The Daily clarion. [volume] (Jackson, Miss.) 1866-1888, 1880-01-28
FORMER reaort b. hi,U eeBde'1- ing the
IL rs 900 600 ulsde b. the tl,rn Secgeta-

q former rgaort b. hi,U raBda'1r ing the
BE- nfs5. 900 600 nade b the tl'rm Secgeta- +
W % ihs Irea-u =.
Mr. Bayar5 ,. uuesied Hr B ck n admit
that ne (Mr. Bayard' had then urged this /
measurs IN Committee and IN tn Senate.
Mr.. B ok replied that he gave the Senator
credit for perfect consistency In all his &C
lions. and believed that he YVES actuated by
patriotic motives. he believed that Con- /
gress and not The supreme Court was tue
iudge OF what continued an eXigpncy snch
~ would warrant the issue OF not =. A.
snming that the war was such, 50 long as We
we're taxed for interest on the war deO' and
ior pensions there were rXigrBcies reqnir-
Ing the preserVltiO1 Of these notes, The
national banks could, bv forming ring.
avert the payment o; gold They could
,end their notes % places distant irons the
Mace of issue snd It would be impossible 70
yet them redeemed PROMPTLY II the legal
tender quality OF grrenbacks were wrh h.
drawn 90 contract could be- ehf0fce' where
offer Of payment was a condition precedent
TO jts fulfilment This wa scheme -
make national bank notes me 1nly av"ilI-
be money On paid in capita of $500
900 the First National Bank of New York
had on Jauuaryl. 1879 a surplus fund OF
81 600 COO and on Noyemhes ], 1879. $500
900. on January !, 1879. the undivided
profits were Sl42 600; on April 4. S339,OOO;
on June |, $500; on October, /,
| 1904 900. If these were separa items
The total would be 81 $4,000 of undi
Fvled profits on $500 0OD cJpital. II none
had been drawn out so that il represented
/ what had run along through the year, 1t 81 u
/ showed $4,000 profit. Gu Januasy ]. 1873
: the bank had VA, 10000 Of United State mon
ev on which il could bank; on April l. 2 &c.,
! A E1Da fpt1s on Fletcher
4 4, $3G)DOD0. The interest on the deposits in
! June was $2l eco o day. Further here was a
profit on syndicate operations Of - 1874 90 All
on $4,000 capital Mr. Beck concluded tnat
the bestbanking capital thata man coul have
was the goodwill and patronage Of the Sec
rotary Of the Treasury
Mr. Morrill, Rep, VT said hat the First
National Banks capital, though originally
100000 had received an accession TO it Of
undivided surplus Of over 81 ,2I7 900 and that
IL paid last year 1927 419 in taxes. The Sec
reiary never deposited a single dollar in the
bank. All that was deposited was b. the sub
scrbers TO the loan.
Mr. Beck said these profits we're made out
of n pital Of 500 900. They had Is surplus
besides all these profits and syndicate profits
of 100000
Mr.. Morrill, said they negotiated $268,0OO,-
00J Of bonds and made less than $40 of | per
! cent profit
Mr.. Beck said 1t was a vicious system. The
legislation by which the bonds were made
payable in coin instead Of greenbacks, and
in gold instead Of gold and silver was an eff.
fort Of the money power to benefit themselves
at the expense Of The people We could trade
with ourselves and with nobody else. Even
IL we got better prices far our products
abroad than Mt home, we could not
buy in cheap foreign markets. He REFER
ed to the facts that the Kanawha Salt Works
were stopped in order to allow the price OF
salt to he kept up and that the Vulcan Iron
Works of st. Louis had been closed for ten
years by agreement between them and the
Bessemer pool by which hey received S70,0oC
bonus last year for stopping the furnaces be-
sides $4,000 as their proportion in the pool
Eight hundred men were thrown out Of en-
! ployment by the stoppage Of these works.
This WAS called protection to American labor.
We were exporting nothing but breadstufTs
which starving people were oblge to buy OF
us The Pacific railroads might rs well new
err have been made for all the trade they bring
us from the East The capitalists had the
lions share Of everything. Believing the eff
feet of the passage Of the resolution would be
to increase the power ola body of men who
have no interest in common with the people,
he would oppose il until he saw money COM
ing from abroad by other causes than an ac-
cidental state Of things which might cease at
any time.