davidaulloa/AmericanStories huggingface dataset:
The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1903-06-28
Forty Years of the Ma
tional System of Banks.
Continued from Page seventeeno

and the United States carries large gold
reserve for their redemption, they may
be considered as practicany gold certlfi-
Gates and used for reserves. This is not
a good arrangement, but as long as we
have these legal tender government notes
IN circulation as part of our system, the
banks should be allowed to use them
for reserve. We may also have to con-
tinue to use the silver dollars and the
silver certificates as bank reserves.
Through the mistakes of our silver legis-
lation, we have this silver on our hands,
and the government will for many years
have to bear the burden of it. Having
once shouldered it and provided for it.
we must make the best of it for the
present. 1t will make the silver much
better for reserves if Congress. as it
should, makes it specifically redeemable
IN gold.
The gold coin and certificates and the
clearing house certificates for gold de-
posted are ideal bank reserves AS soon
as it can be DONE the greenbacks should
be redeemed and retired. the silver also
disposed of. and nothing but gold and
gold certificates used as bank reserves.
When this Is done. we shall be solidly
and firmly on real gold standard basis.
and our financial system be such as we
should have to take our proper place
as the leading commercial nation of the
world.
There IS more urgent necessity in the
South Tor the aid of good banks in the
development of your resources and bust
ness than in any other part of the coun-
try, and you have comparatively fewer
banks. II is of vital Importance and
value to you that the banks you have
be given the very best possible facilities.
and that their power for good and their
efficiency be increased to the highest
limits consistent with safety and sound
banking. Through unfortunate circum-
stances, much OF your development has
been arrested and delayed, but it can no
longer be held in bounds. The natural
advantages placed here by Providence
in your fine soil. splendid climate, your
mines of coal and mineral wealth, your
great and valuable forests, your harbors,
navigable rivers, and water power, have
not yet been utilized as they can and will
be. The loss of the passing generation
is the opportunity of the present, and in
no part of the country today are such
opportunities open for agricultural min
ing, industrial and commercial develop
ments as in the Southern States There
has never before been a time when the
South offered such great and certain re-
wards for capital, industry, enterprise
and ability. This splendid prospect lies
open before you and success is assured:
but it will come more quickly if you
have to aid you all the good facilities to
which you are entitled, and among them
of first importance are the best improve
ments in our banking and currency sys-
TENS which can be made
The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1903-06-28

down the ringing groove of change" The
methods of five years ago are obsolete.
Banking is progressive. 1t must keep in
touch with business changes and accom-
lnodate itself to the business conditions
OF the hour. It's methods must be adj
justed to the needs of the day. The prin-
ciples OF banking are immutable, but the
plans. the methods are as diverse as there
are diverse business conditions The
banker, who never mingles with his broth
er bankers, is in danger OF falling into
tut, OF becoming tied down to a certain
routine, and Of making fetch of sys-
tenn Every one of us needs to get away
from the daily routine, and to talk with
the brightest men in the calling in order
to keep IN touch with the changes ana
adjust ourselves TO whatever new met ods
VIII increase the efficiency of our insti-
tatons
1t gives me peculiar pleasure TO come
to North Caronna. Your State is going
forward rapidly in every way that contri-
butes toward making great Common.
wealth. In this steady progress, the bank
ers of your State have stood in the front
rank and on the firing line Every in
dUstry and endeavor that enables your
State to make such rapid strides has
been quickencd and touched by your help
fulness and public spirit. / rej"ice that
you have served your State so signally
and that you deserve so well the conf
dence and gratitude of your Common
wealth
The logical apex of the organization of
banks is the American Bankers Associa-
ton. 1t is to the banking interest what
the National Congress is to our Govern
ment. 1t is made up of bankers ia every
State OF the Union--an organization OF
men who bear heavy responsibilities and
have won the confidence of the American
public by conservatism, prudence and in
tcgrity which characterize them
Shall the banks. in this day of organiza-
ton and change, retain the place oil honor
and leadership they enjoy? They will
and attain greater usefulness and larger
power if they uphold each others hands. il
by organization they make the mighty
agency effective to serve the financial in
terests of the business OF the Republic.
Divided, separated, moved by tie spirit
of unworthy and unwise competition the
hanks viii fail to accomplish the objects
that have brought them into being. There
fore let us cultivate the spirit of unity,
81 concord, of friendly relations remem-
bering always that United we stand; di-
vided we fall"
The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1903-06-28
The Latest Bank ConsoI-
idatiOn,
New York Commercial. J

Strictly in line with the most marked,
trend of the times in affairs financial
commercial and industrial Is the consoli-
dation-announced yesterday as in nego-
tiation-of the National Bank of COM
merce and the Western National Bank of
the United State. both of this city. The
capital stock of the consolidated institu-
ton is said TO have been set at 5000"
but it may transpire that the newly-au-
thorized capital of the National Bank of
Commerce at $4,000. 900 will mark the
limit of the consolidated capital; in eth
er event the new institution will be in
the very front rank, as to capitalization :
OF the national banks of this country. and
it will thus be in position the more east
ly to handle the increasingly large finan-
cial "deals''-for want of a better word
that now form so conspicuous and so
profitable a part of modern banking, espe-
cially here in the country's metropolis.
OF more than ordinary significance in
this connection is the fact that two of
the leading life-insurance companies of
the United States-of the world, in fact
appear as the strongest individual
Iaoney interests in this consolidat on. 1t
Is significant because the money available
for investment in banking enterprises by
life-insurance companies is IN the very
strictest sense the money Of the masses
the cash surplus accruing directly from
their energies and their thrlft-and this
lstter-day use of it in gigantic banking
institutions is a standing refutauon of
the charge that the money power" il
the master and the oppressor of the
V orking, producing classes. These great
institutions are merely the paid trustees
OF the thrifty, producing classes-and, IN
the very nature OF things. there can be
no real antagonism between them
Obviously, too, there must be most ex-
ctllent prospects of larger earnings and
dividends under this consolidation than
by continued separate management; 9TH
eIwise, men of the exceptionally strong
financial position of those in the two di-
rectorates would not urge the change. In
short, conservatively managed banks show
dividends. the whole country over, that
continually put into the shade the dlvi-
dend learners throughout the long lists OF
the stock exchanges-a condillon that
keeps them apart from the actiyely-traded-
in securities and makes them lmpregna-
BILE against the assaults of bears and
the least susceptible to market movements
of any sort
The consolidated National Bank or Com
nerce. having the money OF the masses
for its capital largely, will be IN the
broadcast sense an institution OF the peo-
pie.
The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1903-06-28
Organization Among Bank
Benefits Incident TheretS. |
Continued from Page Seventeen

, the fidelity of employees, and has been
conducting a campaign of education on
this subject that has both interested and
benefited our members, and correspond
bonding companies that have antagonized
the work The committee has drawn and
put into use a form of bond eminently
fair both TO the bonding company and
the bank for whose protection it is is
sued, eliminating technicalities under
which liability for many losses have been
heretofore successfully evaded III several
instances Some of the companies have
accepted the bond in the spirit of fair
ness in which it was drawn and have Sc
cured a large volume Of business by its
use.
Some of the large banks in England
maintain special fidelity fund of their
own and many of those who do not do
SO have organized mutual companies for
the purpose. The following is an extract
from the last report of the committee:
THE banking houses of England not
maintaining a special fidelity fund within
themselves, have organized The Bankers
Guarantee and Trust Fund, controlled By
a Board OF Trustees and their secretary,
the Hon. John A. Allen. This organza-
tion has been successful from the start.
They have met all losses promptly and
upon a payment of 1910 per one thousand
dollars for five years, and no further pay
ments, they have been able to pay all
losses averaging 29.372.0O per annuis
This company very seldom contests
less claim At the same time they have
accumulated fund of $4,000 pounds or
$S25. 2S4 90. The interest from this fund
j. almost sufficient to pay all losses. This
Board of Trustees have 1887 policies
outstanding at the present time, almost as
many as the members of the American
Bankers Association, which is 17,249.''
The Committee has secured better pro-
lection for the members of the Asseea-
ton by its uniform bond and more UNI
form and lower rates. The estimated saw
ing to the members of the Association n
annual premiums last year over those of
1900 was $4,000. The possibilities OF the
conversion of this business on mutual
basis are interesting, are being studied
The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1903-06-28

This ante bellum State bank circulation
was a stay-at-lome currency. 1t was not
drained toward the money centres. There
was never any complaint before the war
that this kind of currency gravltated to
New York or Philadelphia, OF Baltimore.
II generally came back to its home more
quickly than the parent institution wanted
ii back No piece OF information could be
more annoying to the ante-bellum banker
than the news that a stranger was IN
town with suspicious-looking carpet-bag
in his hands for it generally contained a
bag full of notes OF his bank for redemp-
ton: for which the ubiquitous stranger
demanded gold or silver or New York ex-
change at a premium.
The Democratic platform OF 1892, on
which Mr.. Cleveland was elected and a
Democratic majority of both Houses oil
Congress secured, declared for the repeal
of this tax on State bank notes; and the
Legislature of North Carolina at its SEES
son Immediately following, passed gen.
eral banking law to go into effect SO soon
as the tax should be repealed.
The North Carolina Banking Law was
pronounced by the New York Journal OF
Commerce as one of the best that had
been enacted by any State; and that It
provided for a bank circulation which
met the requirement of elasticity as well
as security. Flexible in its character, re-
deemable at all central points and this
always at par throughout every portion
OF the country, and meeting the need OF
the hour in its answer to every legltl-
mate demand, it would prevent pressure
and stringency in the money market and
iniure no one but the greedy Spectator
who makes his per cent. in financial
crisis says the New York Journal OF
Commerce, referring to State bank cur
rency
Before the war of 1860 it never occurred
to a borrower in North Carolina to seek
financial accommodations outside of his
State. If his enterprise was a proper
one, he had no difficulty in getting all the
money he needed from the banks of the
State; and he was never pressed for its
payment TO his injury or ruin.
We must return to such conditions If
we are to have the full measure of chance
iu the race for internal development and
Industrial supremacy.
The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1903-06-28

We find that in the decade ending in
1850 the South constructed 1862 miles of
railroad as against Alp by the New Eng
land and Middle States combined; that
she had one mile of railroad to. every 700
white inhabitantl the other sections of
the country all combined had one to every
1000. That between 1S50'60 Southern
mills increased their flour output twenty
millions nearly onefourth OF the grain in
the entire country; that the sawed and
plain lumber product increased ten mil
lions, largely more than one-third as
much as the gain in all the other sections:
a much larger percentage of increase than
in the whole country; that in the South
the increase in the manufacture of en-
gines and machinery was over 200 per
cent, as against less than 40 per cent.
in the other sections combined: that be-
tween 1850-'60 twelve millions were in
vested in cotton mills and in 1860 there
were 24.590 factories of all kinds, with
an aggregate capital invested of $175-
GOO 900.
In order rightly to value these com
PARSONS it should be remembered that
the total population of the United States
in 1860 was 81 900 900. OF which the South
had 6,S00,000 whites and 100000 slaves
With one third of the aggregate popula-
ton and less than one-fourth OF the
white. the South raised more than one
half of the total agricultural products OF
the country.
The cash value of farms in the whole
country in 1860 was Sc .63S O00, 900: whereas
the value of Southern farms was $4,000
600 900, more than one-thlrd of the
whole, and an increase of $1,000 ,0eeleO
over 1850.
In 1860 the assessed value of property
in Georgia was greater than the combined
wealth of Maine, New Hampshire. Yer
The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1903-06-28
When the South Was the
Richest Section Ofthe Country
By Col. w. II. S. Burgwyn, President OF the First
National Bank of Weldon and Formerly
National Bank Examiner.

report of the public treasurer of North
Carolina on the condition of State Banks
of North Carolina in 1860 and their cir
eulation, and a statement OF the condi-
ton of National, State, private and saw
ings banks in North Carolina, it appears:
"That the sixteen State banks and TWEEN
ty-six branches had more specie-that is.
gold and silver. on deposit In 1850 than the
100 National, State, private and savings
banks had on deposit in 1898 all kinds
oil money, including gold and silver
.. That the loans in 1860 We're about
what they are today.
8. That the banking capital in 1860 was
greater by four millions than it is today
So. 4OS, 470 against $5,426,597.
4. That the State bank note circulation
in 1860 was more than eight times greater
than the National Circulation is today
and a clear gain to the money in circula-
ton by the difference between the coin
OF, hand and the note issues based on It,,
about five and a half millions. Whereas
the $685.. 1912 of National bank notes IN cir
culation today in North Carolina is net
loss Of money to the State of over $780,
900.
). That the banks deposits today are
seven and a half times greater than in
1S60-S13, 5S6.97S against 81 1871 ,59S. This
fact proves that in 1860 the money the
people had was in active circulation
among them, and bank checks not IN such
general use as at present.
In 1860 the banks We're: Banks OF
North Carolina at Raleigh with branches
at Wilmington Fayetteville, Tarboro,
Charlotte, Milton. Windsor, Morganton.
New Bern and Salisbury; Bank of the
state of North Carolina at Raleigh, with
branches at New Bern, Tarboro, Fayette-
vile. Wilmington, Elizabeth City, Char
lotte, Milton, Morganton and Windsor;
Bank of Cape Fear at Wilmington, with
branches at Fayetteville, Salem, Washing
ton, Salisbury, Raleigh. Asheville and
Greensboro: Bank of Wilmington. Bank
OF Fayetteville; Bank of Clarendon at
Fayetteville; Commercial Bank of Will
mngton: Bank of Yanceyville; Merchants
Bank OF New Bern; Bank Of Washington;
Farmers Bank of North Carolina at
Greensboro, including Elizabeth City
Branch; Bank of Charlotte; Bank of Lex
ington; Bank of Commerce at New Bern;
Bank OF wadesboro; Miners and Planters
Bank of Murphy.
Another statement shows the amount
of State bank notes in circulation IN 1860
and National bank notes in circulation IN
1899. as follows:
The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1903-06-28

Every time man tries to get something
for nothing he acquires a httie more ex,
perience.
Phillipsburg herald. [volume] (Phillipsburg, Kan.) 1882-1905, 1903-08-13
MESSAGE From the Sea.

A Greek fisherman recently found on
lonely part Of the Island Of Carpa-
thos Theoretically sealed bottle, con-
tanning a paper which read as fol-
lows: "2.9, 17O2.-The ship Clown, on
board which we were, foundered at the
beginning Of October, 1902. She foun-
dered SO quickly we barely had time
to get off on the raft, on which we
now are, without food or drink. Who
ever finds this paper is begged, in the
name of humanity, to forward 1t to the
government. One Of the castaways.-
Manter." This two century old mes
sage has been bought by Greek
doctor.
Phillipsburg herald. [volume] (Phillipsburg, Kan.) 1882-1905, 1903-08-13

va tch flashed as chodsh Tney also tri.
umphed in SartYb success, while the
conclavists and prelates seemed really
jubilant in their Joy and satisfaction.
The procession traversed many
noble halls until 1t reached the win.
dow looking into st. Peters. From
below rose murmur of voices,
which, although subducd by distance,
denoted the presence of a large con.
course Of people.
The pope was seen to grow pale
and then. turning to Cardinal Baci.
dieri, who stood beside him, he said;
Now, understand the emotion
Pope Leo always showed when going
into st. Peters to have the eyes of a
great crowd focused on him. 1t is
almost Certifying"
Standing forward in the window,
the others having fallen back, he de-
liberately controlled himself and
looked across the great basilica.
Crossing himself, Sarto raised his
hand and in a voice palpably trem-
ulous he said as soon as the cries
from below gave an opportunity:
Auditorium nostrum in nomlne
Domini."
To this came in reply from thou.
sands of voices the cry:
"Qui fecit coelum ct terram!"
IN thrilling voice the pope re.
sponded:
Sit nomen Domini benedlctum!"
Then raising himself to his full
height and leaning forward as much
as possible he intoned:
"Benedicat vos omnipotens Deus"
ETC., which called forth such applause
that several minutes elapsed before
the pontiff could retire He then drew
back and the procession reforming,
turned TO the ducal hall, At the mo.
meht Of leaving the window Plus X.
turned to Mgr. Bisleti, who happened
to be beside him, and said:
I shall never again feel just the
same emotion"
The new Pope is not so well known
as some of the other cardinals who
were leading candidates for the head
of the church, but he is said to be very
pious, yet broad and liberal minded.
OF course he is an Italian.
What is regarded as even more sig
nihcant than the new Pope's nation
atty is the fact that he is generally
believed to have been favored by Leo.
XIII. for the august office to which he
has now been elected.
1t was not more than a year before
his death that the best beloved Leo
in conversation with Father Lorenzo
Perosi, the Italian composer, referred
to Cardinal Sarto, the patriarch OF
Venice, in now historic terms.
Hold him very dear, Perosi." said
his holiness on that occasion, referring
to Sarto, "as in the future he will be
able to do much for you. We firmly
believe he will be our successor"
Phillipsburg herald. [volume] (Phillipsburg, Kan.) 1882-1905, 1903-08-13

slowly opened and the great cleaning
cross was seen the Impotence became
extreme.
Slowly Cardinal Machi, secretary Of
the congregation of apostolic briefs,
advanced and exclaimed in. loud
voice:
"Annuntio vobis gaudium magnum
habemus papem eminentlssiumum ct
Reverendissimum Dominum Cardinal
EN-, Joseph Sarto, qui sibi imposuit
nomen Plum X"
Then the bells of ST Peter doomed
out as did those of a.! the churches
of Rome, giving the glad news to the
world.
AS Cardinal Macchi returned to the
Sistine chapel after having performed
his pious duty, the new pope rose and
an effort to make some kind of pro
Phillipsburg herald. [volume] (Phillipsburg, Kan.) 1882-1905, 1903-08-13
ROBBERS ROUTED BY BEES.
Plundering Gang Disturbed an ApIary
In a Freight Car.

In a Freight Car.
A few nights ago o gang Of railroad
freight robbers descended on the West
Philadelphia yards of the Pennsyl-
vania railroad. Several freight cars
were broken open and their contents
scattered around, some of the most
valuable goods being taken away. One
car, however, was found with doors
burst open, but nothing missing. In
deed, the thieves added to the freight,
hats, coats, jimmies, and bags OF plum
der being scattered all over the floor
Of the car.
An investigation by the railroad de-.
tectives showed that included among
other freight shipment was an apiary.
Special boxes were made for the bees,
which were en- route for Linfeld via
the Philadelphia & Reading railroad
from Philadelphia.
When the robbers tackled the boxes
containing the bees there must have
been a genuine surprise. It was evi.
dent the gang did not pause, but fairly
flew out Of the car, leaving their cloth
Ing and plumber behind.
Phillipsburg herald. [volume] (Phillipsburg, Kan.) 1882-1905, 1903-08-13
HatpIn In Horse,a Ionaua.

A horse belonging to well known
Brewer, Me-, man refused to eat his
supper the other night. An investlga-
ton was made and 1t was found that
In some way the animal had gotten a
hatpln in It's mouth and II was buried
to a depth Of two inches in his tongue.
so that II was impossible for the horse
to swallow food. The pin was removed
and the animal ate its supper with
apparently no difficulty. From that
time forth the horse has apparently
suffered no inconvenience from the In
jury.
Phillipsburg herald. [volume] (Phillipsburg, Kan.) 1882-1905, 1903-08-13

| cession was made, but Plus X. was
literally carried in triumph to his cell
followed by a great concourse and
preceded by the cross. He was stop
ped every step or two by those
anxious to kiss his ring and receive
the papal blessing, which Sarto &C.
corded with great benignity and pa.
tience.
When he arrived at the door Of his
cell the pope turned and raising his
hands gave, In a voice almost suffo-
Gated with emotion, his benediction
to the assembly, which received 1t on
Bonded knees.
After a short rest, imposed by the
fatigue and emotion of his election,
Plus x. joined his court in the ducal
hall for the solemn benedlction (which
he was about to give the people Of
Rome. Although to ordinary eyes
the confusion was as great as ever,
to those practiced in the mysteries
Of the vatican order was coming out
Of chaos, and the bearing Of all in the
presence Of the pope was much more
formal. The babel Of voices sank at
his approach, while none addressed
him unless he spoke first.
The formal salutations having end.
ed, procession was formed. In the
center was the pontih in his white
robes, his figure standing out above
those surrounding him, his silver hair
cleaning under his white cap. He
was surrounded by the cardinals, still
in their violet robes and preceded by
the pontihcal cross, the jewels Of