Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1878-08-23
The War on Capital.

The war on the hanks, which is being
whged BY the Democrats and demagogues, Il
part of the pending war ON capital. They
arc attacked, not because they are prosperous
the timee when they were 50 have passed
away how the statistics show steady de-
crease of bank profits and Of bank surplus,
and the banks that maintain their dividends
at anywhere near former rates, are making
them not from their earnings alone, but
largely from their surplus. The reduction
in bank capital in New York city alone in
two wears Iast exceeds fffecn millions Of
dollars, and the reduction elsewhere is very
large 1t i nos, then, because the banks
prosper and make fat dividends but because
they so largely represent the capital of
the country, HAT they are assailed.
war upon property has begun IN
this country, less violent in its
manifestations than the piatsburg riots,
but quite as unmistakable in its purpose;
and men who ought to, and do, know better,
are trying to array labor against capital, and,
for reckless purposes of temporary personal nd-
vantage, joining in the cry against the banks
and capitalists. The demagogues and agita-
tors are thus tanning Il flame which in the
end can only work serious injury to the con-
dition of the working classes. A correspon-
dent, the other day, showed that one newt
able result of the withdrawal of the National
bank currency, would be the calling in of
all the bank loans. That this would in
volve the speedy stoppage OF many manu-
featuring establishments and throw thou
sand. OF men ont Of employ in every
State, cannot he doubted. There is
another danger viz shat capital,
rendered timid by the assaults upon it,
will withdraw itself tn safer countries and
communit les. This is not an imaginary
danger. Mr.. Hewitt. the eminent New
York Democrat, quoted, the other day, from
letter from zone of the leading lawyers of
San Francisco described As ''a man of the
highest character Who declares that in
California, to-day, Cuisines Is at stand
still, all improvements arrested, enterprise
paralyzcd, property depreeiated domestic
CAPITAL Is hidden, aud foreign capital is
withlrawn o7 going" in consequence OF the
alarm oeeasioned by the Observation-Disclosures
movement there Similar consequences must
follow elsewhere.
How much for the good of this community
would the men who arc trying to get up
Grecnbaek eluir in this and Franklin coun-
ties have accomplished, if they should sue
ceed in closing the National hanks, breaking
the savings banks, driving away the bank
and other capital. AID transferring to the
other side Of the Canada line the lumber
mills and lactorie- along the lake the wool
lea mill, AMI machine shops at Winooski.
ami the various other manufacturing estab-
lishncnt4 in these two counties
OF course, they say they are not trying to
do that; but they are taking course and
urging measures. oi which such results
would be the n.t; lr;.l and inevitable eonse-
quenccs. AS the Tribune says: g. The des-
perate and dangerous Communism OF the
Pacific cnl<t does not differs hair breadth
in theory NJ in spirit from the party which
threatens robbe~r Of hondholier and banker,
of those who have earnings in savings
banks, ami those who have protected wives
and children by Insurance; Of those who
have created great establishments for tie
employment Of labor. and those who have
loaned from their savings To help neigh
Dor. East or West, the spirit is the same,
and the refugee. sl-sins from Paris lift
their cheers imparti..lg fer Butler or for
kearney.'
These are aspects Of this question which
demand the consideration of every thought
ful man.
Some other aspects are presented IN an
article from the New York Times, on the
Bank note and Greenback, copied in ar-
other column. to which call attention