The Camden chronicle. (Camden, Tenn.) 1890-current, 1892-05-06
$11,25O. Who objects to this? We

n0GnlnS, but on the contrary is q
source of revenue for the Govern
ment and that the currency is in
creased by it. The only remaining
question to settle is, are these banks
safe to depositors? Mr.. Mcdowell
admits that we have to have banks,
but is in favor Of private banks
and opposed to national banks-in
fact he now has his son in a private
bank. In the light of the recent
history of banks in our own section,
no one will be so blind as to con-
tend that private banks, the kind
favored by Mr.. Mcdowell, are as
safe as national banks. In the last
two years we have had the follow
ing private banks to break. Bank
of Madison, Jackson; Bank of Lew
isburgh; Franklin Bank, Clarks-
vile; Sax Bank, Nashville; Column
bia Banking Company, and Bank
Of Columbia. Remember, every
one Of these was a private or State
:. bank, the kind Mcdowell favors.
BY the failure Of these banks,
farmers, merchants, and working
men have lost hundreds Of thou
sands Of dollars-yes, millions.
Now these six big private banks
in this part Of the State have failed
in the last two years, but to the
credit and stability Of the national
bank none has ever failed in this
partoftheState. The Government
inspector comes to national banks
, at any time and inspects them and
: reports their condition, but private
banks do not have to submit to in
spection, and, as a matter Of fact,
they can be rotten and insolvent
| and the outside world knownothing
about it and keep on depositing
: their money until the hour they
break.
: But Mr.. Mcdowell is opposed to
r national banks because, he says
they can hoard money and refuse
=. to lend only at exorbitant rates OF
3 interest, sometimes running it ND
= to $50 per cent. There is not a
word of truth in this statement
! 1t may be attributed to honest ig-
t norance, as Mr.. Mcdowell said by
J. me. But Mr.. Mcdowell is now g
] learner. [ gave him a lesson yes.
e terday at Newburgh and am giving
= him another now. Inow state thai
e there is not a single national banl
: OF any other kind of bank in the
e United States thatis one year ole
: that has 81 in it that can not b.
T had any day without any interest
S [ know this is an astonishing
: statement to men like Mcdowell
y who know nothing about banks
e but nevertheless it is true, Their
d is not dollar held by a bank bu
it what belongs to depositors, and n,
t. bank keeps even one-half of its de
g posts on hand. Now, every depos
:; itor is entitled to his money at an,
: time, hence it is out Of the powe
S, of banks to hoard money. Indeed
is it is not to their interest to do sc
is Now, [ ask Mr.. Mcdowell to an
v swer this argument. Imade it yes
lie terday atNewburgh, and he refuse
r to answer it, saying he did not hav
n time, nor he never will have time
V, it is unanswerable, and he know
e he dare not try it. One of tn
l. Ocala demands is the abolition c
E. national banks. What does til
IF abolition of national banks mean
TO 1t means the destruction of S168
re 000,000alreadyi in circulation there
W by contracting the currency to thu
i extent. This vast sum is not cos
rs ing the Government one cent; O
T, the contrary, pays a revenue al
IN nually of S1,600,000. 1t is to b
is destroyed, and its place supple
as by having the homes of our farm