The Iowa plain dealer. [volume] (New Oregon, Howard County, Iowa) 1867-1895, 1880-01-02

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t,~ts~t AMA tss4~sss A~A ~ ts~mwssMy
shs esnsssa ss~st*fsss - sAs state
An ta5aAs Hs*f aMa sAs@ss M#s In
~Ms. irrsA~nssiis A~~~wsre a. is4ss
s~~e sAA eetsttsss~ ihsvnth ass
sstweastuse II Ne messs tNn she
nssse~Al t~raa s~sss ~ Aas ssrslAs
vs~.A sr*Mltt ~ W. ls~erls it~m thss sas
II essAstauNf II i Aime~t needless
" ~ she nAssrnAi hAska ss~ ~hsils
wnAlsls w eve ~ AMsmAtase ssfts
Nrw~ saAs fr~AsA tAAs The sAms III
i~essen aygslies " the ns~ II ~ nsa.s
NJ tnsin~s4 sar~ns~s whirA hAA s,e~n
t~r~tsrd fsuM tke rMtises lhc*~ mo
tNise thta paint. Ao~esws. ID - Nndef \
miaal9seheestoh tassne~A ear~n~ea In.
cusved Ice ~hAs misinaa~a in . yahlic
eccd. hke w mAnuls@tws~ II npns. il 3
very diAtseat msttrs frem lnssk~ss ~.
peaaps iaesss~sl fcs the aaaiatsnan~~ ~
: public cMs~e. n may ~ argued that
lehdlaG Moaey q iates~sl. u wsuEy, "
act pabiie cesse. Meme will avuw this
Who have given The sahject sesious
thcA9ht, bni even sappcaine. II emo
cAn. that ssnsy II bles1ire. NOT .
cufse. still, when II II horne In mind
that lea than \ per cent per annum il
the average rate of int~rcaa throughout
The country, and that the national
haahs averaged IL PR cent. . year clear
prc6t On their capital, think II will
be admitted thai The t300. 900 .O0U add.
Stcnal thereto. given by The people ont
Of their earnings for bank expenses,
vAa dead loas 10 tho community for
the sole bcnciit 81 The national banka.
There remains tc be considered tho
last item, The tf,s;si, ,tOO, 400 of met proti,s
which accrued 10 the national banks ont
OF q, 100. .00o. 100 they have Al,strHc.ed
from the casninga of The people. The
hank managers say tho community re-
ccived full equivalent Tor these cnor.
nous net proflts, In The privilege nc.
corded TO Il of using tho funds which
were u the dispossl of tho national
hanks.
What was the nature OF tho so.calied
full equivalent received hy the people
In exchange for tho $,;GG 100000 or
net profits donated ont of their earn.
ings 10 the banker?
On tho surface. that appears 10 I've .
plausible argument on behalf of the
banks, which represents them ~ fur
niahinR capital 10 energy and enter
prise Tor tho development Of our rc-
sources, and for giving employment to
many thousands during ths progrcfs oi
that development; but what does the
other sidc of the picture represent,
the tide which ID carefully veilcd by tho
Republican press and the organs OF tho
HArd'moncy Democrats, from tho men,
tal and physical .toilcrsf
Here We behold the pitiless, tho inex.
orablc gathercr Of the tsx levied on all
the products oi labor for the usc OF tho
money loaned 70 the sincw and brain 81
the land; . tax which in sixteen years
1t tho iarthest, and more often In
twelve. 10 eight years, equals the whole
Of tho sum originally loaned: . tar
which, lko canker-worm. cAts its way
silcntly, unintcrrupt-dly through tho
foundations of every business and 0f
every enterprise. until suddenly, 1t =
moments warning. Tho entire super
structure of prosperity falls together In
= heap of runs, and burics beyond Ill
hope Of recovery the fruits OF lifelong
toll, caro- aud anxiety, with ton thon.
sand. oi broken hearts.
This Is the equivalent finally given
by the national banks for tho sd66, ,O0O,.
OO0 Of net prohts received by them from
the people.
Tho average capital stock Of Che
national hanks from 90 TO ~ wss.
In ronnd numbers, 400. .00O, 900: tho
average amount Of dcposits belonging
70 tho people and which the banks
loaned out for their own especial profit,
was t5tO. .O0O. .OO0. making with the bank
capital t0t0.0OO.OO0 Of capital on which
the banks did business. We have seen
that tho net profits Of the banks for
tho same period werc t6d6. 600 900; oi
which t2ss 1000 accrued from tho
capital belonging 10 the banks. anil
>:ls2, 100, 900 accrued from thu capital
belonging 70 tho people; 10 that tho
people gave for tho nsc OF their own
money tho magnificent gift of t3s2.-
OOO, 400 10 the national banks. Never
thcless. Comptroller Knox labors 10
prove in his report that national bank
ing prescnts no particular Inducements
over any other business 70 these who
desire safc and profitable employ
mcnt Tor their money
We Thus perceive that the national
banks. 10 iar from returning m equiv.
alent 10 the people for the ti. 300, ,O0V,.
600 tan ON their carnings, not tnly
made no return Tor their vast conlribn.
tion 70 their support. hut played con.
spicuous part In those events which
prccipitatcd the panic Of 70 with al In
attendant misfortunes and horrors.
WILLIAM HowAND.