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Updated: May 13, 2025
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These revulsions must continue to recur at successive intervals so long as the amount of the paper currency and bank loans and discounts of the country shall be left to the discretion of 1,400 irresponsible banking institutions, which from the very law of their nature will consult the interest of their stockholders rather than the public welfare.
It is now well ascertained that the real domestic exchanges performed through discounts by the United States Bank and its 25 branches were at least one third less than those of the deposit banks for an equal period of time; and if a comparison be instituted between the amounts of service rendered by these institutions on the broader basis which has been used by the advocates of the United States Bank in estimating what they consider the domestic exchanges transacted by it, the result will be still more favorable to the deposit banks.
"I don't know what for a bank pays 5 per cent., Mawruss," Abe replied, "but you could take it from me, Mawruss, the way Sam Feder discounts perfectly good A number one accounts for them depositors of his when they are a little short, Mawruss, not only could the Kosciusko Bank afford to pay five per cent., Mawruss, but they could also give 6 or 7, and still Sam Feder's wife wouldn't got to pawn none of her diamonds."
But, it is said and agreed, that two and two do not always make four, as in the present case will be verified. We may, indeed, place the matter beyond dispute, by a homely illustration level to every man's capacity. For example, a Manchester banker, dealing in money, shall turn over in discounts and accounts-current, with a capital of L.100,000, the sum of one million sterling per annum.
In one instance the Government is a creditor for its deposits, and in the other for the notes it holds. They afford the same opportunity for using the public moneys, and equally lead to all the evils attendant upon it, since a bank can as safely extend its discounts on a deposit of its notes in the hands of a public officer as on one made in its own vaults.
His whole conversation was touching handsome operations in trade; and not a day passed in which he had not some story of gains to tell. Yet, with all his heavy accumulations, he was always engaged in money raising, and his line of discounts was enormous.
Drain of gold continues, panic and universal mercantile depression, Bank refuses discounts, forced sales of all kinds of property, the Bank Charter suspended. The experiences of 1847 repeated on a more injurious scale, with another suspension of the Bank Charter Act.
That gap of twelve or thirteen per cent. between greenbacks and gold is no doubt an hiatus valde deflendus a gulf which has swallowed up many an ardent and confident Curtius, and will swallow more before it disappears; but the difference is uniform everywhere, and discounts itself.
The only remark touching on the subject was made by Miss Rowly: 'We must ask for proper discounts. Oh, the villainy of those tradesmen! I do believe they charge double in the hope of getting half. As to jewellers . . . ! Then she announced her intention of going up to town again on Thursday, at which visit she would arrange for the payment of the various debts.
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