The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1902-11-08
Conquering Prejudice.

Conquering Prejudice.
Congressman Dalzell, of Pennsylvania,
dice on the subject Of the tariff, by declar-
ing that he would be drawn and quar-
tered before he would cast a vote, under
any circumstances, for touching the tariff
now or at any time within the next few
years.
Dalzell is an irreconcileable, but, even
he and those who think as he does,> will
find themselves unable to dam up or to
force back the slowly swelling tide of pub
lie sentiment which dissents from the view
that the existing tariff schedules must be
regarded as Interchangeable and possess a
alton to touch them. -
That even such deeply-rooted prejudice
as this against progress can be conquered,
is evident from the growing change of SEN
timent among considerable percentage of
our population as to the national banks.
Against these banks there was entertained
such a bitter hostility by this element, I'M
til a few years ago, that the most OPP
probrious terms were used in speaking Of
capitalists who put their money in the
capital of these institutions and conducted
the business, although the system had for
so long served it's purpose Of furnishing a
uniform currency and a perfectly safe cur
| rency for the public, and national banks
are the only banks in the country over
which the government has direct control.
But the antagonists denounced national
banks as "bloated bondholders," as bent
upon depressing the poor man, and, as
members of a money trust" They wanted
currency issued Immediately by the gov
eminent without the national banks as
Intermediates in the work of putting it
| in circulation.
This prejudice against the nationals is
| gradually passing away. Look at the re-
port of the controller of the currency just
issued and it will be found to tell the
story of changing public sentiment.
During the year ending Oct. 81 there
were 470 national banks organized with
capital aggrega ting $31, 1907 500, and 3O2 OF
these were below $4,000 capitalization and
1853 had capitals of $4,000 or more each
Noticeable is the controllers showing OF
the increasing transfer of banks from the
state to the national system. Of the 1,21S
banks organized since the gold standard
law Of March IA, 1900, was enacted, the
primary organizations numbered 691, the
remainder being transfers from the state
| c1yct1 {e a. 49,
growth of the national banking system is
| chiefly in the southern. middle and west.
| ern states. The southern states come next
to the middle states in the organization OF
| large banks Q1I, and the western states
| come second in the organization Of small
| banks (228). The southern states stanG
next to the middle states in the amount Of
deposited bonds. OF the southern states
| Texas shows the largest number Of ma.
tlonal banks organized since March, 1900
there being 112. The tendency is seen II
such states as the two Dakotas, Nebraska
Kansas, Colorado, Montana, Wyoming
where, as in Texas, the free silver anG
greenback crazes were at high PRESSURE
1t is evident that the advantages of thu
| national system and the small bank fea
ture of the act of 1900 are minimizing tn,
blind and fatuous antagonism toward it
The most bitter enemies Of the gold stand
ard are also getting over their prejudices
since it has been overwhelmingly demon
strated to them that the supply of golt
is strongly increasing and keeping full,
UP to the worlds demands for the metal.
Even men like Dalzell will ultimately b.
brought, by the logic of events, to admi
that the industries Of this country are to-
strongly based and rooted to be ruined
by the modification of duties which ar
not all needed for protection, through tn
application of scientific readiustment O
the tariff schedules.