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Show "TO MOVE THE CROPS." Thero comes from New York City the usual cry which ascends to high heaven (or descends to the dopth of hell, as the case may be,) always about this time of the year, that the New York banks arc tremendously exercised to furnish money "to move the Western West-ern crops." Tt is at once comical and exasperating to hear this annual wail. Tt is comical to hear it in view of tho fact 'that tho money so suppliod to move the crops is not New York money at all, but is money from Western banks that has been temporarily deposited de-posited there, but is now recalled by its Western ownero for purposes of their own at this season of the year, it being found more profitable to recall re-call that money and use it at homo for a time than to leave it in the New York banks. It is exasperating to hear the outcry in view of the fact that the persons making it have no real claim whatever to the money. The fnct isr that for a great" part of the year the banks of tho West, find it convenient to send a large portion of their surplus money to New York City to bo used there on call or in other means -whereby profits upon it may be made more advantageously than at home. Tho understanding all the time is that this money is not New York money; is not to be used there at all except as the real owners of it direct, and is subject to recall at any time. And yet, the New York banks put up a wail every summer that they are obliged to send money to Iho West to movo the crops! This, however, is. only one of the foolish fictions that prevail in the New York money market. In spite of the scores of millions of dollars that the Western banks habitually keep-on do-posit do-posit in New York, we hear every lit-tlo lit-tlo while of a "stringency of money" for immediate nso in that city. This stringency is, of course, almost invariably in-variably fictitious. A few of tho banks lock up tho ordinary circulating medium me-dium to keep it away from some of tho feverish speculators who would like to draw it out on wildcat securities for use in their speculative schemes. Not long ago New York got up a scare that it did not have enough gold for Kb needs, and had the help of the United States treasury to import some fifty million dollars of gold from Europe, by putting up Government bonds as security for the import. The Now York bankers and financial finan-cial men woitld like to have the country coun-try understand that they are the ones that control all forms of business in the country, and that whenever any financial finan-cial operation of any kind is undertaken under-taken it is they that supply the means of carrying it through. By this time, however, the country pretty generally understands the fictitious nature of this New York pretonso. The Government, as a general thing, refuses to como to the relief of the clamorers for tho relief of the fictitious moncv pinch. The country at lnrge also understands that tho New York banks are very largely doing busincas upon capital not their own. The Western banks understand under-stand fully that tho monoy they call for about, .this soason of tho year is their own money, nnd that the dnim put up by the New York banks that they arc sending monny West to move tha crops is CHsontially a fraudulent claim. Not iufrcqucutly'it happens thai New York is "enjoying" ;i financial stringency and a sort of monoy panic when tho business of the country is proceeding with calmness, activity and unrufllod strength. Tho Now York bankers arc largely frauds, and Now York financial moil humbugs. |
