The representative. [volume] (St. Paul, Minn.) 1893-1901, 1895-12-18


OF course Rip is fool to repeat this,
day after day, when the filly would carry
him to where he wanted to so.
But Rip has strong affection for the
old mare
Its the hat his father wore" Yours
for the good cause. OTTO L. BULLS.
Winnebago City, Mimi.
THE POOR NATIONAL BANK
ERS.
AN ANALYSIS OF ECKEL'S REPORT,
Sill, 76s,51s OF GREENBACKS LOCK
ED UP IN THE TREASURY VAULTS
Editor Representative:
Comptroller Eckels. a descendant of the
money, changers kicked out of the temple
by Christ, gave up his wisdom December
2nd 1895.
The total number Of National banks in
existence October 1st was 3715 which
have an authorized capital stock Of $685.
136,915. There are nominally 2S5, 1870 share
holders, yet the fact is, less than II 900
persons get their living by national bank
ing.
There is one item that has some in
terest to the money student, and that is
the fact that $23, 706,6 69 of circulation are
secured by lawful money deposited with
the Treasurer of the United States. When
a bank breaks or winds up its affairs, it
can only get it's bonds by paying into the
treasury lawful money for it's outstand
ing circulation, and hence this sum is
almost an exact measure Of the national
bank notes lost and destroyed, OF 1908
national banks now wound up, or S18,
12450 for each bank AS these broken
banks are but slightly over one-fourth of
those organized, 1923, and less than one
sixth of the circulation, 1T logically fol-
lows that fully 1920, 900 OF the reported
$213,8S $50 in circulation is also lost or
destroyed.
This furnishes us with a good way to
determine the number of lost greenbacks
which at the same, or a little less ratio
of loss, would figure 100000.
The same story is told by the old frac-
tional currency. Manning, Cleveland's
first secretary, dropped $S,000,00O at one
full swoop as lost and destroyed, out of
the SAG 600 900 issued-the treasury at that
time only succeeding in getting $50, $780,
900, which left $7,5OO,OOO nominally in cir
culation; and though nearly IL long years
have since elapsed, only $1,200.000 have
since come in, which shows that $780,
100000 Of lost and destroyed money are
carried on the treasury book, by the cir
culation liar Taking this as basis we
find that the treasury has redeemed and
now holds from circula ton, Sill ,000, 900 of
greenbacks, which added to 100000 900
probably .lost and destroyed" would
leave but S73, GOO, 900 now in existence, or
s13,000,O00 less than the gold fund held
to redeem them; and yet, Cleveland in his
message clamors for more bonds to either
strengthen the gold reserve or wipe the
greenbacks off the earth.
The only relief recommended for any
body is, the bankers. EckelS would re-
duce the circulation tax from one per
cent to one-fourth of one per cent, which
would reduce the amount $1,500000, and
just hand the same over as gift to the
national banks.
Mr.. Eckels does not give us the sal
aries and dividends of the banks, so it is
impossible to tell exactly how very poor
these bankers are. If the average salaries
per bank, are $4,000 which is not over
half, we get the snug sum Of $37 $780, Oo
or nearly $4,000 per employee. We do
know that the dividends exceed 10 per
cent, yielding to the stockholders over
$500, each on his less than $4,000 each of
invested capital. Now, in addition to
this let us see what Eckels does report:
surplus, 1886, 1856, 35O.S6; undivided profits,
1882, 4S1 $1,000; total, $519, 1863, 961 Sc.
This surplus and undivided profits
amounts to $1,S21.10 to each shareholder
or over so per cent Of all the invested
capital, so the average value Of every
share Of national bank stock, par value,
800, is actually worth as an investment
nearly or quite $500 each, to whom Eckels
would give annually $1,5O0OOO more. How
these poor bankers are suffering in the
thrOeS of poverty, when we contrast it
with the awful prosperity of the farmers
whose entire products from frost bitten
pumpkin up to an elephant are valued at
only $4,000, 100000 which gives about 500
per capita, or an average of less than
$500 per family Pretty showing of wealth
this for the use of $40, OoO, 900 900 of capital
and several millions of women and chill
dren. Yet Grover Cleveland endorsing
his Comptroller Eckels, asks this class of
tOilerS to pay over to the poor bankers
| 81 500, 900 more.
All this is being done for the benefit of
Plutocrats. There is no one, not even a
railroad potentate who is benefited a
cent. Even Eckels is a little ashamed of
his recommendation, for he says: IF the
cost of money is cheapened to the bank
ers, the same will come less to the peo-
ple' Grover however having no shame,
does not apologize.
The fact is we have a great, savage,
selfish, English brute for president, who
was accidentally born in Vermont, and
hence is eligible for the presidency, al
though in everything else as much a
Britisher as his father who, current COM
ment sage, died an alien. 1t is q pity
the constitution had not drawn the line
at naturally begotten citizenOs of the
United States, and spared us Grover
Cleveland, who with Carlisle, John Sher-
man says, faxed the treasury out SILL
900, 900. How much was the share of Cleve-
land, Carlisle & Co., nobody now knows,
unless as Job served God, they serve the
money kings for naught.
Even this is not the worst. The cur
rency contraction during November
when it should have been largely in
creased, shrank S14,S7S,7S3. and $4O73, 1888
Of this were greenbacl.s, which swells the
amount of that currency held fast in the
treasury in defiance Of law, to Sill 1883
During the month $S,S1S,646 dollars of
gold bullion and s4,974.24S coin net, left
the treasury; and yet, although every
body knows this vast sum went to Eu-
rope. simply transferred from the sub
treasury in New York to the steamboat,
5000. 1863 only circulated in package and
by the dray loads at that, is stated as in
circulation.
One can see how useless it is for a man
to know what is going on in the treasury,
unless he is an expert statistician who
month by month compares and analyses
treasury statements.
A. f. BALL.
SOME SARCASTIC SUGGESTIONS.
HOW THE, corr n TEACH