The midland journal., 1893-09-29

whatever rate of interest they could
secure.
In 1887, if my memory serves me
and I only quote from memory-the
amount of public money which was
then deposited in these pet banks, as
they were termed at the time, amounted
to about SCI, 100000, but in order that
| may be correct about it, go to the
report of the Secretary of the Treasury
for 1890, at page Al, and I see at that
time
The amount Of public moneys held
by national bank depositaries, including
those to credit Of the Treasurer's gen.
eral account and disbursing officers
balances on March l, 1889, was $49,-
81S, 90163.
During the campaign of 1888, as we
remember very well, attention was
called particularly upon the part of one
of the political parties to this condition
of things. overlooking the fact that they
themselves had been responsible for it.
that large amount Of money at the time
was deposited in the national banks,
without any charge upon the part of the
Government, amounting to sixty or
sixty one million dollars in round num-
bers. The people complained about it,
and when the next administration came
into power the funds were gradually
withdrawn, so that in 1889, two years
later, the amount had dropped to the
sum which I have just read, S49, ,000,-
600 in round numbers.
These facts show US that the national
banks of the country are exercising a
wonderful and marvellous power over
the business interests of the people.
There is no one power in Chistendom,
Mr.. President, which has the same
leverage upon the labor and the prop
erty and the sweat and the blood of the
people as have banking institutions.
The small banks throughout the cosn.
try, such as we have in the small cities
and towns in the West and South, are
not responsible for the condition of
things to which refer any more than
are any of the thousand and more small
railway lines responsible for the man.
agement Of the railway system of the
country. The railway business of the
United States is controlled by half
dozen men. 1t was said ten years ago in a
report to this body by committee, at
the head of which stood the late Secre.
tary Window, that four men practically
controlled not only the transportation
interest Of the country, but the legisla
tion concerning it as we'll.
So in this banking business, while it
is true that small banks, those which
are doing the most good and the least
harm, are in no sense responsible for
the condition of the banking system of
the country in general, and especially
in the large cities, it is true that the
banks in Boston, in New York, and in
Philadelphia are responsible tor it, and
that those banking institutions are
largely under the control of a few men,
not to exceed dozen, and that they
are engaged in speculation in Wall
street. When We trace all these con
verging lines from the little banks of
the country to their starting point, we
find them coming like the spokes Of a
wheel to the hub, and the hub is in the
space east ofthe Alleghaney Mountains,
| The financial system of the country
revolves around the center at that point.
and the financial management Of the
affairs of New York City are intimately
associated with similar system on the
other side of the Atlantic. We can
not separate the bond between them
and have them both live any more than
you could have had the Siamese twins
live after cutting the cord which bond
them together.
The whole financial system of the
civilized world is one great concentrated
power, which has its tentacles spread
out over the business of the people in
all directions. SO great has it become
that in European nations and you
may even go into some of the Asatic
countries and into the islands of The
tsea, and into South America, Central
America, Mexico, Canada, and the
United States of America, and you will
find that one half of the lands that are
now devoted to agriculture are under
mortgage to this same power for more
than they would sell for in the open
market. Our railways, our municipal,
tiles, our State governments, and every
ORGANIZED institution which NAV issue