The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1899-06-08
BANKING IN NORTH CAROLINA.

civic spirit: in the south rises hospital
which commentaries the gift of
patriot among you III former genera
ton. and here in the center Is the he
ginning of your annals, whose donor
wisely directs his benefaction to DC
fruitful in his own day and time, as
we'll as a blessing for all the years to
come All Of the State institutions have
been enlarged and beautified, but added
to these, are such as your Union Sta
ton, and Capital Club. each model of
it's kind. To these the forethOught and
generosity of your citizens will now
add the Methodist Home.
The most beautiful memorial to the
patriotic dead in this commonwealth,
faces the western sun from these
grounds. and others are soon to chal-
lenge the admiration and reverence Of
the passer-by, in memory of the great
Tribune of the people, and OF those
two knightly paladins of the land and
the sea, that have once again linked
the name of Raleigh with immortality.
Twenty years ago, none of these far
Jewels were in your mural crown. They
have been set there, for the most part,
by industry. skill, taste, and determine
ton. within the decade past.
And | will venture to declare that Of
all the elements of just pride of which
our fair capital MAY boast, not one
may excel the silent, modest, but poN-
erful influence of her banks. upon her
public and private prosperity, and her
enyiable financial standing.
When the country rocked with the
financial earthquake. amid the spIN-
doris of the great Chicago Exposition,
and mems hearts failed them for fear.
cool heads and iron will neld the filler
firm. anR your record for many years Is
bright with the lnsullied integrity that
Justly holds the confidence and esteem
of all men.
Let me say that for the blessings she
now enjoys and the prospective dawn
of more to come. much will be, AMI IS
already due to the capital and character
combined. which has made these achieve
ments, commercial and artistic possible
to be effected.
One of the brightest pages In orr
annals is the steady support in all tie
years of depression that followed the
panic. which your banks gave to every
legitimate enterprise which 1t was III
their power to assist, and the unway-
ering confidence in, return from the peo-
pie. 1t was the admiration of otueI
communities.
There are lnose VINO do not under
stand the utility of banks, ana regard
bankers as the foes. and not he
friends of society. Some of these viii
live and die in ignorance, looking upon
the whole profession as licensed rob
bers. Others. in the light of history
and experience, come to perceive that
the bank is natural and necessarJ-
evolution in any enlightened and ele-
waiting civilization.
The use of capital is measure of
mans progress. When the primitive
warrior or fisherman gave up enough of
his time from the chase or fishing, to
make the flint or bronze tools that
would serve him for agriculture or his
rude manufactures, then he began TO
lay up capital. in the plant which he
gradually acquired of valuable imple-
ments: and soon, by every step. Those
rough tools were the forerunners Of the
costly shops. and factories, the rolling
mills foundies, shipyards and steel
works. that fabrcate today the machn1
cry for more and more effective control
of the production, transformation ana
distribution of the products of the earth.
Or course, capital is only the savings
of labor and the profits arising from
the possible use of such savings.
1t has been faithfully described as
justification Of the claim of capital for
that portion of the annual produce