Staunton Vindicator: January 7, 1870Go To Page : 1 | 2 | 3 | 4 |
(Column 01)Summary: The paper discusses the relationship of banks to the current hard economic times in the South. Though some banks operate only to benefit the southern economy, others use the scarcity of money as an excuse to grow rich off of high interest rates.
Full Text of Article:[No Title]
The money question is that most talked of in these times. From every part of the country, as well as this State, comes the cry of hard times, and incidental thereto among business men the National Bank system and National Banks come in for their share of discussion and criticism. As to the system, we have nothing to say now, but in regard to the National Banks of the South and their interest in and effect upon Southern communities we shall, as a duty we owe to our people, have a word or two to say. Judging from the National Banks in this locality, all in the South were started largely by the capital of Baltimoreans and Northern men to aid in building up the pecuniary interests of the people of the South. These foreign stockholders, as many of them have repeatedly asserted, did not take the stock in Southern Banks with the view of reaping a pecuniary profit directly therefrom, but, as we have said, solely to aid in building up the pecuniary condition of the South and increasing the field of their then contracted trade. Started on this idea and for this purpose, some have loaned money at fair rates to those asking their assistance, while others have loaned at most exorbitant rates, or else refusing to discount on account of "scarcity of money," have either bought the same paper at an enormous deduction with the same "scarce" supply of money, or sent the individual to a third party, who was furnished with a portion of this "scarce" supply, with which to buy up good paper at a large discount.
This torturing the legitimate system of banking and converting the Banks into mere shaving shops, to play upon the necessities of the people, has enabled many to pay large salaries to their officers and set aside a handsome per cent to their surplus fund and declare very large dividends to their stockholders.
Now this is all wrong. The Banks were started in the South, as we again re-iterate, for the purpose of aiding the Southern people and should have that end strictly in view. Instead of shaving them to the utmost extent, when needing assistance, to increase the dividends of stockholders, (which in some instances has ranged from 20 to 30 per cent a very large portion of which is sent to foreign stockholders, never to return, thereby impoverishing to that amount the very communities they were established to aid,) they should so manage their affairs as to render that aid to the people which was the object of their establishment. Let them cut down expenses. Some cashiers receive large salaries, while others doing twice the business get not over half so much. Clerks, Tellers, &c., may get but moderate amounts for the work they do, but we know there are leaks somewhere. Then, we repeat, let them cut down expenses, loan at a fair, living rate and though they may not declare large dividends, they will have benefited community much more, and indirectly largely advanced the interests of stockholders. As the meetings of Stockholders takes place everywhere in a few days, we beg leave to call their attention to the much talked of and crying evil of National Bank mismanagement and to take steps to correct it. Elect directors who will look to the interest of community, as indirectly effecting the interest and efficiency of the bank, and will not agree to pay large salaries to officers simply to pile up large dividends, drawn from the necessities of a people struggling with pecuniary embarrassments, but giving fair salaries and content with fair rates of interest, really aid the people of their respective localities.
If the stockholders do not attend to this and prevent their institutions from being converted into mere shaving shops, they can only expect squalls. Some individual, extorted upon, will with the U.S. Banking Law in his hand, not only defy them, but recover from them double the amount of his shaven note. Attend to this ye stockholders, in your approaching meetings, all over the South, and let "a word to the wise suffice."
(Column 01)Summary: The editor of the Vindicator announces the beginning of the eighth new volume of the paper published under his tenure. "In that time we all have passed through trials to which few people in the world have been subjected, and even at this late day are subjected to the conditions of those who were victorious alone through might. In this trial the Vindicator has endeavored to vindicate the cause of its readers and locality and has raised a warning voice against every thing that militated against their just rights and their interest." The editor calls attention to the growth of the paper from a half-sheet to "the largest in size of any paper in the State."
Waynesboro Up to the Mark
(Column 01)Summary: The people of Waynesboro raised and slaughtered 30,000 pounds of pork this season.[No Title]
(Column 01)Summary: The Deaf, Dumb, and Blind Institution hosted a very successful tableaux and concert.[No Title]
(Column 01)Summary: William McComb's home near Barterbrook burned on December 28th. The fire was started when a young girl entered a clothes-closet with a lighted candle. The home was insured by the Southern Mutual Fire Insurance Company of Richmond whose agent came up the next day and presented Mr. McComb with a check to cover the loss. "This speaks volumes for the promptness and responsibility of the Southern Mutual Insurance Company. Its terms are most liberal and losses promptly paid."Married
(Column 02)Summary: Alexander Hall, formerly of Staunton, and Miss Sophia Duckett, daughter of the late Benjamin M. Duckett, of Prince George's County, Maryland, were married in Baltimore at Christ Church on December 8th by the Rev. T. U. Dudley.Married
(Names in announcement: Alexander Hall, Sophia Duckett, Benjamin M. Duckett, Rev. T. U. Dudley)
(Column 02)Summary: Zachary F. Crickenberger of Albemarle and Miss Elizabeth F. Kerby of Augusta were married at the residence of the bride's parents on December 28th by the Rev. C. F. Fry.Married
(Names in announcement: Zachary F. Crickenberger, Elizabeth F. Kerby, Rev. C. F. Fry)
(Column 02)Summary: Green M. Kibler and Miss Elmira E. Fishburne, daughter of Daniel Fishburne of Augusta, were married near Spring Hill on December 24th by the Rev. C. B. Hammack.Married
(Names in announcement: Green M. Kibler, Elmira E. Fishburne, Daniel Fishburne, Rev. C. B. Hammack)
(Column 02)Summary: J. Willie Risque, formerly of Staunton, and Miss Nella A. Jones of Lynchburg were married in Lynchburg's Centenary Church on December 22nd by the Rev. George Langhorn.Married
(Names in announcement: J. Willie Risque, Nella A. Jones, Rev. George Langhorn)
(Column 02)Summary: George M. Baylor and Miss Elizabeth C. Hoover, both of Augusta, were married on December 22nd by the Rev. D. B. Ewing.Married
(Names in announcement: George M. Baylor, Elizabeth C. Hoover, Rev. D. B. Ewing)
(Column 02)Summary: Lewis A. Wise of Culpeper and Miss Harriet F. Cook of Augusta were married on December 28th by the Rev. D. B. Ewing.Married
(Names in announcement: Lewis A. Wise, Harriet F. Cook, Rev. D. B. Ewing)
(Column 02)Summary: Fred L. Fultz and Miss Amanda Fultz, daughter of Judge Fultz, were married at the Presbyterian Church in Staunton on December 28th by the Rev. William E. Baker.Married
(Names in announcement: Fred L. Fultz, Amanda Fultz, Judge Fultz, Rev. William E. Baker)
(Column 02)Summary: A. J. Livick of Augusta and Miss Ginnie Robinson of Rockbridge were married in Rockbridge on December 23rd by the Rev. J. I. Miller.Married
(Names in announcement: A. J. Livick, Ginnie Robinson, Rev. J. I. Miller)
(Column 02)Summary: James Crosby and Miss Liza Koontz, both of Augusta, were married near Churchville on December 30th by the Rev. J. W. Hott.Married
(Names in announcement: James Crosby, Liza Koontz, Rev. J. W. Hott)
(Column 02)Summary: Robert Pool and Miss Eliza Huffer, both of Augusta, were married on December 30th by the Rev. J. W. Hott.Died
(Names in announcement: Robert Pool, Eliza Huffer, Rev. J. W. Hott)
(Column 02)Summary: Janet Taylor Bell, daughter of Major H. M. and Ann Bell of Staunton, died on January 1st.Died
(Names in announcement: Janet Taylor Bell, Maj. H. M. Bell, Ann Bell)
(Column 02)Summary: Mrs. Elizabeth S. Johnson, wife of Robert Johnson, died in Staunton on December 22nd. She was 62 years old. She was a member of the Episcopal Church. She was a "modest woman, affectionate daughter, devoted wife, and fond mother." She bore her "painful affliction" with "christian resignation."
(Names in announcement: Elizabeth S. Johnson, Robert Johnson)