The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1866-03-06
What part the people of the State of
Maryland will take cannot be doubted.
Baltimore 1S,fa.


A SIMPLE CALc1 1AT1oN.
authorized national bank issue OF
800, 900, 900. 1t will require an issue
of 200, 1000, 900 more to give to the
Southern States and the new States
on the Pacific side of the continent q
fair and proportionate amount with
that which the Northern States has.
There is already an application to
Congress for al act to give 10000, 900
additional to the latter. Both Justice
and necessity will demand this equali-
zatlon of the national bank currency
If the system is to be continued. This
currency is not based upon specie in
the vaults Of the banks, which would
yield no other interest than that
which the notes representing it would
bring, but upon interest bearing
bonds of the Government. From
these bonds The banks draw six to
seven per cent. interest. Thus, the
interest on the capital which lies IS q
deposit, together with the double
interest on the same capital which
they derive from the use of the cur
rency issued to them, make an in
crease of twelve to fifteen per cent. at
least on the amount invested The
national banks will draw from the
country, when they shall be all in
operation and equally distributed, an
income Of 6O,O0O,OOO to $4,000, 900
year. Whether we look at this as
heavy tax or draft upon the industry
of the country, or as a stupendous
moneyed despotism and political
machine, it is equally Objectionable.
Now, instead of giving the currency
to these so-called national banks, sup
pose the Government should issue
the same amount as greenbacks,
based solely on its own credit, and
retire or withdraw a corresponding
amount Of the bonds now deposited
by the national banks, or. in other
words, buy up these Understanding
bonds with the greenbacks put in cir
culation, it would save $4,000, 900 to
3G, 600. 900 a year to the country. And
who would not rather have uniform
Government currency based upon the
credit of the Government? Who
would not rather have greenbacks,
which are good as long as the Govern
ment shall last, than the national
bank currency, which in n financial
crisis might not be worth fifty cents
on dollar? The 25, 100000 to 3d.
600, 900 a year that might thus be
saved to the country, if used as a
sinking fund at compound interest,
or applied upon that principle, would
extingnish the national debt in less
than forty years. .-Ne,c York Herald.
A story is told of the gallant Gen.
Holze, OF North Carolina, who made
for himself name in the army of
Northern Virginia, to the effect that
he was lately travelling on the cars
from New York to Washington. On
the seat in front of him sat negro,
and on that Immediately opposite two
United States officers, one general
Soon after leaving New York, Gen.
Hoke saw q man who was walki ng
through the car, pick up from the
floor, near where the negro sat. what
he, at the time, supposed to be a
ticket, and when the conductor came
around and was told by the negro that
he had lost his ticket, but that he
had bought and paid for one,
and had check for his baggage,
the General was satisfied that the
man he had seen walking through the
car had found the negros ticket, and
SO informed the conductor, who ac-
cepted his statement, and went on
marking the checks OF other passen-
gers.
\ change of conductors takes place
between Washington and New York,
and when the second one, on his
round, was told by the negro that he
had lost his ticket, he said that was
not his lookout, and that the fare
would have to be paid. Gen. Hoke
then stated to him what he had told
the first conductor, but instead of re-
ceiving and crediting the Generals
explanation, he, in pert and impu-
dent manner, remarked that neither
black man nor white man should pass
by him without paying, and that the
negro should pay or be put Of. The
General, then rising from his seat,
and shaking his fore -ingerin front of
the conductors face, informed him,
firmly and deliberately, that for the
past four years he had been fighting
for the negro, and that, though de-
feated, he would not even now allow
one to be maltreated in his presence;
that the negro had paid hi, fare, and
should go through. The conductor
SUNK away the moro came on +o