Mexico weekly ledger., 1882-05-25

cussion were purely local and indl-
vidual. Llewellyn showed from gov
ernment reports that the banks could
not be the rapacious monsters that
Williams considered them, as they
pay an average tax, estimated as to
their capital, Of 3.66 per cent, a
higher rate than any class Of property,
so that their profits could not be a
source of damage to the people, as
they make less profit than private
banks. The highest average dividend
between 20 and 80 was 1914, and
the lowest 7.64, estimated upon their
capital, which was neither an excess
sive Or exhorbitant profit. The
profits, rs stated by Mr.. Williams,
were only z per cent. AS to the
banks doing business Oh what they
owe, that was an old story. Every
body and every bank had been doing
that since the beginning of credit
system. Every business man does it,
and every farmer that borrows money
does business ON what he owes. On
the contrary no National Bank can
organize until the Government owes
them large sum of money, from
$780, 900 up to millions.
After trying to make it clear that
the banks were useless and harmless.
Mr.. l.. said that the banks was SUBJ
ject of minor impo,tance-of too
little moment to organize anybody to
oppose them; that the manufacturers
benefited by protective tariff could
give the whole National bank system
away to the farmers and steal it back
in three years. All the capital and
profits exceeded but little the annual
steal from the farmers by the protect
i've tariff. There was probably not a
man in the room that had ever lost
dollar Or been injured the least by the
National Banks; but there was not
man in the room that escaped the
picking and stealing of the tariff. No
man escaped with less than three
dollars year, and many were caught
for hundreds.
The Bessemer Steel Company made
profit of fourteen million one year
on a capital of twenty million. The
copper mines of Lake Superior COM
meneed in '67 with 500, 900, and
had paid in fourteen years dividends
to the amount Of sixty-four million,
besides increasing their capital to
twenty million. The Standard Oil
Company, with a capital Of $500, 900,
pays dividend of million a month.
1t would be cheaper for the people to
pay per cent. interest upon the cap
ital invested in the iron interests,
pay the wages of the workmen in idle
ness, and, after paying all this, they
could buy their iron abroad for less
than is now paid. Compared to these
things, the National Banks, with their
taxes of $50 per cent. and profits
varying from 1O.4O to per cent. :,
are mere nothing-a thing of no
importance; a man of straw set up
to be knocked down for the amuse-
ment of Mr.. Williams.
i Mr.. Llewellyn showed that the in
terests of farmers, above all others,
was ON the side of permanent values,
regular prices, stable currency; and
that currency regulated by legis-
lative body to suit the needs of the
country, could not be stable cur
rency; that no Legislative body, Of
whatever party, was fit to be trusted
) with the issuing of paper money ;
that no Legislative body had ever done
so but that it resulted in disaster.
Mr.. L. stated that there was in '73,
just previous to the panic. greater
quantity Of greenbacks and national
; bills in circulation than at any time
before or since, and quoted an article
) written in March, '73, by Amass
Walker predicting panic on account
of the excessive amount Of paper il
t circulation. The panic came just
: six months after.
, Mr.. Williams closed the discussion
, denied in toto that the panic resulted
E from an excessive amount of paper
r money, took another whack at thu
!, banks, made his position stronger
3 against the tariff, and closed by say
0 ing he was always glad to meet op
: posite views and discuss the matter