Spirit of Jefferson. [volume] (Charles Town, Va. [W. Va.]) 1844-1948, 1866-11-20
IFrom the Columbus Cohio) crtsis.l
Financial and Commercial.

twenty four miilions-Nere due and to ne paid
out on the LIST inst, on interest due on Gov
eminent bonds
We have heretofore pointed out the abb
shrdity Of constantly bringing forward these
.. .go7d certificates" or promises of the Gov
eminent to pay gold on presentation. and pa
rading them gold assets" when every
other side as {. Government liabilities" until
redeemed at.the Treasury, when they should
be cancelled and swept away from any fur
ther confusion of the Treasury accounts.
The country would look for nothing better
from such fash fnanciers as CHASE, Jay
Cooke & Co.; but of Mr.. McCuLLccH bet
ter morals and sonnder financial expositions
are expected. Besides, there is no further
necessity for resorting to these miserable ex-
pedients to swell the apparent gold balances
sixteen per cent. beyond what they really are.
With these sixteen millions deducted and
twenty four millions paid out on interest due
on Government bonds, there was left in the
Treasury ffiy-neae millions and no more
IIron . lbs pc:t let US not deceive ourselves
nor be deceived.
The almost unanimous expression of the
public press was that the payment out of the
Treasury of So4 100000 of gold on the LIST
inst. would greatly lower the premium on
gold. Two weeks have now passed, and such
is seen not to be the case; on the contrary,
the premium on gold during the last days of
October ranged in New YorEaat l45 to LAG,
while on the first days of this month it ad-
vanced to 1850, and has since continued at
from 145 to 149-ranging on Saturday last
from 145 to 1465.
Our readers will find by reference to the
history of past quotations, that the premium
has uniformly risen Immediately upon the
Of ~
gold.
With view to ascertain the gold basis
upon which the paper supe'structure OF some
nine hundred millions of paper money of this
country stands, we propose to call up the last
Quarterly Report Of the "National Banks"
showing their standing on the first Monday
of October:
s SstiGna al Rnpt Notes in eiressT
Less than two dollars and seventy cents to
the hundred!
We often hear from such financial noun
tebanks as CHASE, GREELEY, Harper's Week.
", &C., of the ability of the country to return
at once to specie payments without any dimi-
mutton of the volume of paper money. Let
US see how this is:
We have sbown that the Secretary of the
Treasy controlled after the LIST inst. $50 400 600
National Banks report FPccie.......... 5.l70,535
Total in Nat'bTre'ry and NarlB'ks, s57,i7o.sa5
v it'll which TO redeem some, 800, OUO, 600
The average weekly shipment OF specie
The epyiro Shipment from New York iOOOOO0
JAM LIST to date being. ..-..-....... 81, 635, $3.50
Should the Government decide upon i'm
mediate resumption of specie payments, how
long could the National Banks hold out upon
"a per cent. of specie?
1t is not our purpose to analyze this 'Na-
tional Bank" report. We hope some one of
more leisure will do it; but we wish briefly
to call attention to one other branch Of this
important document, viz:
Capital stock paid in AS 27s 1863
United States Deposits. 5 80 400 $50
Deposits of U. S. Disburs-
Individual Deposits 563.5Io.S7o ''''E
Total of Deposits. SOC ,9tI, s44
(REcAPITuLATIoN
Capital sOck.:...'....... +15'278,s69
Amount of Deposits overthc
entire Capital. s 1871 1852. 375 4
For which these banks are liable to be called
upon at any moment. So that not only their
entire capital, but nearly fifty per cent. more
than their entire capital, upon which they do
business, is borrowed, aud Tor which they are
liable to be called on at sight! These sight
liabilities, too, are exclusive of the $780,.
l29, 55S of notes in circulation
One item in the above statement will strike
the taxpayer with no little astonishment, viz:
the TAtrty>t,co Millions and q HaLt deposited
by the Government Without Interest, on which
the Government is paying seven per cent in
terest. An amount nearly equal to the an
nual expenses of the Government exclusive
of trust funds.) during Mr.. Buchanan's ADJ
ministration, and about equal to the capital
of the old United States Bank! The inter-
est on which at per cent. is an annual tax
upon the Treasury of Two Millions Two Hun
dred and Seventy five Thousand Dollars to
be paid by the toll and sweat of the laborins
masses.
From Mr.. Chase, who started these banks.
upon the funds of the people, by loaning his
political friends the money of the Treasury,
nothing better could be expected; bat from
Mr.. NJ cCULLoch, to whose management of
the Freausury we look with high hope for
integrity and superior capacity-the country
does expect a reform, and that speed.
ly.
In the history of paper money, from john
Law down to CHASE aud JAY COOKE, there
has never been established so unsafe, so per-
melons system of banking as this pitatical
association of legalized plunderers
Prue the capital Borrowed from depositors0
is invested IN Federal Bonds worth moo in
specie 6S tosT0 cents on the dollar, Which
bonds are held as security for the redemption
of the notes of circulation so far ais good
In case of specie payments, run that browns
out the $40 of the hundred in circulation
bankrupts the whole system Three Hundred
Millions of bonds are then thrown upon the
market with no money to purchase them as
there is not dollar left to pay the depositors,
except as the money may be collected upon
the bills discounted, many OF which it is fair
to presume will be found to have been drawn
by the PENNs, G6LyERs & Co., and other
oil and whiskey speculating members of Con-
gress aud their party friends.
The following. table, made up from the abb