The Democratic press. [volume] (Ravenna, O. [Ohio]) 1868-1901, 1886-08-19

These institutions are armed by law with the
terrible powers of Withdrawing from circula-
| tion the metallic medium, to be buried in
| their vaults, and of returning their promis-
sorry notes in exchange to the people, as the
only money by which their property and Ia
Dor are to be regulated, to be enhanced or de-
preciated in value as the banks may be pleased
to increase or diminish their issues and dis
counts. Thus have they complete monop-
oily of the whole traffic in money, and, by
! consequence, a monopoly of the entire credit,
| and, indeed, of almost every department of
trade known to the country. These privi-
| leges they enjoy under the strong temptation
! OF cupidity to abuse them, and with all the
facilities to crafty that passion, afforded by
the secrecy of their operations. Nor have
they neglected to provide for their crimes, in
the event of detection, the most certain i'm
punity, by assuming for their charters that in
4 tangible sauctity which guards them against
the sacrilege of legislative reformation. In
sustaining this monstrous system of eight
hundred banks, with their illimitable pow-
| ers, an immense number of men are directly
interested by pecuniary profits and favors.
And now L shall begin firsB with the hold
ers of the stock. The aggregate of this capi-
| tai stock, said to be paid in, and which,
whether paid in or not. is actually employed
as a fund of traffic, may be stated at about
5000, 900, ,000 This stock is held in amounts not
supposed to average more than $1,000 to each
of the owners; and If it be conceded that one
| entire half of the aggregate is held by other
institutions, by foreigners and other persons
not citizen voters, there will still remain
seventy-hve thousand voters, who are under
the direct influence of the banking system as
stockholders, deriving an immense income
from its existence. These profits paid under
the name of dividends, will be found equal
to 10 per cent. yearly on the capital stock,
/ amounting, in the whole, to the sum of $780,
! 900 000-a sum paid, as an annual tax, by the
people Of America, for the privilege of using,
as a currency. the notes of banks promising
! to pay money, instead of the money itself;
/ and large proportion of which tax is sent
abroad a tribute to foreigners.
The next in order are the persons who, as
| borrowers, stand in immediate dependence
upon these institutions, and therefore in
greater or less subsection to their influence
The aggregate of the loans and discounts will
be found not far from the enormous amount
of 5000 900; and If 1t be supposed that one
third of the whole is loaned otherwise than
to citizen voters, and that the balance is
| loaned in sums not exceeding, in the aver
age, $1,000, it will appear that about one hun
| dred ana sixty-six thousand voters stand thus
to the banks in the relation of borrowers
|
that the same men are often both stockhold-
ers and borrowers, and to all other circum-
stances that might affect the accuracy of such
a calculation, presents the formidable array
of two hundred and forty-one thousand men,
who are drawn within the influence of the
banking system by the strong ties of pecuni-
airy interest; and yet, great as is this army,
have given but the rank and file, without its
officers. Each of these eight hundred banks
has Board, consisting, on average, of
about nine directors-in all amounting to
seven thousand two hundred men; and in sd-
dition to thisithere are eight hundred Bank
Presidents, eight hundred cashiers, and at
| least two thousand four hundred clerks, all
dependent, more or less, upon these institu-
| tions for employment and subsistence. And
still. there is yet to be enumerated a body of
auxiliary forces, who draw their rations from
| the same grand commissariat. One attorney,
| client in each of the banks. Thus q discip-
| lined band of eight hundred lawyers, feed
| into the service of the banking system, are
| stationed throughout the Republic, and stand
| ready, at a moments warning, to repair to
| the rostrum of public discussion, to the halls
| of legislation, to the bench as Judges, or to
any other postlw here the arts of eloQuence or
| the chicanery of q pIeader can most avail in
defending the depredations, enlarging the
privileges or guarding the sanctity of their