even
thongh lie has had the persistent meanness
to grow rich by economy and hard work.
You hate the bank because it holds the
bond and the bond bears interest. Poor
fools! the bond bears interest and will
continue to do so-unlcss the reputation
ideas Of the Nationals talsifv An honest
bargain-and just because the bank hap
pens to hold the bond. you're md at the
bank! Would you he equally mad at u
private person-yourself tor instance?
Any man can loan his money for the
same rate as National Bank, and not
pay cent in the way Of tax on the Cir
culatlon, nor incur expenses incidental
only to banking. He will be taxed on
an assessment of from only 30 to 40 per
cent. on personal property, while the
bank is taxed on an assessment OF 100
per cent on the capital and also upon
their surplus-amountlng in this county,
to an assessment of 100 per cent. Surely
the National Bank is a tax-paying bless.
ing.
If National Banks are making money
at such fearful rate, why do so many 90
into voluntary liquidation, and change
from National to private companies?
Simply because, since the funding of the
four per cent bonds, the extra expenses
of running a National Bank, more than
consume the four per cent. derived from
the bonds, and the private banks can
make the most MONEY! This is Gods
truth, and any man that denies it, wilfullv
perver1s. That many National Banks
have changed to private ones, is sufficient
proof.
The National Bank has been bless.
ing to the land. "The fact that National
Banks do fail, and the admission that the
people have lost six million five hundred
dollars ny said failures, proves that the
system is wrong,"-says the White Swan.
The fact that from the $500 to 5000
banks, 1cAich haze done almost the entire
business Of the countrytor Is gears, handl-
lEg Nntold millions Of money, the total
losses amount to but the comparatively
triAing sum of SIX millions is invulner.
able proof that the system is the beet
that ever was devised by the wisdom OF
man! Why, the savings banks alone haze
lost more than that qcithin the last 12
months, and the savings bank is guarded
by law, best of all private banks. Just think
OF it. Less losses in fifteen years by the
thousands of National Banks, than by the
very few savings banks in one year! And
better still, these few millions of losses
came only upon deposltors and nat upon
the general public in the shape of bad
bills! It makes no difference whether
the bank is broken or not Its bills are
as good as ever. Remember that, you
who vote for Billy Meighen, he wants a
return 10 the days when you were afraid
to take a five dollar bill on an unknown
bank. Now we have no such fears.
The White Swan then says-"Congress
has no right to establish system of
banking which necessarily involves losses
to the people," Congress can't make
men honest, and certain percentage Of
sneaks will defeat the best of Intentions
Here's an argumentum ad homimen just
like that. Ira Jones ough: never to have
rented his rooms to the White Swan, a
chronic dead beat; but he did, and lost
in rent, just 5213 per cent of his due,
vast sight worse than congress ever did.