The Leavenworth weekly times. [volume] (Leavenworth, Kan.) 1870-1880, 1878-12-12

The Three Tailor. of TooieT street.
New York Graphic, 81
The Clearing House banks Of this city, in
resolving 10 nullify the law OF the land, re-
mind one Of the three tailors OF Tooley
street, who began their manifesto with the
swelling words, I'VE, the people OF Eng
land" The Clearing House banks Of this
city, some fifty in number, representing
few Thousand stockholders, seem to forget
that there are some 1000 National banks,
and 100000 OF people in this country
besides themselves In their puny attempt
to compel the whole country 10 pay tribute
to them they nre like the tail that attempt
ed TO wag the dog. Perhaps they may ind
cut that the dog wags the tail. Their nulli-
ticatlon resolution was wholly uncali.d for,
from the fact that the silver dollar il z le-
gal tender for all obligations of the banks,
Just as much az il the gold dollar. Ii the
banks receive ON general deposit 50,000,OO0
of silver dollars, they would have I perfect
right TO pay them out again to whomever
should call for the money. There is 10 ex-
cuse whatever for their foolish action. One
OF the Clearing House bank men stated the
other day that one Of the reasons Tor their
action was that, having fitted up their Sc
commodations during the period Of paper
money, they had not suitable storage room
for specie, and hence would be less incon-
venient By combining their general specie
deposits to gold, as the latter takes up less
room. II the banks cannot enlarge their
accommodations to meet the business re-
quirements OF the country, they had better
close their doors and make room Tor new
set OF banks, managed by men with brains
and enterprise enough TO keep pace with
the business OF the country. The other
National banks in the country, with few
exceptions, refuse TO follow this stupid
lead.
What is the effect Of this blind cour-e Of
theirs upon the city OF New York? II
plainly tends to disafiect the whole country
with monetary management in this city
and TO divert business 10 other commercial
centres, New York Is dependent for its bus
iness chiefly upon the great West, and that
is almost unit in favor OF the silver dol
lar.
Every movement like this OF these i'll
advised banks is stab at the value Of real
estate in the city. Its tendency Is to turn
away business and to reduce our property
to the condition OF that in Pisa, Geno and
thestreets and warehouses Of those cities was
driven away, and now palace or q ware
house can he hired there for what formerly
had to be paid Tor 4 cottage or counting
room. II will he well for this city il this
destructive course 81 the banks is at once
arrested. Ii IL easy 10 check small stream
at its origin and entirely change i;s direc-
ton. But il We wait until IL becomes a
flood, il battles all restraint and sweeps ey-
erythipg beiorei t. Do our property own
ers with to see the email currcats Of preiu-
dice that the banks have started against
our prosperity rise into floods, until they
carry the mass Of the business OF the coun-
try away from Us 10 Philadelphia, Balti-
more, Chicago, and New Orleans? II they
do not, let every owner Of properly who
ia a stakeholder in any one OF the Clearing
House banks, exert his influence at once
10 put s little sense into the heads Of iheii
managers before they have wrought ire
parable damage 10 the business OF the city.
The course oil the Clearing House banks
is dictated by the greed OF few who con-
troll, or think they control, the creditor in.
terest in this city. II they can make it
twice ~ difficult i0T every GesiOr 10 pay
his obligations TO them, they reason that
they will double their capital by trans
ferriDg twice "a much from the debtor TO
the creditor, as they otherwise would. Dc
they suppose that the country will stand
this? Were the people ignorant, it might
be possible. But with intelligence spread
over the whole country, with great COM
munity understanding fully this question
in all its behring's, j; cannot b. done. We
have reached the point in our National
development where we are supplying our
own wants with almost every article OF
produce or manufacture and have a eur
plus Of S2O00o00cO a year 10 export to
other countries. This surplus, under prop
er management, can soon be developed TO
S500,0O0,O00 year. Machinery, the in
ventiye genius OF our country, its produc-
tive soil and vast territory will enable US TO
do this. Bat to do it we must
have q market, and TO obtain that
market We must take it away from England
and Germany, who have heretofore occu-
pied it. The action OF England in demon
etizing silver has ruined her East India
merchants, who were the class that have
given to her commerce its vast develop
ment. The 20o, 100000 subjects Of England
in Asia, whom heretofore she has almost
exclusively supplied with goods, deal only
in silver. To buy their exchange on Lon
don now costs them from eighteen to twenty
per cent. premium simply because they are
obliged to get it in gold Ii we receive sill
yer and gold equally in payment OF debts,
can silver dollars, we now will have an op-
portunity to wrest this Oriental trade from
EDgland and direct it all to cur shores
Ill,
pay eighteen to twenty per cent. for eI-
change on London to pay for English goods
if he can get his exchange at par in New
York by purchasing American dollars 10
pay for American goods.
But close at our own doors We have
market that lies wide open tie US. and moth
ing but the EXTREMIST short-sightedness OF
our financial managers will prevent us
from occupying it. This ia the Mexican
market. Here IL population OF some ten |
millions. The trade heretofore, 10 a great |
extent, has been with England and Ger
many. But through the demonstration Of |
silver in these countries, and the necessity |
OF the Mvxican merchants procuring ex.
change on London II gold, they have now
to pay from eighteen to twenty per cent.
premium for ii. Ii we coin an unlimited
amount OF legal tender American dollars,
Dur manufacturers can occupy at once this
Mexican market, and In ope. competition
drive out English goods; for the Mexican
z erchant, in buying American goods. can
-emit in American silver dollars TO
pay for them, and ,hus save his twer-
y TO twenty-five per cent. premium
which he now has TO pay to get English
overeigns. This trade itself ia mine Of
wealth TO the United Sts.es. II will be
ound sufficient to keep our mills running