California Farmer and Journal of Useful Sciences, Volume 39, Number 18, 3 July 1873 — BANKS AND BANKING. [ARTICLE]

BANKS AND BANKING.

We are indeed the "Golden State," and especially so in regard to onr Currency, (or paper money (save our Gold notes) is at heavy discount, and even our Silver coin is at a discount also, and yet tbe cry is JrWe Banks! Mom Ban its II

In addition to the present well established Banks, and those of very large and solid capital like tbe Bank ol California and the London aad San Francisco, and also the heavy Gold Note Banks, we have more New Banks that open their doors lor business this first week of July.

Ti.e New Bank " Western Savings and Trust Oo." next the Occidental Hotel, and tbe "Anglo Caiiforuia Bank," on California street. This last Bank has a nominal capital of $G,000,000, in lact all ibe capital tbat can be used to come Irom Europe.

Another Bank is also spoken of, and will undoubtedly be put in operation, to be known as the Jkwish B*nk, to be founded by our wealthy Merchants, Messrs. Sothlots, Strauss, and other men of beavy means.

These movements towards Banking, and the much needed increase of capital, may be made to work very much to the advantage of our State if these Banks will give a helping nand to foster and encourage Ul legitimate Meroanllle and Com-, mercial pursuitG, to stimulate Manufactures, aid Ship Building, so that our great Grain Crops may be freighted in ships built and owned here, and thus save the Millions of freight money that now goes abroad to foreigners. The" New Banks can do much to help the Ires interests ol out State if tbey are rightly managed, but il neglecting these true and best Interests, they shall use their capital for Speculators in Stock, for Diamond Schemes, Land Monopolist, or any of the schemes which are always afloat and ready to use money, tLen these Banks will work an Injury instead of a benefit, and instead of relieving tbe business community from a pressure on its working interests, they will edd to tbe stringency that bas already checked many valuable enterprises.