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

ment days. are found in the cueniform
inscriptions.
The profession was in high repute in
Greece and Rome, for the classics as
sert that only men of the highest integ-
rity held the confidence of the people,
the essential of success. While they
did not indeed issue money for circ,-
lation. they received it on deposit, lent
their balances, used cheques, valued
and exchanged foreign coins. and ne
gotiated bills of exchange.
In the dark ages his functions fell
into the hands of the goldsmith or the
dealer in precious stones. 1t was in
Venice that the strictly modern bank
arose. at the period when naturally the
island city of the Doges had become
the meeting place of the Orient and
the West, and the clearing house of I'M
iversal commerce.: as London is to-day.
1t was in the purchase and sale of the
fixed annuities issued by the Republic
in payment Of forced loans in time of
war. and out of the management of
the national debt thus created. that the
banking system arose, (as historians
tell us), which is now inseparable from
modern progress.
1t is true that no advancement in any
material sphere can be steadily made,
without some reserve funds. These
funds are to be gathered by thrift and
self denial of men. Once gathered,
they area mighty force, when controll-
ed by wise and just and benefcent
hands.
1t is easy to echo the cry that Cor
porations have no souls" yet life is full
of illustrations to the contrary. There
can be no question that without the re-
peatcd and lavish assistance in hours of
need, from the Bank of England, British
power would have been broken by
Napoleon, and Waterloo had no record
among the decisive battles of the world.
General Grant and his armies would
have been pOwerless but for the treasure
Of New York More than once, we
have been told, the hand of Il Roths-
child has checked the warsteed even
when the chari0ts were armed.
1t is true that power has been abused,
and the reflex of oppression is seen in
anarchy This is no occasion, perhaps,
and certainly there is no time to Ella
borate upon the intimate relation of
capital and industry, but there are three
points | would note, because of vital
importance. and they are not always
considered by the world at large.
One of these is the fact, that capital
is not IL prerOgative or Il monopoly. but
il may pertain to all classes of men. in
greater or less degree, according to cir
cumstances. habits. and will-power.
The annals of this land show often
enough the hat-boatman become the
financier: the miner the millionaire.
Again. as capital increases. the rate
of profit or interest falls. by the COM
petition of capital against capital II
nothing unnatural is allowed to effect
the laws of trade.
And, finally, capital, being absolutely
necessary to regular. continued and eX-
tended development in any industry, is
designed by God and nature to be the
friend and not the foe of labor.
How respondent shine the names of
the men who have immensely increased
the productive power, of skilled labor
by their henefactionsi Among them are
such bankers as Corcoran, the lover of
art and Peabody. the friend of educa-
ton; while in Europe by a single gil
gantic sweep. the widow of Baron
Hir>ch completes his effort to uplift
mankind. by devoting one hundred mil
lions that the world may be made bet
ter and happier.
1t is well, that like the members of
other professions. we too meet together
to take counsel; to learn the confidence
and regard that comes of kindly asso-