The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1878-10-30
Total bonds. ........ss,S,7,y7S


Now, these ten men, with an original cap
'ital of 81 900 coo, have established twenty
nice fl rst class banks, have bonds depo,ited
to the amount Of 50, 337 ,97s, yielding them
an annual interested $56O, 2TS, besides cash
capital of SAG, 1866 TO do business upon.
The simple interest alone upon thu Sc
bonds for twenty years (the time for which
they borrowed the money will amount to
'$l1 ,205 $50"
The Cincinnati Gazette, a national bank
organ, has bad its attention called TO the
statement, showing what 81 900 coo may do
IN the way OF establishing banks, and replies
10 an inquiry as to Us correctness by saying:
Butiu reply 10 this sort OF foolish talk 1t ought
to be sufficient 10 say that the fact that the
thing ha, u OF been done is evi lence that It an
not be done. or cour,e there are thousa uds of
capitalists who would adopt that mode of max
I'M money IL IL were practicable, ana the fect
that ~ Is not adopted shOWsth I IL Is not prac'
ticabe. We read al most daily such announce
mpnts aS these: the Butch rs and DroverN'
national bank Of New York, owing To heavy
taxa,ion, has reduced its capital stock irrm
s5OO,eOO TO $780, 200; owing to the heavy TAX i'm
pc. ed on banks in the city 90 Clevriand, the
stock from 81, I0 100 TO $780, o." and so on. The
ational banks. instead of increasing IN num-
Der and capital, have ben decreasing, anu Inc
circulation, instead Of increasing, has been re-
duced thirty millions below the highest
amount reached. This must seem strsnge 20
peooIe who swallow such stuff az is contained
In the article copied from the Advocate.
We submit that the Gszette's reply is not
satisfactory. 1t lodges the issue. The fact
that 81 600 600 has not been invested, as
shown by the statement is not evidence
that ii can not be done. Oa the contrary it
is absolu'e ely certain that with the sum OF
81 900, 900 the number OF banks namsd may
be established with the capital assigned 10
each. Whether or not the Investment would
be profitable is another question entirely.
The people are not in mood to have their
anxietiss quie by the poo
poos OF bank organs. Mr.. Randall,
of Pennsylvania, in recent
speech said he believed that "there are great
abuses existing with our national banking
system. Banking is nothing more or less
than business. and our present laws create
"a distinction in favor OF banking as against
any other business, and the democratic parry
| proposes, so far as / understand, that no
longer shall double interest be paid the
banker" The demand Is that the national
! banks shall surrender their power. and that
possible abuses BY them shall cease. La this
regard there is installing the tone of
public sentiment Greenbsck currency,
che aper aud better. will take the place OF
national bank bills, double interest will
cease, AMI the banks will be shorn OF their
power, which when improperly directed, Is
In direct conflict with the welfare Of the
country. The Boston Globe, in recent
ISSUE In an article upon Bank Tactics"
saws:
Were every man In our state indoctrinatcd
with the pIineil les Of true I'm nee, and the
house were To be divided, seven q ghihs OF The
people would mass upon one side, and "a very
few-Ju>t much infuencsd by their own
interest -wouid be counted uoon the other.
The bank adherent believes In the banking
system becsuse ne can derive great al vantage
therefrom by way OF facilities; he can get
money ~ all times To use, and OF course TO
him Imitation always obtains. de knows OF
no cont ac ion. He is direc or. or well ac-
quainted with the board. He controls the la.