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Show LET US SEE. The Chronicle of San Francisco treata with great contempt Representative Lindbergh of Minnesota, Min-nesota, because he wants the banking business of the country investigated and charges that Wall street brought on the panic of 1907 and will brinn aaothtr if uecesnary to pass the Aldrich central b.-nk plan. 1 Th-Chrniel eva 4hat banker aro ma whoa standing among their fellow men is such that men carry their money to them for deposit and that "a Lank is an institution which accepts money payable on demand and makes a profit by lending out part of it." Continuing the Chronicle aaya: A "paaie" ia a parckaloairal- tnnditioa in tha public akirk. wba highly darslopftl, haa tha rffert of anakiaa it impoaaihla for anybody to pay hia drlit to the hank whan iua, arhile tha hank itaalf must pay back too dspoaitora Bjioaav which it has lent or elnaa ita door. Am! tha aiith district of Minnesota haa arnt a man to congrm who sava ks baliavea tkat bankara combine to treata "panica. ' .... . Rapraatntativ Lindbergh haa unquaationably introduced this resolution bcrauaa ha thinka it will maka him popular at home, which, if correct, and Representative Lindbergh thnuld know, is a sad commentary oa tba intelligence of the Minnesota people. Banks, and specially New York banks, lend enormous sums of monev. moar of which they are bound to pay on demand, on tn security of stock a and honda. Those are tl a very best of security in ordinary limes boraue tha ci sieat and quickest to realise on in rasa of default. But when a "panic" breaka out they are unsalable at i'.iiv price while it lasts, eteept to tha very few ready , 'ip'ney men who wait for such chances, ana who can absorb but an intniteaimal ahara of tha securities deposited. I 80 ii ease- of a panie tha bank ran aeither eollect from i:s debtor nor realise on ita security. 1 Meanwhile it must itaalf pay on demaad or (0 into the kaada of a receiver. As regards banks in general the Chronicle ia , . correct, but as applied to New York City there ia ( not much to it. When Mr. Lindbergh referred to , Wall street, he really meant the lese than twenty , men who control sixty-six of the biggest banka in New Tork City. What did we aee in New York !n 1!K7 f The Tennessee Iron and Coke eompany was something which waa coveted exceedingly by a rival concern. The backing of the Tennessee company ( waa great trust company in New -York. The , company that wanted the property put up corner. , which the trust company could not break and k , went to the wall, and the Tennessee company changed hands. When that trust company failed ( the depositors in other banks in that city aaid : "If that trust eompany haa failed, there ia no aafety j anywhere." and rushed to withdraw their deposits. ( And that fear spread to the uttermost bounds of ( the republic in twelve hours. But did the banks j either pay cr go into the hands of receivers! Not ( mnch. They got back to back and issued clearing ( ht use reeeipte and paid with them. t But the conspicuoua event waa in 1893, that y panic was directly precipitated by the bondholders ami national banka of the' east, and waw done that r the value of gold, measured by property, might b , doubled. Haa the Chronicle forgotten thatt The eonspir- p aev succeeded. And oue effect the Chronicle must f ctrtaiuly note. Ships formerly left San Francisco D bay loaded with American products for the orient, t Do they do that any nioret Has the Chronicle e never noticed that our export trade with half the world is killed, and has it never tried to understand the cause T Is it not time for the banking business n of New York City to be investigated f n Has the Chronicle never noted that Chinese rice ; and silk and steel billets and a great many other t products of the orient, enter Han Francisco bay, y aed in our money are sold 60 per cent cheaper 5 than they were twenty years agot And has it 0 ought to find out the cause; or how American labor it noon to bo fTeeted by itt May be Mr. Uudbcrgh i more of a man than the Chronicle thinks. 7 |