Woodville Republican., 1867-05-18
In. sssasHa. nanL Fraud.


The Montgomery NAL, Of the 2ssh' has
ths f9Iowing pertinent article
4.hs RepabIican Congress has placed
ne pluoder Of the United States a iae
mercy Of thar satellites. The painful ae-
Sslosmept Of laots connected with the
Government shaving shop at selma, known
~ he imposinr title Of THE First Nation
Il Rank Of Alabama, has shocked the
moral sense Of the State. II was to pe
expectsd that one Of the results oi tne
iste civil war would be laxity OF morals
which would run riot until corrected by
tbs healthy influences Of peace. All rev.
olutiops have been succeeded by a tempo
rary debasement OF popular sentiment
danger. misfortune, harrassing care, nat
urally turn weak men from the path oil
nrobity 10 that Of infamy. Hence we
found when the Confederacy lay crushed
upder It's disasters. that the checks OF es-
tabIished usage, Of conventional propriety'
and Of ordinary morality were thrown
aside preparatory TO the basest Of allan
ces. Principles were denied; the pro
lessions Of lifetime trampled upon and
men of good antecedsnts did not hesitate
70 Justify the means they might use to ac-
complish the end Of self and property
preservation. The laxity Of morals
throughout the country was shameful.
But it was not expected that the Gov,
esment Of the United States word fss,
nisb the means for Continuance Of such
bad faith and corrupt practices. We Ind,
in the National Banking system an op.
portunity offered for speculation upon the
private deposits Of honest citizens, and
upon the revenue Of the nation collected
from hard-taxed people II Andsew
Jackson deserves the gratitude of the
American people for one thing more than
another. ii is for the faithful picture he
drew Of the probable danger of connecting
the finances Of the nation with banking
establishments. He was laughed at, or
abused as terrorist but history has vin-
dioated his saeacity. In the case Of this
fraudulent Selel. Bank, we fnd the ar
gument Of President Jackson fsilly illus
trated. Here is National Bank which
commences operations on a fictitious capi-
tai. A hundred thousand dollars worth
of bonds are borrowed by A from B, and
deposited by A with the Treasury De
partment as security Coz tAe bank. There
upon the Treasury issues to A ninety
thousand dollars Of currency, which A
pays back to b for his bonds. It is thus
that National Bank is started upon O
capital Of ten or twelve thousand dollars
not enough to give credit to a respectable
third class shaving shop. What follows
The bank becomes NATIONAL, loyal con
cern. The officers are cheek by jJwl with
United States officials. They step about
with the grandeur of the American eagle
Vast sums are deposited with them by the
tax collectors, and the GovernEsent allow
the bank to use the deposits withou
charge. Besides this kindness toward
loyal subjects the Government is goo,
enough, in addition, to pay the bank in
terest upon the 100000 worth of bond
which the banker A borrowed from hi
friend B, and for which Bias already beel
paid by the Government. 1t has alread
been seen thot the bank costs A onl
Sl0,00e; for which investment the Go,
ernlnent pays him $1,000 per aHnum q
interest upon his borrowed capital, an
gives him free grab into hundreds Of thou
eminent offer greater inducements fl
swindiing? Yet we are asked to endors
the party Of Congress which is establisl
ing such demoraliring agencies througl
out the land.