The New York herald., 1867-01-31

He would give moral cleaning out to the
rings, which have been as dirty as the streets
for many years past.
Mr.. spauidiDg ON the National Bank System
Mr.. Spaulding, formerly member OF Con
| gress from Buffalo, has written a letter on the
national banks which we publish in another
part Of the paper. 1t is addressed to the
Comptroller of the Currency, but is intended,
evidently, for Cosgress and the public. II
appears at . time when the people and some
of our Legislators are opening their eyes to the
gross evils Of the national bank system and
seems to have been inspired chiefly by the intro
duction Of Mr.. Randall's currency bill In Con-
gress II is said that Mr. Spsuldiag Is largely
| interested in the national banks which makes
his labored apology for them quite natural
This Is part Of that concert Of action on the
| part Of the banks which is seen in Washington
| by the presence Of . large number Of bank
presidents and . Formidable bank lobby.
There IL . cry Of alarm throughout the land
among the bank capitalists, and they are rally
ing all their forces to defeat Mr.. RandaNs ad-
threaten to curtail their enormous privi-
leges and pro6ts Can we wonder st
this when we call to mind the fact that they sre
making fifteen to thirty per cent year on
their capital, and in some cases more than that,
through the privileges given to them by the
government! Besides the ordinary profits Of
banking, Of which they have monopoly, they
have the profit ON three hundred millions Of
circulation and draw from the government
about twenty-five millions year in interest on
their bonds deposited and on interest bearing
Treasury notes they hold with which to redeem
their currency. Can we expect powerful
class Of capitalists, such as those interested in
the national banks, to give up their enormous
privileges without desperate struggle: They
have vast power and they will use it to defeat
any measure that threatens to weaken them or
lessen their profits.
Mr.. Spaulding speaks Of Mr.. Randall's bill
for Withdrawing the national bank currency
and substituting in its place legal tenders as
'grand scheme of repudiating the faith of the
government with the national banks" What
faith If one Congress was stupid enough to
pass such an iniquitous act as that creating
the national banks, q succeeding and more en-
lightened Congress can and has right to
repeal or modify that aat. There is no plighted
faith nor understood obligation for fixed
period on.the part Of Congress in any Of its
laws except where specific contract with indi-
viduals is authorized. t. is always competent
for one Congress to repeal or change the laws
made by s;former one. SO far from there beipg.
any obligntion on the part of che govcfnment
to 'the bank, they are under great sbligatisns
70 both ths government ana people They
give nothing lin returns for the exiraerainAy3
privileges conferred upon them. AS 10 the
vested rights Mr.. Spaulding speaks Of, why.
burglar might just as, we'll plead his vested
rights In the property Of others which he has
stolen. A scheming politician, who was
Secretary Of the Treasury, concocted this
infamous national bank system to serve
NJ own ends; = plant Congress, igno-
rant on the question of national finance
and currency, yielded assent at . time
when the public mind was absorbed with the
war, and both conspired wilfully or igno-
rantly to fasten upon the country the
worst and most dangerous system ever
conceived. Yet these capitalists Of the banks
have the audacity TO talk Of vested rights, ss
If the people and property Of this country
with everything pertaining to the public well
fare belonged to them. and ought to be made
subject to- their interest.
OF course Mr. Spaulding is in favor Of con-
tracing the currency;. for thai would both in
crease the. property Of the banks as bond
holders over thirty per cent, and would, at
the same time, place every merchant, trader,
farmer, mechanic aud lsborer at their mercy.
With q contracted currency they would have
entire control over the industry and produc-
tions of tae whole country. They could con-
troll markets. and prices ut their will or e.
suited their interests. Commercially and po-
litically this nstionsl bank systsm is q most
dangerous monopoly and, machine. We hope
Mr.. Rsndall's bill, which win break up this
gigantic fraud upon our people, may be pushed
through the present Congress in spite OF the
powerful resistance 1t meets with from the
national banks.
Tho Tsachings Of History On Matters eS