The sun., 1896-09-06
THE REAL. MONEY POWER.
BANK PREsIDENT OoRNWELL SAYS
IT rs THE WAGE FARMERS,
And that Hs why the Money Power Hn for
Goid-Bnpkers Arc Merely Trustees OF
the Peoples Money, Employed o. Salary
Mr. Rryan,s Irnornuce About Bankihg

tho Peoples Money, Employed On Salary
Mr.. Bryan's Ignorance About Banking
BuFFA1o. Sent. 5.-Mr. William G. Corn
we'll. President of the CITY Bank, Buffalo. ad-
dressed the School of Finance hero tonight on
tho money Question. Mr. Cornwell uaed part
iy the arguments from his pamphlet on Green
backs: the Silver Trouble and it's Causes"
He smoke In mart as follows:
"T A. 40, ha.,,.,o q, so,, th., ,ba ,non.v
uo ho' hest.oVo W say 'ii"S ue
power IL for Mckinley and the gold standard.
But follow this up with the inquiry. What is
~. - -. a.. 81 a.,ntr,, .ora v-i,h
this rsnlv. The monsv mower ia the power
that furnishes and controls the cash and the
..sh crod,t. -, ,ho 1rn,,cI st.tss This mower
is concentrated in the hands of tho banks, tho
loan associations, the MORTGAGE companies, and
a.. ,n.n..,oo oo,,,ns,,,as Thsro ora 4. fov in
the insurance eompanieS' ihere arc = 10" in-
dividua banks, but thew are In small MAJOR
ity.
bank Is ono OF the machines OF business
The capital is generally furnished by hundreds
Of people most OF them in moderate crcum-
stances who take shares Of stock and put IN
tho banks money is, however, the property of
.,,,ou d.n,.,,or,, ,nd hrs;rs.s man bundreas
and thousands Of them for each bank. and tho
' anal, Tatsn r s,,oss.n.r p VI ho~svsr ~ The whole
makes up . very large sum which tho bank
officer is expected 70 loan out and invest safe
ly, but must always be ready to pay back to
the depo,itor In cash. Tho banker. then.
AGAINST whom wa hear N much abuse from
,rnor.n. onar.or. =. ~. n.,d ,.rv.n, vbo
looks after the interest of tho entire institu-
tion. the interests of Thousands Of people in
r ~ ,S,,..-.,. 49,, sItha,,,.,, r., 80, h.,.
more experience than the man who digr. or
the man who takes care OF horses, ho is never
theless "a hired man.
When Mr.. Bryan was in Butfslo he sr took *
his speech in NewEork. and in all his speeches.
he has shown such great ignorance on the subject
of banking that am inclined TO think that 1t Is
his age more than anything else that is at
fault. Youth is q magnificent quality, but it
Is better on q ranch than IN an executive chair
especially II such things are said. as have 10 be-
that what he knows about finance 10 not so. and
that iE all HIS nnety-seven speeches in the
'enemys county, not ono of his arguments
will stand the test or calm. cool investigation,
"The bankers OF the Cnited States are main
" trustees of the peoples money. employed
fairs OF the bank that the greatest benefit will
come to their stockholders to their deposttors,
| to the whole business OF the locality by means
| OF careful loaninE Each bank. savings bank,
| same way Let us take them all together,
| and add the building and loan associations,
| which come under the same class. and you
| bv 10 ,ooo, 600 of thrifty people-owning. many
| OF them, only a few dollars apiece. and at the
| average OF only about $500 apiece. This is
| Listen II is early morning in the
great city Do you hear that sound of foot
| steps on the cool stones-shutf. shufI-hun-
| dreds, thousands, stepping, s:eppinE reEu-
| ways where commerce flows? These are they
who carry the dinner rail. the laborcrs. tho