Telegram-herald., 1890-09-30

- N1e 14.ssf - t@r Asts
II uss atnA grs<f 1e2l $ tesssesi
thst rsza ls< Asls &zdsses g os.s 6
o.sr a.a.sl n0noae1 ass respected tS~zaS,
asn. tae Hsa. gAss =. ls3svrk s<fsie
tae sB1aksrs Caaxesa1 1sl@a - ssg gsaa0.
Tae 2a5ress Is qatsieon sfe~ea dep
tloagss sid 4 elssF sessgat "a ha@Ae.Sl
aas9s. bas stu 4 w&s gFea ifem 4
bankers st4na - at ana ief tie iatt4esl
Il gAe l2aklak ff@eerAisy ia se.i-
sslaeDg faei tai y 1e ra.l1oza ansD VII
soEk foE the Interests q iaess read
asnsters of a p4aefscsaglag ffsa N-l
work for lis lGtsFests. Alss - o. sa-n-
nnlsam And the beaeHts 10 thelr lsis3e
nea &ad soelesy. which IA many
instances no doubt are grext-srs
with them only secondary eoassders-
tons; aud - also i : Min the bankers
Their own interests first. TIE people
next. IL thers IS 80 Little proit n
banking 81 present, whs should
tai ksFs be 80 fearful of Tie snn.h a.
ton OF gae National banks II there
: 30 profit sprt Of 'pillanthOphA
must pervSce the souls ~ our banker
brothers" saeh as Howard never
dreamed Of. II / understand tie iaw
sr.gat, tor every $50 an circulation tie
tanker has 70 tuy q 500 tf0fernnent
bond t0 be deposited ioT security. That
b0ud draws 4 per cent interest which
is paid quarterly IA gold. llV issues
the e90 ln NOTES that ne i entitled 10,
loans Il 40 his customers Il ! per cent.
interest, 10 lae pad every 50 ~ - dSys,
4 tlIue IS exteuded-and yel banking
does not pay al present.
10 not wish u 70 he understood that
condemn the National banking sys
TEN, tor ! 10 not; tor there : 10 doubt
that the present system = the best
thls or any other country mas
ever scen, but il does not
follow that there can not be any better.
Thls county Is as yet N IT'S infancy, the
sO-called great financial dealings OF the
/ present-as 70 be compared wlsh those
of l00 years hence will De, IN conpar-
isOn, ike the petty chickering's Of a vii
/ iage grocery man and the dealings OF =
/ kothschild or Vanderbilt But does
any one believe that the American
people will not be equal u the einer-
/ gency, Necessity" they say, is the
mother OF invention" Necessity Was
! the founder of the present banking sys-
/ tem-for the Government had 10 pass
/ the National Ranking law IN order 10
get the $500 t0l.0o0 10 gold tnat tie
banks possessed-apd go. as time
rolls on and the ex gencies of the times
require Il, new systems will ba DIS
covered that will be far superior 10
those of the present for the general
good and welfare OF the public. 1t Is
my belief that the time viii come when
| the Government viii Issue the clrculat-
ing notes of the country, and ] can not
see any reason Why they can not or
should not do SO. The mineral re-
sources OF our country are very great.
Millions OF dollars in gold and silver are
annually sent 10 the mlnts and manu-.
4 factories Of our country. and there are
still millions upon millions OF gold and
silver locked up in the mountains OF
the Great West that viii find It's way "a
Washington in the years 10 come.
Then why should not the gold
be deposited at Washington
and circulating notes be issued
for its value each year, and | will ven
ture to say that by the time the nation
al debt is paid and the national banks
die q natural DEATH" as Mr.. Gilberl
says, we will have a circulating medium
sufficient IN volume for the needs Oi
the people, and hacked by good soiic
gold IN the treasury OF the Uniteo
States.
In conclusion, would say that If tn,
national bank system is absolutely
necessary to the financial prosperity
and interests OF the public, and that th'
payment of the public debt would de
stroy it, then would say have Congress
pass laws delaying the payment OF tn
same, and use the yearly revenues o
the Government in improving our riv
ers and harbors and III fostering thos
industries that viii materially promot
the prosperity and nrrease the wealth
of our glorious country.
Respectfully,
PERCY SNYDER.
Grand Rapids, Sept. 20, 1880.