The age-herald., 1901-04-21
...A RaAAvoaA and a BaNk...
BY JOHN wTHERsPooN DusosE.


 Fink, a railroad manager of note, was arawn into the movement to extend tho Louisville and Nashville line over the line from Nashville to Decatur and, finally, on to Montgomery, with difficult y. The Louisville and Nashville had lone great business in all the war years and this measure of prosperity Hss yet with 1t when J. W. Sloss, presi- nent of the Nashville and Decatur, began the movement to have his road absorbed ny the former. Frank Gilmer of Mont Iomery was president of the South and worth. He, supported by John T. Miner accomplished the extension of the Louis File and Nashville to Montgomery, but encountered very resolute resistance from the Louisville and Nashville people. Aiter trains had been running the whole lebsth of the road athus established for some months, Fink took passage for montgomery At that time there was hardly a village in sight of the line from Decatur to Montgomery. Milner met rink at the Montgomery station. He was received coldly. Your d-n road don't pay Tor the grease on the car axles, v nuttered the l.. and N. man from the other end of the line.
 Never was there doubt in the minds ei the projectors of the South and North road, Tn the fifties, but that the line would nave to be supported by sum of money
 
 after 1t might go into operation carrying freight and passengers. The planters ex- pected to make good the deficiency in the earnings of the road because of their Faith in the benefits of the Alabama coal and iron trade to the port of Mobile, their financial center One only of these plant FITS told me he had already paid $3O 900 cash for stock of the road and was not uneasy about his investment.
 But, with great suddenness and with ab- solute finality, the cotton planter of the black belt disappeared from the scene be- fore his road had been half built to completion. The sudden confscation of property in slaves did not terminate the planter The slaves in freedom were yet the best of laborers. The confiscation of property rights in slaves was co-incident With confiscation of the local currency of Alabama, and the revolution in the surreney was the cause of the degredation Df cotton planting The currency of Ala bama had converted Mobile from a trad Ing post for pelts,. beeswax, logs, etc., in 1920, to port with S50OO0.0O0 export trade In 1860. This currency had filled the rivers With palatial steamers and built more than 700 miles of railroad into the high lands to feed the river trade. Precipi- lantly, this currency was confiscated by taxation. The monetary center of the plantations was destroyed. Mobile sank from $5OO00,0o0 exports to two or three millions for years in succession, in time of peace
 At this juncture, when the currency we rould borrow was based on national bonds, of which we owned none, and when Wall street had transplanted all Alabama financial interests to its own control, the Louisville and Nashville rail- road stepped into the tracks of the plant PTS and took control of their road, the South and North.
 I will here make note of the habits of The confiscated currency in Alabama. Its career in life and vigor was extremely Honorable and powerful We are not going to see it restored although the Ma donal Democratic platform of 1892 prom sed us the restoration.
 'Miner had handed 1t in to the General Assembly his survey of the line of the South and North and Tuomey had reiter- ited his assurance of infinite wealth to De tapped by the road
 At this time. 1S59-G0, Mobile sent up to the General Assembly bill to charter a new bank called the Bank of Albama 10 be located at that port, with capital Itock of s2,5O0,O00 a sum about equal to he aggregate capital stock of all banks of Jefferson county in 1901 This bank 9as allowed to add $750O,O00 to our cir sulation. The new bank had become nec- sssary to the expanding trade of Mobile It's notes were amply secured. Year by year Mobile sent an increase of cotton iirect to Liverpool, the proportion in lS59-60 being about one-third of her re- seipts of the staple. There was no nmoney of tbe world' paid to the plant ITS, only money of Alabama banks of Issue and some California gold from American hints.
 But after a fashion, of co6rse, we got ilong If planters needed money they get t from the local banks, where they were known personally each upon his merits. The Bank of Alabama" was the name pf the new bank at the seaport When the bill came up in the House Judge Samuel F. Rice. a member from Mont somery, attached an amendment to the effect that each subscriber to the capi- al stock of the Bank of Alabama should show that he was bona fide subscriber 10 the stock of the South and North Road In an amount at least equal to his sub icription to the bank.
 The fact is thus made manifest that he planters had an early and definite purpose to build and support the main line of railroad upon which Birmingham how relies, even under the incubus of Ilavery."
 We confess in our present emergency Iome embarrassment of disposition of our tocial clements. We do not see our way clear, environed as We are by the Four eenth Amendment. We are going to take Dome liberties with that document. It :s timely, no doubt, that Alabama should understand herself as she has been, to the md that she may consider the things she nay now do.
 When we had state private banks of is- le the decisive result of their supply ng our currency was that all interest, iyidends and commissions on investments md business in the State remained in our ources of production Wall street gets bout all elements of gain from our la Tor and resources now, except wages and diaries. The Democratic national plat orm of 1892 promised to restore our pri- rAte banks of issue but Wall street did lot consent. Let us illustrate. Alabama ,...x,s5 l., o~oasc of Tno ,,,iIas of raiIroo5