Capital journal. (Salem, Or.) 1893-1895, 1894-03-28

bismarck knows the meaning OF the
word "prOsperity"as well as does Free
Trade Democrat" even If he is moth
ing but a Dutchman. Prosperity
means the same in Germony that it
does everywhere else, and Bismarck,
like every other well informed man,
knows that the American masses enjoy
greater prosperity than any other pee
pie, and Bismarck like Hamilton, Clay,
Webster, Greedy, BlaiGe and other
great statesmen, with what Free
Trade Democrat" calls "shallow
minds" believes that nothing has done
or will do more to make us prosper
Gus nation than the protective tariff.
Next IF. T. D." was taken to task for
saying "the national banks got money
and do yet at l per cent their and
can loan it at their own figures, any
thing from per cent to 80 per cent"
In reply to this l showed that the
average dividend Of the national banks
in the United States in 1891 was 40
per cent on their capital and had not
reached as high as 10 per cent in any
year in the last 20 years. Last year it
is stated their dividends did not average
per cent. Even in the palmiest days
of the national banks, other lines of
business largely exceeded them in divi-
dends including their bonds and all.
Listen to his answer to all Of this:
"The government gives the bank $780,
600 on 100000 bond, there is evident
ly all but $40 600 of that bond paid in
money. Now at the end of the year
the bank draws So, 900 interest. Is that
3 or 80 PER cent?" Pardon us for taking
your space to reply to such a question
as that. You must have the patience
of Job when dealing with these POpu-
lists and bear with all of their ludicrous
antics. He says he accepts my state
ment Ia statement which canuot be
controverted) that the taxes, penalties
etc. imposed on the national banks 90
exceed the per cent interest they re-
ceiye ON their bonds, and after that he
states the foregoing proposition and
asks, "ls that or 80 per cent?" Why
in the name Of ali that is holy don't he
fix his per cent at 800, and give us a
regular paralyzor? He says the Pop
ulist does assert aud can prove that the |
ils issuance of notes for the full term of |
the life of the bank. Well what of it |
if IN return the bank pays to the gov
and to the people in the way |
Of stable currency and In the way of
taxes, penalties etc. the full amount of
the interest on the bonds? If there is
30 per cent to be made in national
banks why don't "F. Il. D." and his
Populist friends sell their farms and |
start one? Have Mr.. Bush turn his !
Dig private bank into national bank |
and let all business men in other lines
'ollow suit. The field is open.
The most absurd and outrageous
statement made by "F. Il. D." is that
from 1865 to 1869 there was contrac-
ion of over one billion dollars" How
hard times must have been
about Dec. 1869 This statement has
not shadow of foundation and yet
thousands Of honest men have been 80
stuffed with it that they
imagine it is true. On Jan. l, 1866,
here were atloat $3.50, 100000 OF govern
notes bearing 7 $40 per cent.
How many of these did "F. II. d. or
any body else ever see In circulation
Why should an interest bearing note
any more than an interest
bearing bond, and how many more of
.hese notes than of the bonds did cir
,ulate, and how much would the fund.
ng of these notes into government
ponds bearing lower rates of interest
contract the actual circulation? Not
Dne dollar. The actual circulating
Medium Of the United States in 1865
VAS $7l4, 7O2, ,995 or S2O.57 per capita
In 1870 1t was $685., ,2l2, 794 or $3.50 per
'apita. In 1873 it was $751; ,ssl 500 or
'lS,O4 per capita. Yet, though the cir
'ulation was more in 1878 than in 1870,
lines were harder in 1878.
The circulation in 1898 was 81 $685.
Ol ,245 or S23,S5 per capita, a greater
'er capita circulation than we ever had
'efore with the exception of single
ear, when it was slightly more and
'et times were never harder.
Now as to +. 1. DIS comparison of
S7S with 1898, The failures of 1873
we're nothing like as great even in pro-
portion to business done in 1898 as in
S73, and yet there are many reasons
Why they should have been much
reater, There were 2,056, ,O5S men EN-
'loyed In the Union armies during the
var, In the Southern armies there
'ere 100000 men, making an
nomous total Of nearly 1900, 900 drawn ,
at Of a population including men
iomen and children Of only S2,OO0,OO1
a. lsN aa