Staunton spectator and vindicator. [volume] (Staunton, Va.) 1896-1916, 1907-07-05
DOG EAT DOG.

get their dues" has been quoted time
and again since the fight on corporate
iniquities began. A new phase of this
expression is found in clash between
corporations themselves, where one
is seeking to destroy the trade of an
other, because as alleged. that other is
trespassing on its preserve. There is
clash coming, and an heroic one, be
tween the National Banks and the
Express Companies. The cause OF the
crime may be gathered from the fol-
Owing:
Tue bankers claim that the express |
companies have been encrOachlng on
the recognized business OF the banks
by buying and selling foreign money |
and transferring money by cable and
mail, and that in these respects the eX
press companies are engaging III the
business of selling domestic and tor
eign money orders, letters Of credit.
travellers checks and drafts, and in
buyi ana selling foreign money and
conducting general financial business
The express companies have for
number OF years, it is alleged, unfairly
used their powers, functions, facilities
and business as common Carriers IL
order to take away from the banks Tue
| latteTs' business of dealing In money
orders, letters of credit, etc, and are
also so conducting their business as TO
| compel the banks to make unnecessa
~ shipments of money in Interstate
commerce over the express lines Tor
advantage and profit Of the express
companies in the conduct OF their
competitive bu 'iness.
| The National Banks as we all know
are government created monopoly.
They have been granted the entire
right to issue paper money, they have,
as they allege, been granted the sole
right to do banking business which
consists of selling domestic and foreign
money orders, letters of credit, trav-
elers' checks and drafts, and in buying
and selling foreign money and conduct
ing a general financial business. These
exclusive privileges have always been
a subject of criticism. The conduct of
the government toward the National
Banks has always been known to be
an outrageous piece of favOritism, and
in order to create and maintain these
props of the Republican party the gov
ernment must forever remain in debt,
that is it must have outstanding bonds,
because National banks cannot exist
without them. The people therefore
pay interest on these bonds which is
from to per cent. in order that Ma
, tional banks may exist. This is an
awful and defenseless tax. If it we're
not that the payment of the bonded
debt of the nation would destroy the
existence of the National banks-then
the bonded Indebtedness of the nation
might be raid off right now. and the
D people saved the burden of the millions
paid every year for their maintenance
q in interest. In addition to this gr.at
outrage these National banks are the
repositories of the government, anC
, the peoples money which is supposed
by the ignorant taxpayer to be in thu
y. s. Treasury is not there at all, hu
in the vaults of these National bank
which pay no interest 10 the govern
- ment for its use, but by whom 1t il
lent to the people at enormous rates
of interest, and thus the banks grow
:. rich on the money taxed out of tn
people and presented to them for spec
' uIation 10y the government. Very re
, Gently the government reports shove,
~ that there is now in available cash i
- the treasury $50 millions Uf dollars
y This is the peoples money and shoul'
~ he in their pockets. But it 9 not there
~ nor is il really III the treasury. IL
in the vaults of the National banks an
- they are growing rich on 1t by lendin
y it at high interest rares and, as W
said, paying the government nOthin
} for it. In addition to all of these an
a thousand other privileges and right
70 given these banks they are going t
have the government. if possible, e1
. clude the express companies and indee
. all other persons and things from in
, terfering with any Of their monopolll
ed rights-tbey are going to create i
. themselves the most perfect and pow
20 eIful monopoly of the world-if poss
}" BILE, by SHIFTING out all competition
y every branch. 1t is an lnterestin
y fight, but one in no sense beneficial t
~ the people because if the banks wi
- the people will be, If possible, wors
~ feeced and bled than now, since con
u petition will be entirely destroyed AL
10 both lhe upper and neither millston
will be the government created an
fOstered National Banks-the sol
10 makers of money and the sole cree
10 lures with which every monied trans
IL action must be cOnsummated. If the
~ eat up the express companies. they wi
~ of course feast ON the people aftel
ward. but the eating of one monopol
20 by another will be an Interesting scer
AZ no matter which dog is eaten.
Sc The optimistic view Of Chalrma
TO Knapp of the Interstate Commerc