The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-05-07


determined to endure the hard things, and
went just where he knew they would reach
him. The letters of Russell to Adams about
Bancroft, and of Bancroft to Adams about Rus
sell, with the accompanying papers, are richly
worth perusal.
There Is one very remarkable point in Rus
sells exculpation of himself, as fine piece Of
British cant as we have ever seen. Unable to
answer the arguments Of his completely in the
English scheme against us, he threw himself
back on the general principles Of philanthropy.
He quotes from the Declaration of hide
pendence the words of the fathers that English
men should be to us as the rest of mankind,
"enemies in war, in peace friends.' And upon
this he echoes, "Why should we not be friends
as the great men Of the American Revolution
intended us to be-" Can anything of lofty
impudence surpass this. Why should we not
be friends! says this high priest of cant Why
are you always remembering and throwing up
to me the uncomfortable things have done!
Why don't you let me love you! Why should
we not be frisndsi Whyf He sent out tho
Alabama armed with British cannon, shielded
in British ports, to burn hundreds of American
ships; but why should we not be friends! He
did the same with the Sea King, and when she
came home again he set her red-handed pirates
free, as if they had done something praise
worthy. And why should we not be friends?
He thought it was all right that men should
cross from Canada to burn our villages and
attempt to burn our great cities-right that the
British authorities should support them and set
them at large when brought into court. Why
should we not be friendss Can anybody possibly
find any reason why we should not be friends,
and why the American people should not love
and admire Lord Russell just as much as Lord
Russell does the American people!
Weak Spots I'm the National Banking
System.
1t is not many weeks since the failure of
Culver, Penn & Co., in this city, led to the i'm
mediate suspension Of several national banks
in the oil regions of Pennsylvania and else
where, and just now the failure of Baltimore
stock house has involved that of the Merchants
of about four hundred thousand dollars to the
government, it having been public deposit
tary. This, we fear, is only the beginning of q
long series Of similar explosions and the first
symptom of the decline Of the entire system of
national banking, which was originated by Mr..
Chase for selfish and political purposes, without
regard to the good of the country.
That the banks 80 constituted are parasites
upon the Treasury is manifest enough from
q perusal of the act authorizing their creation,
which confers upon them pecuniary privileges
and exemptions enjoyed by no such institu-
4 tions under any other governmental the world:
and that in many cases they are used as in
struments for supporting and promoting the
speculations and credit of their stockholders is
equally certain from recent developments. They
are also gradually becoming what they were de-
signed to be, namely, huge political power, to
be used by INSCRIPTIONS men for the furtherauce
of sinister purposes. These, therefore, are not
the objects upon which the public money
should be wasted when thereaaro so mary
other interests which have q claim upon the
government for support. The interest money
now paid to national banks upon the bonds
deposited az the basis Of their circulation
would be much better employed, for instance,
in subsidizing American ste amers, and so allie
waiting the miseries attending immigration to
this country from Europe in ill-provided and
overcrowded vessels sailing under alien flags.
The profits of national banks are shown by
the large dividends which, in most cases, they
are enabled to pay. some rising as high as
twenty per cent per snnum; and we consider
1t the duty of Congress to pass measures for
the reduction and ultimate extinction of the
interest on the bonds deposited by them with
the Treasury, and from which. as it is, they
reap the profit Of double investment. The
rottenness which underlies the manage
ment Of . large portion Of them foreshsdows
the ultimate fate Of the whole. They will con-
tinue to collapse one by one at intervals till
finally public confidence in them will be lost,
their dcpositors will share in the prevailing
distrust, their notes will fall to discount and
be bought up by spectators, who will present
them for redemption, thus forcing them into
liquidation; and the pet scheme Of Mr.. Chase will
have been tried and found wanting. This gen.
eral collapse may not occur until an attempt is
made to resume specie payments, but the props
are already beginning to give way, and the
Treasury cannot be too careful in tho selection
of its depositaries after it's fresh experience in
the case of the Merchants National Bank at
Washington.
The INCOME TAX AND THE TAX COLLECTORS
The Commissioner Of Internal Revenue has de-
cided that it is not necessary for tax collectors
to serve official notice upon person before
paying his income tax; but that he must go to
the collectors Office, obtain a blank and ill 1t
up. In other words, he must step up TO the
collectors Office and settle. This occasions an
:~.o.,.c,ooco 10 tay xrbirh hardly