The Breckenridge news. (Cloverport, Ky.) 1876-1955, 1895-04-10
J. H. A.
Takes a Whack at the Gold Stand
ard Man S. P.J.
Says He Only Made a Mistake In
His Figuring of a Little More
Than Eighteen Billion of Dollars.
This Is Not Much Of a Mistake For
A Populist to Make
But Coming From a Gold Bug. It Is
Than Eighteen Billion of Dollars.
But Coming From a Gold Bug, 1t Is
Simply HOrrld.
NATIONAL BANKS and BANKERS

NAIIuNAL BANKS ana bANkEhS
S. p. DEAR Friend:-You article In
last weeks issue OF the News is. just re-
ceived and contents carefully noted.
always read your articles with the keen
est interest, aye, the most rapturous de-
light. You take me to task for saying
"Those foolish fellows, the capitalists,
who buy government bonds, are all bank
ers. And to make out your case you &c
back to the year, 1863, TO show that
other people than bankers then held
government bonds. You are having
your labor for your pains. In doing this
you are only wasting your time to tell
us something that has not been disputed.
only said the recent issues of bonds
Except the last issue,) were all bought
by bankers; and l will give you Cleve-
land hat or Harrison one if you prefer
it, if you will kindly give us the name
and addresses of any purchasers of bonds
save bankers only. If you can show thus
thdb hlu hON oPCdh VA bhO
truth rather than only one-third OF it,
you can have the hat.
You seem to be greatly astonished that
any national bank should ever "fail" or
go into voluntary liquidation il 40 or so
per cent dividends can be made in the
banking business. You ask, "If national
bankers make 40 or so per cent. on their
capital, why in the name of the great
homed spoon is it that nearly % per
cent. OF the number of banks organized
either "fail' or 90 into voluntary liquida-
tion?" Not all men engaged in the ma
tional banking business are honest, hence
some OF them fail. But bankers are not
the ones who suffer when bank "fails."
great many honest Democrats and
NEUTRALITY-SUSPICIOUS. understand by
sad and bitter experience what bank
/, Failure" means. Sometimes banks
"fail" nom reckless and incompetent
management, but most frequently from
lack of funds" with which to pay de-
positors.
The quotations l gave from Senator
Vest, OF Missouri, and &. G. Williams,
OF New York, showing the profits OF
national banks, mot OF all national banks)
still stand. You have not impeached
their testimony. l understand, il you
please, that national banks receive de-
posts from individuals and make large
profits out of them by loaning them out
at usury. / also understand that nation
al banks receive large sums OF govern
ment funds-the peoples tax money
on deposit free OF charge to speculate on,
of the necessities of the people. Let
me ask you, S. p. j., il it is consistent
with your ideas of justice for the govern
ment to take the public money, wrung
from the people by an unequal system of
taxation, and turn it oyer gratuitously to
favorite bankers to swell their private
fortunesP Is not this giving exclusive
privileges to few money mongers ?
Large sized chunks OF christianity in this
arn't there-robbing the many for the
benefit OF the few.
Because some banks "fail" you argue
that no banks can possibly make 40 to so
per cent. dividends. That is a pretty
fair sample OF Democratic logic or
Republican logic. / don't know which
kind you profess TO use.
Why, brother, you might as wellargue
that, because thousands OF merchants go
under every year, Siegel, Cooper & Co.,
Marshall Field and other great merchant
princes could never have made their mil
lions in their business. You might as
we'll argue that, because hundreds OF
small oil re6ners in Pennsylvania and
Ohio were crushed and ruined in the 70s
ii would be, and is impossible that, Rock
efeller, the standard oil magnate, could
have made his scores OF millions of dol
lars in the oil business. You might as
well argue that, because thousands OF
business men break, including many
manufacturers, II is impossible that Mr..
b. +. Avery should ever have made the
vast fortune in the manufacture Of plows
which you say he has made in that bust
ness. Ny friend, advise you TO be
more careful about INDUCING in such
laborious mental exercise, you might
crack your Uranium.
You say. LET US make few figures on
this Populist lie."
Very well, bring on your figures.
1.-THE present authorized capital Of the
national banks 10 100000. 600. putting
that at so per cent per annum, II would
double itself every two years. Hence In
ten years II would reach the enormous
sum Of s7O0,Ooo.0oo multiplied by six
which equals the neat little sum Of "a,
5000 or about double the amount of
money ever In the United States at any
one time"