The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1879-09-10
BANKERS and Brokers.

Bankers and Brokers. =
These are the great and petent agencies
which direct and rule the financialand COM
mercial operations Of the world. They ares as
necessary for those agencies as steam IS to
the rapid propulsion OF great shlps OF COM
nurce across the waters or railroad trains
across oonttnTu,sy-.- "a tho rnm,,ln" ~:-n'ln-
tion OF blood is to the health and activity ana
yieor OF the human body. Without them
stagnation would ensue in all the business
and moneyed marts Of the world, and more
than two thousand years OF growing ac-
tivity and progress be lost to mankind.
When the merchant wants to borrow money
to conduct his fall or spring trade be goes
to the banker and the broker to obtain loans
necessary to bis purposes; If farmer or
planter wants to- obtain an advance
on his growing crop he goes to his
commission merchant, who goes to his
banker, and he is accommodated and
his wants supplied; il nation wants
to negotiate great loan Of millions with
which to conduct war or meet pending
financial obligations necessary to its credit
and honor, it goes at once to the banker
and broker to meet its wants and necessi-
ties. II a private Individuals cash falls
short hundred or two dollars he don't 60
to his neighbor, though he may be rich, and,
in fact. a "bloated bondholder," to getshis
necessary wants supplied, but be drops into
the nearest bank or brokers', and at fair
Io ic
that there are not, in all The financial, COM
mercial, and business transactions and rela-
lions OF the world, two more active, benefi-
cial, and indispensable agencies at work
between man and man and nations and ma
lions than bankers and brokers.
Another and equally undeniable fact con-
corning bankers and brokers is, that no
class of people in the world are more bit
terly and shamelessly abused and vilfied
than they are for the very favors originally
asked at their hands and generously grant
ed by them at their counters. Indeed, the
term SHrLoCK-a parsonage made odious
and repulsiye by the greatest OF English
poets because he is said to have eXacted
flesh and blood as the penalty Of his eNtor-
tions-this opprobious epithet, we say, is
constantly employed to make odlous those
who loan people and States money in mo-
ments OF greatest need, and always by those
who have enjoyed the benefits of their in
dulgence, and are too meau and dishonest
to repay their obligations. Two striking
instances OF this meanness and dishonesty
are now before us, and require special re-
ference while considering this question:
The first are that class of demagogues
called Readiusters, or those who call them
selves ReSdiusters, but who are, 10 fact,
regulators. The money which constitutes
the Virginia debt was all borrowed before
the war, and all employed in the very works
of improvement and ornament to the State
which we now so proftably enjoy. 1t
helped to tunnel our mountains. with rail-
roads, construct our canals, complete our
colleges and asylums, and to build our mon
uments. The loans were accomplished
through the agency Of bankers and brokers,
and now, when we are asked to meet our
obligations as a State, these Forcibe Re-
adjusters and fraudulent patriots refuse both
principal and interest, and make our valleys
and bills reSound with their cry OF g bloated
bondholders, the "greedy Shylocks," and
the odious "brokers and bankers" who
haverobbed the people the State OF all their
Inheritance! What corrupt-minded and
narrow-soued class Of individuals consul
tue this bowling band of political land
pirates, and in what perpetual scorn ana IN
dignation should they be held by the honest
masses Of the people everywhere! Even
orr creditors last winter voluntarily
came forward and agreed TO curtail the
principal OF our debt one third, to reduce
our interest one half, and extend our
credit forty years. This was magpanimous
beyond example; but so far from stopping, |
it. only increased the savage clamor OF Ma
HOMES WoIigang. A great financier, Mr.. |
McCu1.LocH, whom the United States had |
long honored with high financial position !
OF honor and trust under the Government,
was specially invited to Virginia by Parson |
MASSEY, one Of the leading Forcibles, to
give US his good advice and experience in
SuCu u3etCtS, auu, aItcl HlSel1 CoiH-
selling the Legislature to adopt the bill OF
REIMBURSEMENT now under heated discussion
in the State and involving ali that is most
dear and honorable to the old State, MAS |
sEY and his clan OF agitators and despoil-
ers are engaged in daily and coarse abuse Of
that gentleman as a /" bloated bondboIder,"
and OF the law itself, passed by more than
two thirds OF the Leg stature and signed by
the Governor, as an odious brokers'
bill .~<st.!#
We have one more immediate and strik-
ing instance of the high esteem in which
bankers and brokers and bloated bondhold-
ers are held by friends and patrons when
favors are to be asked by patrons and
friends, and how great is the odium and
contempt sought to be heaped upon their
names and occupation when another emer-
geney arises. All will remember how ex-
tremely anxious a few years ago General
MALONE was to borrow as much as SIG, 000.-
900 for the Atlantic, Mississippi and Ohio
Railroad Company, Of which he was then the
president at the modest salary OF $4,000
per annum. He didn't travel all the way
to New York, London, or Berlin himself to
accomplish the negotiation, but he engaged
an agent In London-his, particular and
special friend .C0LLINsoN--to do the job for
him. and of course paid him larger per
cent. than was ever paid for the negotiation