The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-06-23

yvll war ana snhil Lneet Tue Ihto W McAAOo'
No fanatical radicals, no half-hearted conserv-
stves, no incompetent and partisan democrats
,an save the country. We need new men and
great men, irrespective Of party; and in order
70 secure such nominations the juggling OF
politicians at primary elections should be
iisregarded, immense Union meetings should
be held all over the land, commencing at New
York, and the people should be allowed to
name their own representatives.
Ia Sound System or National Finance
and Currency Needed.
Various nostrums have been prescribed for
regulating the currency Of the country and the
national finances, as well as for forcing specie
payments and liquidating the national debt by
quacks and theorists both in and out Of Con-
gress. Sometimes these prescriptions have
been offered by well meaning men, who are
mere dogmatists. incapable of taking COM
prehensive view Of the subject but more gene.
rally by spectators and scheming politicians,
whose object was to make money and use our
financial system as a political machine The
national bank system originated with these lat
ter. Mr.. Chase, Jay Cooke and Company,
and their friends and supporters were the
authors of this vast and dangerous monopoly.
How they have profted by it to enrich them
selves at the expense Of the government and
people is well known, and their political object
has become transparent enough. Their asser-
ton that great national debt is q national
blessing is true as regards themselves though
not with regard to anybody else The national
debt and national banks are of immense benefit
TO them. but great evil to the country. The
debt should be liquidated as soon as possible,
and the system of national banks as regards
the currency, should be abolished at once.
We have from time to time ventilated this
subject, and the more we study it the more
convinced we are that a grosser fraud upon
the people and government was never
sanctioned by law than in this case
of the national banks. 1t is really
surprising that Congress and the country have
not seen before now the enormity of this
fraud. Let Us look at the facts; they are
simple enough. Divestsd of all circumlocution
and financial jargOn here they are-the
national banks have, in round numbers, cir
templated to increase this to four hundred
millions. The profits of the circulation Of
these three hundred millions are free gift from
the government TO private corporations. Who
ever heard before Of legislative body being
so stupid as TO give q bonus, without the least
compensation, Of something like twenty-fv
millions year to class Of moneyod monopo-
~; ~ 80 49,
people to enrich favored few. This, how
ever. is not the only evil Of the national banks.
The system is unsound. The banks are but in
their infancy, can count only an existence Of
two or three years, and yet they are tumbling
to pieces. We have seen lately several of
them fail under disgraccful circumstances.
How many others are in shaky condition we
cannot tell, but we are convinced that If any
serious commercial or financial revulson were
to occur, there would be an extensive smash.
We are not sure that in great crisis the sccu-
rites for their circulation would realize enough
to redee m their notes; ut least not without a
serious loss to the government. People de-
post and transact business with them in con-
6dence because they are called national banks
and are believed to have a connection with the
government, while the fact is they are no more
secure in this respect than the private
firms Of Smith, Brown, or Jones. As great
moneyed monopoly, too, they are dangerous
both in political point Of view and because
they are enabled to forestall the markets and
raise the price Of provisions and other commo-
dities used by the mass Of the people. They
WELD power for evil far greater than ever
the old United States Bank possessed.
But let us conEne ourselves at present to
the financial aspect Of the question as far as
the government and the public interests are
concerned. II the government would abolish
the national bank circulation and substitute
that oflegal tender greenbacks, what would be
the RESULT With the three hundred millions
of legal tenders thus issued in the place OF the
national bank notes (not in addition to them)
the interesl-bearing bonds deposited rs secu-
rity for these notes could be bought up and
cancelled. That is, our interest-bearing debt
would be reduced some three hundred millions
and the interest saved. From twenty to
twenty-five millions year could be saved by
simply substituting legal tenders for national
bank notes; better and safer currency for
less valuable currency. What more simple
One would think child might understand this
proposition. Why, then, should we continue
to give this large amount away TO a great and
dangerous monopoly ?-an amount that if
placed at compound interest would pay the
entire national debt in about forty years. Ar
gument seems unnecessary in matter so
plain. 1t is to he hoped Congress will take
some action at once to give us q uniform
and an equal legal tender currency
and save at the same time twenty TO twenty
FIVE millions a year. With such q system OF
currency established we should sooner come to
specie payments. If the national banks choose
to remain in existence and do legitimate