A Trip to the RockiesCorwin, B. R. (Benjamin Ryder)
History
A Trip to the Rockies
Corwin, B. R. (Benjamin Ryder)
United States -- Description and travel
“These facts show how closely connected is the business of the banks
elsewhere with the great commercial cities of the East. Nearly every
bank and banker located in all the principal cities and villages of the
country have deposits subject to sight draft in New York. Every mail
not only brings remittances from neighboring cities, but from the most
inaccessible points in the country. To-day a single roadside tavern or
outpost upon the great plains of the frontier; to-morrow a railroad
is constructed, and in place of the tavern of the frontiersman or the
military outpost, there is the city of Cheyenne in the embryo State of
Wyoming, or the city of Bismarck in the new State of Dakota, or the
city of Winnipeg in the Provinces of Manitoba. And almost on the day
of the birth of these young cities or villages, banks are organized
under the authority of the laws of the United States or Canada, which
are almost immediately thereafter brought into close communication with
some correspondent in New York.
“The East sympathizes with you in your growth, and receives substantial
profit from that source. New York, as well as Chicago, is your market,
and the effect of good crops in all sections of the West is felt in New
York as surely as in your Western cities. The progress and prosperity
of the West increases largely the progress and prosperity of the East.
For more than a half century--for more than eighty years--the East has
been sending a portion of its surplus here for investment. It had its
early losses, but its gains have been large, which is evident from the
fact that it has never for a single year ceased to send, not only its
people here, to find homes in the new States, but it has increased its
Western investments annually. A few years ago tables were made showing
the distribution of national-bank stock throughout the country, from
which it was found that a large portion--say about one eighth--of the
stock of these new institutions in the West was held in the East. If it
were possible it would be most interesting to obtain similar figures
in reference to the holdings of the East in your railroad and other
transportation companies, and in your industries of various kinds.
It is known that the East in many instances holds a majority of the
stock in your greatest companies, and annually elects the officers
of such corporations. The interest upon the bonds, almost without
exception, of all your Western corporations, is payable in New York,
and to considerable extent to Eastern owners. You have grown rich; but
we of the East are your co-partners in business, and notwithstanding
your riches, we give notice that we do not intend there shall be any
DISSOLUTION OF THE CO-PARTNERSHIP.
Public-domain text, read in full here on John Shaqi.
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