Dayton daily empire. [volume] (Dayton [Ohio]) 1850-1865, 1865-11-06
MT. Ohare,s Rnnk,ng schernr.

Daniel Webster, 10 one OF his speeches,
said that OF all the systems yet discovered to
"lertilize the rich man's field with the sweat
of the poor mAn's brow" banking was the
most eifectual. II this assertion was true un-
der former systems, how much more so is il
under that which owes its origin to Mr. Chase,
while that financial charlatan was Secretary
OF the Treasury. Under the provisions Of
the law which he procured to be passed, gov.
eminent bonds are deposited in the Treasury,
and ninety per cent. thereon is returned to
the bank in the shape OF circulating notes.
Let us see how the rich men who bank usdsr
the provisions Of this law fertilizs their felds
with the sweat of the poor mans brow
A company Of men, 6nanciers, who always
look to number one 10 their dealings, asso-
ciate together and advance one hundred thou
sand doers, which they invest in government
bonds drawing seven cents aud three mills in
terest. payable semi-annuslly, making about
eight per cen'. per sunuu. These bonds
they send 70 Washington, and with the ninety
thousand dollars Of circulating notes thus pt o.
cbred they purchase ninety thousand dollars
iu additional bonds with which they start Ma
tionRl Bank number two, receiving in round
numbers, for we omit ali fractions, eighty
thousand dollars in circulation. National
Bank number three soon follows, for the cir
culation Of the second National Bank is alb
sorbed 10 purchasing 7-30 bonds for the third
National Bank, which starts it's career with
capital OF seventy thousand dollA-s In like
manner this circulation is ueed to purchase
bonds to start National Bank No four with
capital Of sixty thousand dollars, and it's cir
culation used in like manner to purchase
bonds 10 start National Bank number Eve,
with a capital OF fifty thousand dollars 10
bonds and forty thousand dollars in circulat-
ing notes As this is the smallest capital Mr.
Chase allows one Of his National Banks to
commence business upon, the game must here
close
Starting out with capital Of only one hun
dred thousand dellars, by the loose provisions
of MI, Chases banking law, which alone fa-
vors the capitalists and not the people, this
company OF 6nancers are able TO put IN opf-
ration FIVE National Banks, with an aggregate
capital in government bonds Of three hun
dred and sixty thousand dollars 10 act as a
basis aud is the only security for the three
hundred aud fifty thousand dollars in circulat
ing notes. Ou the bonds thus deposited they
get interest, drawing II semi-annually TO the
amount OF over twenty-six tbousaLd dollars
per annum, besides having forty thousand dol
lars in notes Of these banks to convert into
RreeDbacks to be used in the redemption Of
their Liabilities; and while one kind Of ire
deemable paper ia made a lawful tender to re.
deem other paper the amount is sufficient
Since the day Of John Law aud his famed
Mississippi scheme, no more barefaced swind-
ling has been inauguruted. Bankers, until
the bubble bursts, can make money hand over
hand, but when the lime comes, which il inc
vitably must when specie again becomes q
lawful tender, the burst up will eonvulse that
part of the monetary word, embraced within
the United States, from center to circumfef-
ence, and the longer il is delayed tho greater
the ruin ii will cause Its doom is certain,
and when il comes, Mr.. ChNSe will 20 down to
posteriiy accompanied by the curses of
swinded people Crisis.