The Portland daily press., 1879-10-08
WEDNESDAY MORNING. OCTOBER s

made this offer to the banks in order to INDUCE
them to adopt the new plan. 1t was bargain
on both sides, binding in law as well aS Ill HUI
or. ,,o,,o a.
friends saw we are not now at war; the eAl-
pency which induced the government 10 con,
sent to so hard bargain no longer exists, ana
therefore-What? Readiust the terms OF the
bargain? Make them reasonable and Just? No
ssaToIish the Banks!" Now the men who
make all this camor are absolutely ignorant
of the whole matter as a NAVY" is OF naviga-
tomas southern bulldozers-and by that L
mean the controlling element in southern So
ciety, that large part Of the people in the south,
who control public affairs,--are ignorant OF or
Indifferent to the first principles OF personal
religious and civil liberty. -,
Banks of some kind are an indispensable a.
gency in carrying OH the business OF the coul-
fry. and our National Banks are the safest,
most convenient and best that were ever de-
vised No man of common sense, who knows
ANYTHING of the matter, therefore, will help
swell the clamor for their suppression. Ill
there is anything in or about them that IS not
exactly right a demand to make it right, would
be reasonable and proper, as we clean and reg
Mate a clock or watch when out of order, IN
stead of smashing it.
Rnt what is really the grievance OF our
Greenback friends against the Nauohal ID ihhs.
Only ths-they do not pretend to nave any
other-that their profits are too large; lney
make too much money. II TINS were really 50
it would be very easy to rearrange al that:
without the slightest disturbance to the bust
ness of the country; but mat would h0t sun
our Greenback friends; with set teeth and HASH
ing ewes they insist upon smashing things.
have before remarked, that it is an IneXol-
able law of trade, that whenever any branch
of business becomes highly remuneratlve, COM
petition will inevitably bring the profits down
to u reasonable figure, usually to POM that
will not pay; that is to say, to a point where
the business is ruined. The law applies to the
National Banks as well as to iron furnaces ana
to the manufacture of gass and water-plpe,
the price of which, by competition was brought
so low as not to cover the cost OF productions.
But as to the National Banks, what are the
facts? They are and have been as much eX-
posed to competition as grocers shop or a
candy shop. Some additional banks have
been from time to time established, Tor the
purpose of supplying local needs, and some
others have given up their charters and aDan-
doned their business; some others have reduced
their capital, and some others nave suffen-
dered part of their circulation and have
withdrawn a corresponding part of the bonds
which were deposited as security. All this
proves conclusively, and should satisfy any
man of common sense, that the clamor about
the excessive profits Of these banks IS Without
foundation.
Rut there is another fact in the case which
should settle IL is matter beyond controversy,
and that is, the superabundance OF money
everywhere in all money centres, small as well
as large. Money was never III TINS couiitfy %
plenty and 50 cheap as now-seeking invest
ments everywhere, in anything that will afford
any return and at the same time be safe. The
owners of this money could establish National
Banks with it, and would do SO, il in their
view that would be wise and profitable in
vestment That this is not DONE stamps as
wild and false the cry that these banks are
making too much money. Some of these
banks it is true, are Eow and have been dong
profitable business, at the same time that
they have been all the while rendering invalu-
able services to the community. But the sue
cess of their business has been due to the prn
dence and ability with which they have beer
managed, in attracting profitable custom ano
avoiding speculation and large losses. Many
hundreds Of millions OF dollars have been in
vested by our peot within a year or two al
four per cent. interest, and this would moi
have been done to so large an extent If Nation
al Banks would have offered larger returns
Men usually know more and arc wiser as they
become older; this law does not apply to the
men who declare that printers stamp This
is thousand dollars, upon worthless slip OF
paper will make a thousand dollars OF it,
N. d.