Ka Leo o ka Lahui, Volume II, Number 424, 4 April 1892 — Financial Stringency. [ARTICLE]
Financial Stringency.
There is a severe Btringency in the money market. and loans and dis«ounts are * impoesible even upon the most approved paper. If this continues it will re«ult in eomraercial and financial disasier. 11 is believed that there is abandant capital in the citf, but it is greedily hoahled by its timid owners. Practical men eeveiely conderan the aelion of Bishop -& eo'e Bank in noarding money, refusing loans and discounts, and closely calling in all that is due ihem. This eonduct is decidedly not worthy of the title of financiering or banking r but it juBt about what an ordinary broker or money lender would du.
In times liKe tfae present it is tlie <luty of bankers and capitalists to fase the money market rather than to tighten it by refusing all assistanee to legitimate commerc!al or agricultural enterprises. The pre*ent crisis haa (lemonstrated the necoesity of a public bank that ean be < onductetl by some one of the known methods of financienng.
As we pointed out in our recent article * ■Financial" it is dangerous aml impolitic to have government or l>usinesF men subject to the mercv or of a private monev broker. The most important need ot the hour is a public national l»ank fot biusiness men aml agricul-t«ri-sts, and a large govemment loan for facilitatmg the settlement r«f homesteail, -the encouragement .and apsitance of minor indjstricp, r.nu the buiKling of roads anel railroad« to facilitate Uiā niovcmcnt of Mluee to..mrrket. The prosperity ,of the country did »<>t dk*' with iie di?coinfitur»» of the sugar hnt 'i'*. In our f«rtile resourcos th«-:v - :n imbryo a ma£nificcht ium! I rotjHTous future. ' It requires l»ut the riglit etaoip of men at tlu* head of affairs, and a little dogrcc of and statesmanship to r« - cov# r ali that hafi b©en lost and a thousand fold more. We wish every succ©ss to Dillingham, Thurston and Ath«rUm t and wish we had more bank«rs and merchants of their «nt«rpria» and enerny. H«rd time» fpoqld be a thiog of the }>ast.