Staunton Vindicator: February 4, 1870Go To Page : 1 | 2 | 3 | 4 |
For the Vindicator
(Column 05)Summary: "Staunton" writes the Vindicator to support recent calls for development of manufacturing in Augusta County. He also calls for reform in banking practice, asserting that present rates of interest are usurious.
Full Text of Article:
Mr. Editor:--I saw an article in a late number of your valuable paper, signed "A Citizen," setting forth the importance of establishing manufacturing enterprises in our town. I agree with him that it is most important that we, as a community, should so shape our course as to induce parties of experience and capital to invest their means here, in such manufacturing enterprises as will insure permanent prosperity, and think the suggestions he makes are good and should claim the attention of our leading business men, so that, when we get control of our own affairs, his plans may be adopted.
But this is not all that is necessary for our prosperity. Some change in the management of our Banks is most important. No legitimate business can pay 12 per cent. for money, much less from 3 to 5 per cent. per month, as I understand is the case in at least one of them and presume it must be so as the Board of Directors now give their Cashier a salary equal to 8 per cent. on their entire capital stock.
Now what we want is a Bank that will take good business paper at fair rates. It may be that 6 per cent. is not enough for National Banks with small capital, but I am sure that 8 per cent. would pay a dividend of 10 per cent. on the capital stock, which ought to satisfy any reasonable stockholder. When these Banks were established here it was understood that those merchants in the Northern cities, who took stock, did so for the purpose of assisting the merchants and business men in our community and not to rob them by charging usurious rates for money, and make 25 per cent. annually, as they are now doing. I would just say to these Northern and other stockholders, be careful or you may "kill the goose that lays the golden eggs." Our merchants buy their goods in Baltimore, Philadelphia and New York, perhaps from some of these very share holders and the time may come (by constant shaving by the Banks they have established here for our benefit,) when these Staunton and Augusta county merchants can not pay what they owe them for the goods purchased. Now the question for them to decide is, whether they prefer to continue to sell their goods and get the money, or take 30 per cent. on the few shares of Bank stock they hold in our Banks.
The fact is, Mr. Editor, too many of our people are engaged in the blood thirsty business of shaving. It seems to me that it pervades all classes of society and that each man is trying to see how much money he can make out of his neighbor's necessities. Now let me urge upon all our people, Bankers and others, to be content to do a legitimate business, if it don't make quite as many greenbacks. I am sure it will create a better feeling among our people and improve the business prospects of our town and county. It certainly is no inducement to men experienced in manufacturing, and having the means to build up manufacturing establishments in our midst, to learn that 2, 3 and 5 per cent. per month is demanded and paid for money here. The present usurious rates of interest, on the contrary, is an impediment to our advancement. And with the assumption with which I started, a change must be effected in the manipulations of our Banks and others. The frowns of community now gather against the extortions practiced. But the people must put their thoughts and feelings into practice. They have it in their power to put down usury and they must do it. Then we can induce capitalists to invest in our midst in legitimate business, such as "A Citizen" suggests, and I am sure it will stimulate enterprise, thrift and industry among our people, and start us on a sure road to wealth and material prosperity.
(Column 01)Summary: Daniel Mahaney, accused of pushing George White to his death from the parapet of the railroad bridge, was acquitted in his trial before Justice R. G. Bickle.[No Title]
(Names in announcement: Daniel Mahaney, George White, R. G. Bickle)
(Column 01)Summary: The paper endorses the suggestion of Maj. Jed Hotchkiss as candidate for Superintendent of Public Schools.To Distillers
(Names in announcement: Maj. Jed Hotchkiss)
(Column 01)Summary: Col. Josiah Given of the Distillation Bureau of the Internal Revenue Department and Commissioner Delano will meet with the distillers of Central Virginia at a conference at Staunton on February 10th.[No Title]
(Column 02)Summary: The paper reports that Rockingham farmers are hauling their goods to Staunton for sale despite the fact that they have railroad connections with the outside world. The paper pleas for construction of McAdamized roads to facilitate trade, and solidify Staunton's position as a major market.Married
(Column 02)Summary: George A. Hutcheson and Miss Maggie J. Robertson, both of Greenville, were married on January 25th at the residence of the bride's father by the Rev. Wilson.Married
(Names in announcement: George A. Hutcheson, Maggie J. Robertson, Rev. Wilson)
(Column 02)Summary: Tabner L. Riddle and Miss Mahala J. Allen, both of Augusta, were married on January 27th by the Rev. A. A. J. Bushong.Married
(Names in announcement: Tabner L. Riddle, Mahala J. Allen, Rev. A. A. J. Bushong)
(Column 02)Summary: Jacob L. Pifer and Miss Margaret R. Harmon, both of Augusta, were married on December 30th by the Rev. J. M. Follansbee.Married
(Names in announcement: Jacob L. Pifer, Margaret R. Harmon, Rev. J. M. Follansbee)
(Column 02)Summary: James A. McFall and Miss Radie M. Harmon, both of Augusta, were married on January 23rd by the Rev. J. M. Follansbee.Died
(Names in announcement: James A. McFall, Radie M. Harmon, Rev. J. M. Follansbee)
(Column 02)Summary: Hezekiah Bernard Curry, son of Rev. H. W. and Rachel Curry, died near Spring Hill on January 24th. He was 2 years old.Died
(Names in announcement: Hezekiah Bernard Curry, Rev. H. W. Curry, Rachel Curry)
(Column 02)Summary: John Arey Hiet Korcheskie, son of Joseph and Mary Korcheskie, died in Spring Hill on January 24th. He was 1 year old.Died
(Names in announcement: John Arey Hiet Korcheskie, Joseph Korcheskie, Mary Korcheskie)
(Column 02)Summary: Maj. George T. Antrim died at his residence near Fishersville on January 30th.Died
(Names in announcement: Maj. George T. Antrim)
(Column 02)Summary: Mrs. Mary H. Cochran, wife of B. F. Cochran, died at the residence of her father, Isaac Hall, on January 31st. She was 23 years old.Died
(Names in announcement: Mary H. Cochran, B. F. Cochran, Isaac Hall)
(Column 02)Summary: Mrs. Catharine Virginia Kiracofe, wife of the Rev. J. W. Kiracofe, died in Maryland on January 11th. Her remains were brought to Augusta and interred in Mt. Tabor graveyard. She was 23 years old.Died
(Names in announcement: Catharine Virginia Kiracofe, Rev. J. W. Kiracofe)
(Column 02)Summary: John Allor died at his residence near Deerfield, Augusta County, on January 5th. "He was a soldier in the war of 1812, was an inoffensive, honest man, and died without an enemy as far as known. He survived his wife but a short time. He leaves several daughters and many friends to mourn their loss."
(Names in announcement: John Allor)