The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1867-06-25
National Bank Monopoly and COrrup
ton.

From the Herald.
Our exposures of the rottenness and corrup-
tion of the national banks have had the double
effect of arousing public indignation against
the infamous system, and of alarming the
monopolists connected with it. This system
has been weighed in the balance and found
oppression, and those interested in it see their
doom, like Belshazzar of old, in the hand
writing on the wall. In their alarm for the
fate of their monopoly, they are preparing to
head of exposures and the growing disgust of
the people by combined effort to buy up
Congress. We have been informed that a cir
cular, emanating from a New York national
banking house, has been sent to the national
banks throughout the country, assessing them
one-siXteenth OF one per cent. ON their capital
for this corruption fund to buy up members
of Congress, with view to defeat opposition
and perpetuate their monopoly.
This is just what we might expect. Such
corrupt institutions can only exist if they
can exist at all, through corruption of the
national legislature. The amount proposed
to be raised for this purpose is probably only
the nucleus OF larger corruption fund, for
the banks can afford to spend many millions in
this way. We have little faith in the integrity
or patriotism of many members of the present
Congress, and have no doubt that they can
be bought. What the price of some may be
we cannot tell-ten thousand dollars or a hun
dred thousand-but whatever it may be, the
banks have ample means, and no scruples
about using them. Besides, a great many
members are interested in the banks as mana
gers, stockholders, or directors of them, or in
the ready accommodation they get from them
to secure their favor and votes. Then that
fourth estate of the republic, the Washington
lobby, which the banks have been using for
some time past, will be largely subsidized
through the corruption fund.
But we give the monopolists warning that
all their money, schemes, and appliances will
be of no avail. Their fate is fixed. They
cannot buy the Independent press, and it will
continue to pour hot shot into their rotten
institutions till they are sunk under the waves
of popular indignation. They may buy up
congressman, subsidize the lobby, rally capi-
talists to their support, and enter into politi-
cal combinations with Chief Justice Chase,
or other Presidential aspirants and wire
pullers, but common sense will prevail. The
honest and industrious masses must see and
feel the evils of this monstrous and oppres-
sive monopoly, and will demand its speedy
destruction
Every day or two we have to record the col
lapse of some national bank. The system has
only been in operation two or three years, and
already about twenty banks have collapsed
Latterly they have been going under more
rapidly than at first. 1t required little time,
but not long, as we have seen, to develop theiI
character and condition. The last smash heard
of was that of the National Bank of Vicks-
burg, which occurred only few days ago
Just before that banks at New Orleans, Mem.
phis, and other parts of the country broke,
We need not enumerate all these failures or the
bad character of some of them. The public is
familiar with the facts. From the astounding
and reliable disclosures made by the special
correspondent of the Herald in the West, we
may expect to hear soon of general crash in
that part OF the country. Several of the banks
there have been driven to the last extremity tC
meet the demand for even portion of the
Government funds deposited with them. 1t is
known that generally they have been speou,
lating very extensively in grain, flour, and
other prOvisions-buying up everything they
could get hold of for the purpose of forestall
! ing and controlling the markets.