The farmer and mechanic. [volume] (Raleigh, N.C.) 1877-1885, 1884-09-10
oppresSol

our oppressors.
FINANCIAL MATTERS.- Is truly
distressing to hear the daily accounts of
financial stringency in Raleigh, ana
Central Carolina. Many Of the strong
est firms are compelled 10 give accep-
tances at 80 and 60 days. Collectors
roam the streets with full hands (bills)
but empty pockets. 1t is a common
thing to hear of drafts and notes I'M
paid. Yet business is fairly good, and
there is less real scarcity Of money than
lack OF confidence on the part of those
who have it. If men of means would
be careful to pay all small bills, the
times would soon grow easier.
1t seems a pity our bankers cannot
adopt the policy of the bank Of England,
the most wonderful banking machine
, on the globe. When there is a time of
financial tightness in England, the great
bank loosens its cash box, and makes
advances to any n who can give sut-
ficent security. Result: Business grows
easier, and a panic is averted.
As soon as Treasurer Worth re-
ceiyed the 100000 from the W. y. c..
! r. r., there came a rush of requests
from various banks for a loan of various
sums. 1t is said he refused all applica-
tiops, and put the money as a Special
DEPOSIT in Citizens Bank. 1t seems a
pity the large sum cannot be put into
immediate circulation at this season of
extreme scarcity Of cash. DR.. Worth,
however, may be wise in taking no
risks.
Mr.. Eben Childs, of L~incolnton,
lost $1,000 by Warner, the Rochester
Bank defaulter.
-Ghas. y. Hill, cashier of a Bruins
wick, y. J., Bank, took all the banks
funds lie could get, and then took his
own Life. y run set in next day. but
was brought to a ''short stop on first
base" by the absence of cash Ii this
sort of foolishncss doesn't stop the old
fashioned long stocking will beat the
banks as a place Of deposit.
Perhaps We ought to add, however,
that the rascally officers are as one in a
hundred, and usually found in specula-
tive cities at the North.
Raleigh needs a savings banks or
ganized after the plan of the New Eng
land savings banks.
Are they very successful"
Yes. In Worcester, Mass, which
claims 10000 inhabitants, the savings
banks have $4,000, 600 deposits. In
Lowell, Mass, the deposits of the saw
ings banks are $1,000 900 larger than
the combined capital and deposits Of
the seven national banks of Lowell.
You perceive what an enormous capital
they provide for building up New Eng
land. 1t has filled Massachusetts with
factories and railroads, and made it the
greatest State on the continent"
What are the main features of the
New England savings banks ?"
They are organized without stock or
capital, being purely cooperative. a
charter is obtained, directors elected,
president, cashier and clerks appointed.
a small room rented and the bank OPEN
ed. The deposits draw 1 per cent inter-
est and are loaned at or 5 per cent.
Out of the differences, the rent, salary
of cashier or clerks and other expenses
are paid, and at the end of every five
years the surplus is divided as a divi-
dend among the depositors. The State
law for these banks is very strict. No
money can be borrowed on less than
five names, or for more than one-half
the value OF any property. A board OF
examiners meets monthly and passes
on all loans. Much of the money is
loaned to depOsitors for building houses,
as in our building and loan associations,
and such as cannot be loaned safely in
vested in bonds. If the Raleigh men l
could name would serve as officers, a
savings bank could be opened here in a
week and be a success from the start
Later and more terrible tidings from
New Brunswick 1t appears that cash
Ter Hill killed himself because he had
squandered more than a mil ion dollars,
not only running himself and the Bank.
but hundreds Of others. When Piesi-
dent Runyon heard the news he went in
to a closet and cut his throat. One of
the clerks and one of the directors faint
ed, and both were reported dead. The
mob of depoSitors roared and howled
aroun j the Bank like Madmen. If the
gambling cashier had not killed himself
he wou'0 have been hanged bV he mob.