The Iowa plain dealer. [volume] (New Oregon, Howard County, Iowa) 1867-1895, 1878-08-02

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nsOM~s anh itA in@asumruSniilisN N ils*
rfv&tset snv~htloa and rsumutes cf civ
ilsssd life. A. one tpssAMla the lNswrs
anil light N thuMght. whSch. lshe suu
light. eisrs tife and fecunslits 10 thr
mind and nsos~l nalMr~ n man. ~ th~
nthcF In the nrAnA, the ssimmlna anil
The iorce that sptesls MI phynscsl com.
fors ~ material prosperity which man.
kind cAn communicate IN rarh ether.
Civilization could not have psa~cd The
lowcss state IT savage life without the
help of money: and IL proer~se In "lih.
erty and the pursuit VI happincss .le.
pends upon the rightfnl administration
of the institutions arising out III the uae
u money. Let thc American people hc
assured that they are now lighting the
last and greatest battle for natural frvc.
dom and progress against the greatest
enemy of both---thc moncyed institu.
tiuns of the world. The spiritual dec
p0tism VI the church and The military
tiesp0tism III the state have, In great
measure, passed away among civilisel
nations; but Whatever In Loft III these.
and whatever fcndalism aud slavery n.
mains 10 b. dispellcd, IL intrruchcsl In
the moneycd institutions of society. The
sword and the pnrse have In times past
ruled the world; the purse and tho sword
rule itnow. Twin brothers of barbarian
like the Hiamesc twins---if Que dies
tho other must also depart The people
have only 10 understand the theory
and the practice Of the banks that ad-
minister their fiscal affairs 10 perceive nt
once that. under great and indispensable
uses, they cover great frauds and on.
pressions; that their whole ayatrm In.
wolves certain ahnscs 10 which poor lin.
man nature will fall inevitably, unless
guarded by tho provisions of Law under.
lying the whole system III banking. A
In slavery, noble and good nAtufea
crught In the meshes al = false ayatem,
yet administered the same in the spirit
of truth and Kindness, 10 che beat 81
their ability, while the selfish and the
hAse had every opportunity - exercise
their worst passions, protected by the
system itself. 80 the banking syatems
of the world and of this country: while
they naturally and benetlcially arose ont
Of system of things In the social order,
now IN great measure past, and, while
they are still administered, Tor the most
part, In the spirit OF fairness and of
Kindness that belongs wholly 10 the na-
tnrcs of the men who control these inAti-
tu'ions, yet they arc now out of logic
with the times; they are an oppression
and hindrance, m a Hyatenl, and give
ample opportunity 70 the designing and
tho base TO work great wrongs 10 the
people Who trust them.
hut II Ii not In this latter point ol
view TINT We wish 10 discuss banks. for
all institutions are all moro or less lia-
BILE 10 abuse. But the institutions of
banking, in the fundamental principles
which regulate their functions, are OBJ
noxious TO the charge of hcing "rem-
nants of barbarism and feudalism, !" OPP
posed 10 progress nnd tho interests of
people aiming at tho hest administration
III republican principles and institn-
tions. A system Of banking--not any
one bank, which mny only show part
of the system, bnt y system of banks
In analogous to pond of water, or any
natural body Of water. from which d
drawn the power ~ mt some practical
industry into operation. II must bc 4
''sAfe deposit. of al the water that
linda Accens To it--n0t liable 10 break
and ovcrwhelm town aud country with
ruin. II must have m nniailing .'ia.
sue of water for the wants of the mn.
chincry dependent upon i. and not dry
up when Il 10 most wanted. II must BE-
70 arranged ~ 10 "let on " or apply its
power according % tho demands ot the
various industries that require the
power. 10 every system of banking
must furnish aatc derosit Tor sav.
ings, an unfailing tissue" of real
money, and judicious !" discount of
this money to all the industries that
need 10 nse and working power. Danks
of safe deposit aud savings, hanks Of
issue, and banks Of discount make mp
this whole system.
The bench of money changer" Ii
old Jerusalem, Venice or London illus
trates AL these functions Of bAuks, for
they Arose out of the use and necessary
means for the distribution of money.
His bcLch was tho depository 0f hls
own and the money 81 hin fricuds; be
was ready 70 loan ON al kinds Of
pledges, pawns and securities 81 per
sonal property, and large pAst u his
business aOon cAmc 10 BIO the giving 0f
rcleemAblc notes 10 travelling mei.
chants, BY which they could carry
money, ~ tAc shape ~ crcttit, 10 foreign
countries.
All this syssem of money exchange
depended simply upon the faith and
honesty of the parties concerned. There
was no interference On the part q Gov.
ernment Or the law, except 70 punish
fraud. II the banker of oldon times
loaned Or sold his deposits and trusts,
his pledges and bin pAwna. - that hc
could not return thcm when cAlled for
by the owners; II hc issued mora notea"
than he could redeem. swift punish
ment came upon him - cheat and 4
liar. Or, suppose he extortod !" ruin
ons nsury" out ol Che slistrrsa and need
of his customers, there wAs rctlrCss il
the Law against usury. but suppose
some tyrant of the times had conncctxxl
his power and monrycl interests with
ono Or more such bankers and brokers,
and allowed them 10 rob and oppress
the people BY tho very means On which
they depended % carry on Ill tlAs trade
and commerce of tho country. Would
not such tyrant bc the execFAtion VI Ill
subsequent history