The Portland daily press., 1879-10-02
National Banks.


cial knowledge and ability enough to run
peanut stand That is putting it rather strong
ly for I think some of them have.
National Banks are mere machines, tools for
the accomplishment of certain work, like
moving machines, thrashing machines, saw
mills, planning mills: that is all there is OF it,
A new town is settled in Aroostook or in Ne
braska The new settlers build log huts, log
barns, instead of framed buildings because
they have no saw mill. They clear up tho
land and put in crops and by and by some
''bloated capitalist among them, who by per-
sistent industry and by rigid economy and
prudent foresight, has earned and saved few
hundred dollars, erects a saw mill, an instru-
ment of immense Importance to the growth
and prosperity of the settlement" The saw
mill makes it easier and better and more con-
venient for every man in the place and saves
besides, an immense amount of timber
The small settlement, by and by becomes a
large and Aourishing one; it has grist mill, u
Touring mill and has also some shops, where
the good wives exchange their eggs, butter
and cheese for groceries and other necessaries
and comforts for their households; and where
the men exchange their pork and beef and
wool for such matters as they need plows,
harrows, scythes axes, cotton cloth, woolen
CLOTH anything everything which they require.
All these mills and shops are machines,
TOOLS by which the work of the new commune
ty is carried on more easily, more convenient
ly.
Thousands of people come in to the surround
ing country and make farms there on the fer
tile SOIL the products OF which are much
larger than can be consumed upon the spot.
Wheat and corn and pork, beef and wool are
produced in great quantities and must have
market They are transported thither Dy
horseteams and oxteams,-a slow, troublesome
and costly way of going to market. BY ana
by they have a railroad, by which great stim-
ulus is given to The business OF the locality, De-
cause it greatly simplifes and cheapens the
important operation of sending farm products
to market and bringing back returns. Inc
farmers spend less in transportation than be-
fore, consequently have more left in their
pockets as the result of the years work.
The grist-mill, houring-mill and saw-mill arc
TOOLS like axes and augers, for the accomplish
ment of certain work in the easiest and best
way possible under the circumstances, SO arc
the horse teams and OK teams, mere tools.
But these latter are superseded by and by, by
the railway, also tool but much better ono
than the others. The business OF the whole
locality has increased wonderfully and tho
central village has become a considerable
town. They have churches now, and schools
and library and lecture hall, all tools,
like the axe, auger and saw mill for the ac-
complishment of certain important purposes.
The business men of the town need another
tool nova bank. 1t will greatly facilitate
the transaction of business in great many
ways, which all persons understand who know
anything about the matter; but cannot go
into details for the benefit of those who know
nothing of it, because it would require too
much space and time to do so, Suhce II 10
say that banks properly managed are greet
help nay an indispensable agency in the
transaction of business affairs, upon any con-
siderable scale. Now how shall our friends in
our new settlements obtain q bank? Tho
leading business men talk the matter over,
and by and by circulate a subscription paper
the signers of which agree to take the amount
of shares set ag ainst their names. They want
a capital of fifty thousand dollars that amount
will do for their present needs. The traders
take a thousand dollars each, so do the millers
and some of the railway men. The farmers
have some money laid by and they SUBSCRIBE
according to their means. An unmarried
woman-I allude to a case known to me-hears
of what is coming on and inquiries II they Will
let her put some money into the new bank.
''Yes, certainly how much will yon pnt
in?"
"Three thousand dollars"
The bankmen look p little surprised and
puzzled at this, which the spinster perceives,
and explains that before she came to the new
settlement she had kept school great many
| years. and had saved her wages against rainy
| day. So this hard-working, prudent saving,
| our Greenback friends call "a bloated capital
I ist :" ga plunderer" ''a robber of the poor!'
Well our bank is established now, and is in
| full operation, like the sawmill, and moving
| machine, and is as truly tool as are the axe
| and carpenters square, and is as useful If not
| as indispensable to the community as they.
| So far, 1 am sure that no man who is not %
| communist or an ignoramus will disagree with
| me. What then, is the objection OF our Greens
| back friends to the banks?
| ooh tley charge too much, theV make too
| much money out of their business" And
| then,- allowing for the moment that this IL
| true-they add: "Put them down; abol1slt
them" And in this they show their exceed
ing great ignorance and their folly. That IS
the remedy they propose.
The grist mill and the Touring mill charge
| too much toll; they make too much money;
| ''abolish them" The threshing machines
| farm to farm charge too much; abolish them.
| The planning mills charge too much-ffty cents
thousand-"a abolish them" The banks
/ charge too much; abolish Them" In all this
| our Greenback friends show themselves to be
ignorant of the A B c of all business matters;
blindly ignorant. L do not say stupidity igno-
| rant, because they have had few or no opportu-
mites to learn. They are only to be blamed
that knowing absolutely nothing of this Won
| derful machinery OF finance, as 1T exists In
great commercial, agricultural and manufac-
| turing nation, they come to the front bluster-
| ingly, and quack-like, claim to know all about
| it, and insist upon lubrlcatIng Its Journals anu
| working parts with sand.
| In all these industries to which | have al
| luded the profits have been brought down To
| the lowest living point by competition: Ihe
planning mill is a striking instance OF this, and
| curious illustration of the principle to which
l allude and of which our Greenback friends
know nothing; viz, that whenever in any
| branch of business, new or old, the profits be-
come highly remunerative competition will
certainly bring them down to a reasonable and
i II. lfn
| more work than dozen men, and at hrst tne
charge was proportionately high, But now IL
| is almost nothing, so that one can buy boards,
pine, spruce, hemlock, planed, almost or quito
| as cheaply as the unplaned. 1t is by competi-
| ton. The planning machine has become one
of the most important instruments or tools in
| our social life. And the man who should pro-
pose to abolish it would be no more of an igno-
ramus than he who proposes to abolish our
banks.
| But planning mills are not monopolies and
| out National banks are. Our Greenback
| friends say this, and in doing so they manifest
an animus, or exceeding great ignorance. A
monopoly is an exclusive right to do thing, 10
have or enjoy a thing. Queen Elizabeth once
| granted to favorite the exclusive right to sell
saws; that was a monopoly. say this Tor the
| information of our Greenback friends who
| don't know what monopoly is. But National
banks are not monopolles; anybody may start
| one who will comply with the law relating
| thereto. All! there's the pinch, our Green-
back friends say. Nobody can start National
bank without money for capital, and so we
hate them and will have none of them. That
is absolutely the foundation, and the whole OF
it, of the opposition to our present National
bank system, the simplest the most convent
ent, the safest and the best that the world has
ever had. If the profits of these banks were
| too large, competition would surely bring thent
down. But if not, they are creatures OF the
law, and by the law the profits could easily be-
brought down to just and reasonable COM
pensation for the important, the Indispensable
services thew render to the community
But the cry of our Greenback friends against
'bloated capitalists" "bloated bondholders,
and ''property-a robbery of the poor" is only
| a translation into little more decent language
of the late of the roughs rowdies, and rascals
who hang about street corners on a Sunday
night and other nights, with cigars in their
mouths and splitting tobacco juice, and longing
for more ''lager,' making spiteful and insult
ing remarks upon decent people passing by,
who, by industry, sobriety, prudence and econ