The great West. [volume] (St. Paul, Minn.) 1889-18??, 1893-12-29
BANKING HISTORY.
An Interesting Article on Banks, by A. Mac
ready, in the Tacoma Sun.
CONCLUDED FROM LAST WEEK.

", n.
CONCLUDED FROM LAST WEEK.
Thus the bankers scheme SO far has worked we'll,
with greenbacks at half price he is ready to begin bust
ness as q national banker He sees the nation is alb
sorbed in it's own preservation the conflict
of rebellion and it's mortal peril with the shreks OF sui
ferng and contending freedom ringing in his watt
ed from the blood stained battle fields of patriotic strife
for the nations life and while of thousands of
our citizens at the 'front.' far from their homes and
their kindred intent only in their discrimination to
that liberty and freedom shall not perish, this
strous system Of selfish iniquity-ths Caliban OF mod
ern times-was born
According to law the bankers bought bonds to
as the basis of their business. With $50 600 in bonds
they 20 to the comptroller of the currency at Washing
ton and deposit them with him. The comptroller gives
the banker order the treasurer for 900 in
ibank notes. He has deposited $4,000 security for
the redemption Of his notes and secures $4,000 in
rency for business purposes and draws interest on the
whole amount of the bonds and is exempted OF all tax
alton both the bonds and the bank notes. both
tona state county and municipal and, besides, he has
his interest in gold paid quarterly and can draw his IN
terest in advance for period of year, without
bate For instance he could draw on his GOO bonds
the basis of his banking business at per cent 600
in gold and at the same time have his banking profits
20 to 80 per cent investment OF only 5000 of
Capital and all this without increasing the wealth OF
the country to the value OF calf hog, blade of
grass o. an ear OF corn or an invention OF device % OF
on to the progress or grandeur OF the
as eunuch, greedy and graspng as Dives and gener
In the Bankers Magazine for April, 1S93 the fol-
lowing statement of amounts Of deposits in the various
banks is given:
Deposits In national banks . 81 765, 900 900
Deposits in state and private banks. ,155, ,OOOO 900
Deposits Of wages in savings banks... 1,758 900
$4,e7e, 100000
and all this incomprehensible subject to bankers
manpulations for profit by usury What tremen-
dous money power with it's briaran arms stretched
north SOUTH east and west into every city, town and
village in whole country. What power for evil
and but little permanent good; what multtudinous
omnpresent money gathering machine, for the absorp
tiOn of wealth by usury and than all ths when
consider that almost all OF that vast s subject
draft and that draft to endorsement three four
times in it's circuit to redemption language itself
be able to adequately express it's remendous proper
tions and for all the aggrandizement OF class Of
of Intermediates in the distribution of
the peoples money of trade and account. Besides this
state of dependence of the people is intensified by the
fact that business are kept in continual depen
deuce these Business must have money, and
especially increasing business must have credit
any COST to meet increasing liabilities and therefore the
banker is it's familiar resource until the evil day of
"pay up we will shut you up" arrives, and with q
loss of confidence and credit, lawsuits and bankrupt
cies poverty loss of caste and in many insanity
suicide and the greatest wonder Of all is that under
such circumstances often repeated do not turn
their attention to the means OF permanent relief and
espouse the only cure that possibly can do so.
Destroy the present gold bug system Of usury, and,
in it's place seek relief where it sure to be found In
money currency issued alone by the government, with
out usury and In sufficient volume. As illustrative OF
the pernicous influence and absorbing power of the
national banking system will give only one instance
as q fair average OF the whole.
William E. English who ran for vice president of the
United States the democratic ticket also pres
dent of the First National Bank of Indianapolis. Re-
signing this position he made the following report to
the stockholders in part, II congratulate the officers
and stockholders of enterprise The bank has been
in operation fourteen years, under my CONTROL with
capital stock Of $500 OOO In the meantime has vol
unfairly returned the $500 of capital stock back
ind
$50 part Of which in gold; and turn it
over you with capital unimpaired and 1927 900 ol
the undivided earnings on hand To this may be added
the premiums of the United States bonds at present
prices amounting to $36,0O0 besides quite large
amount for lost destroyed bills" In this report
notice is taken of the amount OF officers salaries
rent and other expenses; it stands the profits
$500 900 in bonds, that did not cost $3.50 900
was in fourteen years follows:
Capital returned to stockholders. 5OO, ,OOC
Dividends to stockholders. 496 25C
Undivided earnings 327, ,OOO
Premiums on bonds. $4,000
Lost or destroyed bills. 2400C
$2,383 25(
Mr.. English forgot to mention the
two paltry items Of income
from interest on $500, 900
Il bonds for fourteen years, at
i per cent ................... 100000
Exemption taxes for fourteen
years, at per cent............ 21O,O0O.. 63OOO(