The Republican journal., 1882-04-27
Names Fusion congressman.
"OIE OWN MIKCu."

Nr. Thompson II. Murch of Maine, Repre-
sentative IN Congress from our Fifth District,
has been talking to Philadelphia Workingmcn
and telling them the thing that is not. Mr..
| Murch, who has been far more successful as
| a@itatOr than as laborer, and who draws five
| thousand dollars year from the nted States
! Treasury for doing almost nothing, said among
many other untrue things that the Republican
party has never passed Il law in the interests of
! the W"rkmg-man. He ought to know, as men
! do know Whose general intelligence is such as
t" tit them for public servants; that the legSla-
| tlOn of this country for the last twenty Years.
| and the constitution itself. have been greatly
! enlarged by Republican legislators for the ben
efit Of the laborer; and that Republican eNecul-
tlves have time and again originated or APP
| proved acts leading to the same good end. \
Republican President struck the ,hackle> from
| four millions of slave labOrcrs against the pro-
| test of Mr.. Murch and others of his political
faith who held that deed to be unconstitutional.
| \ Republican Legislature passed the home
| stead law in the face of Democratic .'constitll-
tional Scruples." It opened up the long reach
between the Mississippi and the Pacific to com
mcrce and labor. 1t gave American factories
a start that has brought them abreast with the
long established industries of the old world.
| And 80 Well has it rewarded the laborer that
toiler~ are coming from Europe at the rate of !,
million year TO this land where plenty of labor
and ample wages and political freedom and so
clai respect are secured to them by the liberal
dii'l tll iSHltHct pOllcN OF the ktpuDcan party.
Mr. Nurch is either very forgetful or very igno-
rant. Portland Press
lADD'S GLAEINti ERRORS.
Ladd. of Maine. recently assaulted national
banks in speech in the House. Among many
glaring errors in his argument is one to which
| the Detroit Post calls attention. Iadd urged
| that the profits of banks are immense. and that
they accrue Oft the 90 per cent of their capital
| furnished by the government" OF course it is
! false that the government gives the banks any
thing. They buy the bonds and deposit them
and receive 10 per cent less in currency than
| they invest. In fact the profits of banks on cir
| culation is small OF this two banks in New
York city furnish striking illustration. The
| Chemical National bank has q capital of 50 o.
600 1t has no circulation and never had anv
| therefore it never had any 80 per cent. or any
other per cent of CAPITAL furnished to il bv the
government. lrt the net profits of this bank
| have been S3,362.00O, and its shares which
originally cost 800. are selling at 50 900 The
Merchants Exchange National in the same city
has capital OF 81 ,0UO.tOO. 1t has S131 .0O cir
culatOn its net profits are set down at SlS1 900,
| and IFS shares are selling at 800. or $40 below
! par. The reason i that the Chemical National
| with only S300.0OO has S14 224 30 on deposit
and its outstanding loans on March llth were
S13 94J.90o. The Merchants Exchange Bank
has small deposits. The conclusion from this
is certain-it is deposits and loans. and not cir
culation. which make profit for the banks. And
here it should be said that neither the govern
ment nor the national banking system have
anything to ITO with the amount of these depos-
its or loans. They have not been increased
cent by any law of the land. They would eX-
ist if there had never been national banking
law. and they will not be affected in the slight
est degree by the repeal Of the banking law.