The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-06-18

Otherwise the health Of the city Is remarkably
good. Merchants and pleasure seekers should
not be deferred from visiting the city either on
account Of the reports Of the Sanitary Board or
the imprudent representations Of certain jour
mails.
Light Upon the National Hank systsA
and Fundtng the Debt.
We have been urging for some time the gov
eminent and the public to look into the
national bank system as one full Of evil and
danger to the country. Partly through apathy
or want Of knowledge Of the subject and
partly through the influence Of the national
banks, our voice Of warning was not 30 much
needed at first Is it ought to have been; but
now light begins to break upon both the gov
eminent and people. A radical contemporary
Of this city has suddenly walked up to see the
truth Of our arguments as to the evils and dam
ger Of the national banks, Notwithstanding ID
incurable vagaries about jumping all at onos
to specie payments. In spite Of Mr.. Treasurer
Spinner's statement that the national bank
notes are better than legal tenders, our radi-
cal contemporary agrees with us that "ths
national bank notes are not as good a.
legal tenders" He agrees with us, too, that
"the interest paid the national banks upoA
bonds held as security for their circulation II
q gratu:ty the Treasury can Ill afford and
should now be stopped" and that "if the gov
ernment could by compulsory redemption wind
up their circulation and substitute legal tenders
and at the same time cancel an equal amount
Of gold bearing stocks held as security, it would
ha n IN Ia hu rrfu n
currency and to the nation by saving interest,"
upon its debt" 1t might 'bring to grief an
army Of spectators and traders upon borrowed
money" associated directly and indirectly with
the national banks, "but it would be for the
benefit OF the people at large" Never in the
history Of any country was greater stupidity
and reckless waste Of the resources Of q gov:
! eminent exhibited than in this gratuity to tho
national banks. The profits on their circula-
ton is worth probably thirty millions year.
Why should this be given to thems Why should
not the government save 1t! II the government
were TO substitute legal tenders-a much bet
ter and safer currency-for the national bank
notes, it could cancel that amount in interest
bearing bonds, and thus save twenty to twenty
five millions year in interest alone. Tbs
government literally makes free gift to these
private corporations Of an amount that n
placed at compound interest would liquidats
the national debt within forty years. Was
there ever anything so stupid and reckless BE-
fores
But this is not the only evil, or, perhaps, The
least evil Of these national banks. II great
financial crisis were to come, or II they were
forced to redeem their notes, az they should be,
q general crash would necessarily follow and
both the business Of the country and the gov
eminent would suffer immensely. II is impos.
sible TO foresee the vast amount of suffering
that would result from such q catastrophe. One
of ths greatest evils, however, Of the system b
in the dangerous power and corrupting in6u-
ences Of such . monstrous monopoly. Az -
evidence Of this we may refer to what has
just tfanspircd relative 70 Senator Slsr
mans biH to consolidate the national
debt. II appears that this bill We
concocted BY tho national bank interest -
make money out Of the Treasury and to oenr
solidats tho power Of these banks Mr.. Shsr
man, probably, did mot know the agency thaS
was at work. The principle Of the bill Is good.
and this Senator Iaborcd to pass Il, perhaps, On
that account, not knowing the secret power be-
hind him, both in and out OF Congress II =
said that Jay Cooke and others in the intereA
Of the national banks managed 10 get the bid
% worded that IL would have given them some.
thing like two per cent on the debt for consoll.
dating it; job Of thirty or forty millions II dol.
oh sxu1 scbs ~
consequence Of this widespread and monstrous
national bank monopoly. The best financial
measures cannot be proposed without being
manipulated and corrupted by this power. We
do not know how many members Of Congress,
government officials, Washington lobbymsn
and their connections are associated with the
national banks, but we suppose vast num-
ber Anything so tempting and profitable
would not escape their notice. In every way
a. dangerous political machine, as vast mo-
nopoiy, Is corrupting power in the republic
and ~ plan to rob the industry OF the coun-
try Of its reward and the government Of IL
means-this national bank system should be
universally condemned. Tho people should
rise up and denounce 1t before II gets too frn
a hold on the country and demand an mme-
date repeal Of the National Bank act.
TkxNo THE BRITISH ARMY m DErAn----Ths
challenge Of Bobadil to Rgh. the French army
in detail, hundred at time, has been 70
pcated in the Offer Of the Fenian General Burns
10 the British commander, Lowery, at Fort Erie.
to fight his men, regiment for regiment, against
the same number Of British troops. The chal-
l.u.o. hn-ayor -. v,,k,.,t a. hi dtH.->c~~
In Interpretation while that OF Bobadil was
vaingorious and bosstfnl that Of the Fcnias
general is by no means trivial or ridiculous !,
affair, taking the experiences Of the late Fcniaa
inroad into Canada for example The lattss<