The Emporia weekly news. [volume] (Emporia, Kan.) 1881-1889, 1883-03-22

ne Salo thaI Inc students ought to study
several hours IN the afternoon and then
take walk 10 the postoffiee. The post
Office clerks of course will feel grateful
for The kindness of throwing patronage
in their way.
We had book agent, bad, this morn.
ing
TUESDAY. March 90
Convaleseence is the order of the riay
among the students. They are all get
ting better.
E. A. Phillips was with us again TO-
day.
H. G. Cross gave the class in political
economy very interesting and instruct
i've talk this morning on Banks Au
l'autilne of the address is as follows,
| Banking under some form is one of
the Oldest mercantile pursuits. The
word is derived from one which means
a bench, and was 50 called because the
money-lenders E,rmerly sat on benches
in the market-place. The Bank of
Venice was the first to reduce the occu-
patton TO system. The deposits. how
ever, were not subject to check as now,
but bills Of credit were given, which
were sold. A mans wealth consisted
not in his gold and silver, but his
amount of credit at bank.
The next bank which has attracted,
the attention Of Enanaisrs is the Bank
OF Eagiand. Il was originated to do the
banking for the government and cores
ponds 10 our national treasury and sub
treasures. II is controlled by a gov
ernor, vice-governor. and twenty foar
dire ptoFs elected inf life They Issue
aGtes from Is to a $1,000 note. the
small change being gold and silver. The
business is done directly with the bank,
while here it Is done with tho sub
treasures. A note is issued but once
1t passes but once through their hands.
Here note circulates until il is worn
ont.
The banking system for which this
country is noted was originated about |
revolutionary times and has been
changed by the necessities of the times
feet system. Our first hank was origi- |
Iated by Morris of Philadelphia, and was
known as the Bank of North America.
Whena bill was passed to ?ecnaFteF 1t |
Andrew Jackson vetoed It and it failed |
to pass over his veto. From 1892 to 1884
the government had no bank system and
the state banks supplied their place.
These were, some excellent, like the
banks Of New York and Ohio; some
almost worthless, like the "Wild-cat''
banks of Indiana and Wisconsin When
you went beyond the borders of the
states IN which your notes were issued,
your wealth was either almost worth
less or taken at large discount Al
best then, exchanges for short distances
demanded from / per cent. to 2 per
cent; now exchanges can be made on
almost any part of the United States for
10 per cent.
But we have passed through all this
trouble and have now the most excellent
system known. When our present
system was instituted IN 1864, all other
notes were discounted 10 per cent, and
demand was thus created for the
national notes. Our system became
national and the impending crisis
averted. The Bank of England can only
pay her Indebtedness by going into the
market and buying the notes offered It
can not call them in. The notes are not
taken. like ours, subject to call, hence
while those notes command = per cent.
above par ours command per cent.
We are required to deposit $1.20 to re-
deem every 81 we issue We must keep
on hand 10 per cent. of our capital and
must have several fiscal agents in differ
emit parts Of the United States 10
do our business for us. A re-
port must be made to the comp
troller of the currency at least five times
annually and he may demand 1t daily if
it becomes necessary. The country is
divided into bank districts and an ex-
aminer appointed for each district
whose duty 1t is to examine personally
all the belongings in his district at least
once year. He may walk into the
bank at any time, show his commission
and go to work He counts the cash,
tries the balances, writes to our fiscal
agents and thus goes over the entire
field. All losses by this system amount
to less than any other system in the
world. On this subject you ought all
be we'll posted as the knowledge you
possess of finances determines largely
your financial success.
At the close the speaker was greeted
by prolonged applause. At the earnest
request of the President Taylor and the
class Mr.. Cross promised to address the
the class soon on exchange and bords,
To hear this interesting subject we be-
speak larger audience of students than
this of to-dsy.
WEDNESDAY, March 81.
The Misses Morse and Sedgwick, of
the city schools, were visiting to-day.
Misses Darnall. Baker, Patty, Blake
and Van Horn have returned to school.
J. c. WEIGH, one of our old fellow
students, has just returned from teach
ing near Wichita. He spent yesterday
and TO day with as leaving at noon for
Phillipsburg, his home.
Misses McNally, Lula Homes, Hattie
Homer, Mamie Dolphin, P. J. Gale and
Fremont Miller have been selected to
represent the class on commencement
day. The class chose Miss McNally
yaledietorian and Mr. p. J. Gale saIuta
torian
B. F. Combs left on the yesterday az
terno6n train for California.
P. E. DAGoGUE-
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