The Eaton Democrat. (Eaton, Ohio) 1875-1903, 1886-08-19

terrible powers OF withdrawing from circula-
ton 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 la
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 lave they o complete monop-
oily of the whole traffic in money. and, by
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 inn
punity, by assuming for their charters that in
tangible sanctity which guards them against
the sacrilege of legislative reformation. In
sustaining this INDUSTRIOUS system of eight
hundred banks, with their illimitable DOW
ers, an Immense number of men are directly
interested by pecuniary profits and favors.
And now 1 shall begin first with the hold
ers OF the stock. The aggregate of this capt.
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
$500, 001,000. This stock is held in amounts not
supposed to average more than $1,000 to each
Of the owners; and If it be conceded hat one
entire half of the aggregate is held by other
institutions, by foreigners and other persons
not citizen voters. there will still remain
seventy-five 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,
0O0, 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 a large proportion of which tax is sent
abroad as a tribute to foreigners.
The next in order are the persons who, al
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 amounr
of $500, 600, OvO; and if 1t be supposed that one
third of the whole is loaned otherwise thar
to citizen voters, and that the balance II
loaned in sums not exceeding, in the aver
age, $4,000, it will appear that about one III
bred and sixty-six thousand voters stand thu
to the banks in the relation of borrowers
This estimate, made in reference to the fac
that the same men are often both stockhold
ers and borrowers, and to all other circum
stances that might affect the accuracy Of sucl
o calculation, presents the formidable ARA.
of two hundred and forty-one thousand men
who are drawn within the influence of tn
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 it
officers. Each Of these eight hundre bank
has a Board, consisting, on an average, O
about nine directors-in all amounting t
seven thousand two hundred men; and in ad
dition to thissthere are eight hundred Ban
Presidents, eight hundred cashiers, and q
least two thousand four hundred clerks, a
dependent, more or less, upon these institr
lions for employment and subsistence. An
still. there is yet to be enumerated q body c
auxiliary forces, who draw their rations froI
the same grand commtssariat. One sttorne,
at least, and often several, finds q liberi
client in each of the banks. Thus Q disciI
lined band of eight hundred lawyers, fee
into the service of the banking system, al
stationed throughout the Republic, and stan
ready, at a moments warning. to repair I
/ the rostrum of public discussion, to the hal
, of legislation, to the bench as judges. or I
j any other here the arts Of eloquence 4
{ the cntcanery of 3 pleader can most avail !
defending the depredations enlargins q
1rtvtsssse or guarding the sancuty q NE