The clarion. [volume] (Jackson, Miss.) 1883-1888, 1884-04-02
Issue of Circulating Notes.

We are indebted to the courtesy of
Hon. J. y. George for a copy of his
speech in the L. S. Senate on 18th Feb
ruary, on the bill to provide for the
issue of circulating notes to national
banking associations. We give the clos
ing paragraphs:
said would adopt the Comptroller ;
average, 4.20 for six months, or $40 per
cent. per annum. That was the d dvidend.
have not been reading the net earnings; 1
was reading the dividend declared by banks
upon their capital. Their earnings w.re
S26, 49,, ,934.i6 their dividends extended
only to $25, ,2S5, ,I0262 leaving S6, l47 ,83l.-
81 of earnings that were not divided. More
than one-third of these net earnings were
not divided; ii they had been. the dividend,
being on the total net lrnings, wonld have
been over / 20 per cent. A pretty good
showing. No other business in the coun-
try can make such a showing as that, un-
less perhaps some of the railroads which
have been subsidized by the Government.
These earnings, it will be noticed. are not
calculated on the returns OF the best man
aged banks alone, but they show the aver
age of gains of all banks, including those
that are well managed as we'll as those
which have been conducted reckiessly or
even fradulently. The result is reached
after every loss by reckless speculation, by
bad debts and peculations has been de-
Quoted.
| wish now to call attention to the diff
ference as il affects the stockholders be-
tween earnings by the national banks and
the earnings made by every cashier every
teller, every waiter, every lawyer, and every
other person who had anything TO do with
its affairs is paid his salary. Every loss
sustained and every expense incurred by
the bank during the year is deducted, so
that stockholder receives his dividend OF
II. 20 per cent though he might have been
engaged in any other business had he seen
proper. He might have been lawyer, he
might have been merchant or manu-
facturer, and given his time wholly to that
except to attend the meeting Of stockhol-
ders and to vote for directors, and he re-
ceives clear of his personal attention and
supervision IL 20 per cent.
Take the other business of the country.
Take the farmers or the merchants, they.
may make apparently more than 11.20 per
cent, but they do not deduct in striking
the balance = salary or wages for them
selves for personal attention to the busi-
ness. For instance, we have farmer who
may make 10 or Is or il may be 20 per
cent. some one year; and how is it done?
He works in the field himself, his children
work in the field, and at the end Of the
year whan he estimates his profits he does
not take out q thousand dollars, as the
banks take out S10 900 or $50, 900, for bis
supervision on his labor. He does not
charge against the products of his farm the
value al the labor Of his children, bur his
profit Is compounded of I Is labor and their
labor and the products Of his capital. ]
say there Is no interest in this country
which produces in that way without cost
to the owner as much as i per cent, and
yet they come here and say they are losin
money, that they can not afford to hold
these bonds, and we must give them fnrther
adya1tages.
Mr.. President, am opposed to yielding
to this demand. ! do not want any inter
est IN this country however necessary, how
ever large, however respectable in numbers
or character, to have anything from the
Government OF the United States that il de-
MED 70 lhegreat mass Of the people 81 this
country. want no pet children 81 this Gov
efnment and no step-children. Let all her
children be treated alike. Whether they
have money IN national banks, ar whether
theg delve Is the mines. or work Ii the aeto-
ries, or piow IN the liel lds or pursue any other
eallinR, they are all entitled 10 equal rights
and equal privileges. So long as bold
scat IN this Hoor shall never under any
pressure cast vote which viii give % any
privileged class, % any pei children Of
this Government 4 privilege and 81 adj
vantage denied to the great mass d the
neonIS themselves