White Pine news weekly mining review. [volume] (East Ely, Nev.) 1910-1920, 1913-12-07
WA[LST.NAT|ONS
MONEY bULWARK
JASPER" IN FRANK LESLIE'S
WEEKLY, DEFENDS FAMOUS
FINANCIAL CENTER AS MALIGN-
ED AND MIsREPRESENTED.

be unprejudiced.
Where do the promoters of all
great enterprises go when they need
money with which to develop their
ideas? Naturally TO the financial
center of the country. If it Is an
English enterprise. the money is
sought al London; If a French enter
prise, at Paris; in Germany, at Ber-
lin; in Austria, at Vienna; in Russia.
at st. Petersburg, and in the United
States. az New York.
picked up a Texas newspaper the
other day. 1t was published In a
little country place. a section that
needed a new railroad. It spoke of
a projected railway and added AN
effort is now being made to raise the
money for the project and the parties
are in New York for that purpose
You will read similar statements in
newspapers wherever great enter
prises are under way.
IT is not a new story. 1t Is an ex-
ceedinly old one, yet some people
complain because Wall Street has
so much to do with the af-
fairs of railways and industrial cor
porations all over the country. The
reason is because Wall Street has
been asked to furnish the money for
all our newest and greatest enter
prises. Let us look the facts in the
face and dseriously consider them.
Isn't it about time that we realize
the situation as 1t is and that We
paid a word of tribute t. the captains
of industry and the bankers of Wall
Street for the important part they
have played in developing the re-
sources of every section of our great
country? Some may complain that
they cannot always borrow funds
when they want them, but you will
hear that complaint everywhere.
There isn't a bank in this country,
however small, that isn't compelled
at some time, in its best judgment,
to refuse to make a loan to some in
dividual or corporation. But no
loan is ever refused if the bank has
the money and If the security is salts
factory.
1t a a great pleasure, at the
dinner of the Economic club in New
York, to hear my old friend, Presi-
dent Vanderlip, of the National City
Bank, boldly and bluntly defend the
right of Wall Street to be heard
on its merits. Ii vas a pleasure to
hear him in equally forcible terms
protest against the unfair criticism of
our bankers. He was right when he
said the country never has faced
a financial crisis when 1t did not
seek and find a bulwark in Wall
Street.
OF his own great banking institu-
ton. he said what most people out
side of New York do not know, that
no matter how high the rate of in
terest has been, the National City
Bank has never charged the public
more than 6 per cen and has al
ways stood ready to assist the gov
eminent in financing even at the pos
sibility Of loss to ITSELF
II Is high time that the people
understood that Wall Street Is not a
den of thieves and that the banks of
New York and other cities are not
run by bloated aristocrats. Listen to
what Mr.. v~anderlip said in his stir
ring speech to an Audience of
twelve hundred business and profess
sional men who applauded him to the
echo:
What does this cry of govern
ment by the people really mean?
Who are the people? Are not my as
sociates and am not ! one of them?
! stand charged with the Offense OF
being president of the largest bank
i'm the United States. Who are the
officers of that bank? With a single
exception they are men whose boy
hood started in poverty. | myself
wore the blue overalls of a farm and
a machine shop apprentice. One OF
our vice presidents's memories OF
~boyhood begins as a cotton picker in
the fields of Louisiana, another as a
country school teacher in Kansas,
another as a newsboy on the streets
OF Chicago"
And the story of the National City
Bank of New York is repeated in that
of other prosperous banking institu-
lions, not only in New York, but also
in Chicago. Boston, st. Louis, Phila-
delphia, New Orleans, San Francisco,
Caattla IoS Angeles. ST. Paul and