, 1867-09-20
The National Finances,

/
tionaI blessing" National debit. In the first
place, we will take the " blessing" as it now
stands, So, ,OOO, ,OOO, 900 in round numbers, on
which ''blessing" we are taxed each year, the
small sum of foe hundred and eighty millions Of
dollars! from reduced trade, by land and sea.
When, in 1860, our expenses were less than
SEQ, 900, 900, loud complaints were made, BY the
people tha. we were tax-ridden people, and
were rapidly approaching the enormous taxation
of England. Now, after lapse of only six years,
we are called upon, and too cheerfully submit,
to pay the enormous sum of one hundred mills
ions of dollars each year, more than our English
neighbors When we submitted to the taxation
of $50, 900 900 per year, we had ten more States
we'll organized, and all assisting BY their trade
and agricultural interests to pay, our then light
taxation. Now, instead of having these ten
States to assist us, they, under radical rule are
surely and rapidly dragging us down, and, al
though the war is ended, we are still called up
on, under radical rule, to contribute BY taxation,
each "peaceful year." sum of money equal to
the amount we were called upon to pay to keep
up the war. Then, where, let me ask yon, is
the difference TO US between war and peace, so
far as taxation is concerned7
We are called upon this year to contribute the
small sum of $l6O, ,OOO, 900, to keep up the mill
sary despotism, set up by radical rule in the
South. We are also called upon to contribute
the small sum of S27, 900, 900 to clothe, educate
and feed the lazy negroes and Bureau agents,
clerks and registration officers. And we are told
that it will cost the Government about $50, ,000,-
900 more this year to fight the poor Lo on the
plains. Now, on this amount Of two hundred
and forty-seven millions, appropriated out of the
United States Treasury, what will be the proper
ton of swindles2 1t is safe to say that this ap,
preparation will clearly beget corresponding
Indebtedness to be paid next year; when was it
ever otherwise? And when, or where, will
ask, are we to begin to pay off our "blessing ?"
Can it be while we are constantly running deeper
in debt? Every man who knows anything about
the administration of governments, knows that
the necessary amount to be raised each year, is
based upon the expenses and appropriations OF
the preceding year consequently our indebtS
edness is never actually known. The Secretary
of the Treasury is constantly running after the
Indebtedness, but never overtakes it never can.
But With all our standing army, both soldiers
anu OoNeTnmeut OmClals, kanu lnelr name II
legion,) with all onr known difficulties; Indian
war Negro Bureau; military despotism and an
nual swindes, we still have another source from
which we may expect ere long fatal stab
Shoddyism, contract swindles, untaxed bonds
yea all these were not enough, our dear bond
ocracy must have
NATIONAL BANKS.
Here comes your Treasury Yampire-the poor
| s;p IL
of a few thousand-but here comes the monste
that will ere long clean us out of millions. EI
anime your pocket-book, and see how msny
greenbacks you have? In one hundred dollar
one hundred dollars in paper, now in circulation
on this coast, you will not find one dollar il
greenbacks, proper, but you will find Nationa
Bank notes in abundance, and mostly from th,
New England States. Well, you may say t.
yourself, they are just as good as greenbacks, al
the same and they are, will admit, SO far a
eventually getting greenbacks for them, but TO
immediate wants for the next ten years, give m,
greenbacks. l think the time is not far distan
when you will make distinction of so per cent
| IL iANOA VI 6lGSuOdShSs lu6 DdSlS OF Tue Ma
tiOnal Banks is Government Bonds. When thi
banking law went into operation, greenback
were worth from 35 to AZ cents on the dollar
Any monied man who could command $3.50, ,oOt
in gold coin, could buy on an average, $685., ,OOt
in greenbacks, and with these greenbacks h,
could get Government bonds, dollar for dollar
He then takes out charter for National Bank
(Hon. Simon Cameron has three of them il
Pennsylvania deposits bonds with the United
States Treasurer to the amount of $500 900, th
forms the capital of the bank ; now he goes t
work and issnes notes to twice that amount
bis actual capital is $3.50 OOO but be issues to th
community 81 900, 900, and perhaps 81, 900 900
and in the meantime gets perhaps $40, 200, ,OOt
on deposit from teamsters, packers, merchants
| washwomen and Government officials flor the
are all required to deposit public money in thsst
National Banks,) and then he fails; what is th,
result? This National Bank law tells you tha
the United States is responsible for the indebt
eduess Of all these National Banks in case o
failure, that is, for their issue only, no matte
how many million dollars said banks may hav,
issued, over and above the bonds deposited will
the United States Treasurer. To prove to vol
| tuaI "nht say ABOVE IS true, read what tn
United States Treasurer, Mr.. Spinner, says to
National Bank in New Hampshire. In this lette
be says:
"After the failure of a National Bank, all it
relations are changed as a bank it has nothinI
more to do with its notes, whether mutilated o
perfect. The United States, as the legal endor
ser, in effect becomes the maker of the note, ant
undertakes to redeem all the notes of such de
funct or defaulting National Banks as may b
presented at this Office for payment. The obliRa
ton is conclusive upon the Government, whethe
the securities lodged for the purpose with th
Treasurer are sufficient or hot. /, in effect, be
come not only the cashier of such defaultiue Ma
uonal Bank, but become the trustee of all it
creditors, and am compelled to see that the inter
ests of its creditors aud Of the Government ar
fully protected. Such notes stand in the sam
relation to the public notes issued by the Unite,
States, and will be subject to the same rules il
their redemption"
Not a word is said about the depositors, tn
holders of the notes of the dsfunct bank are con
sidered the creditors of the United States, no
the depOsitorsi they must look to the assets o
the bank. They may consist of an iron safe,
Ill