The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-11-10
VIEWS on THE NATIONAL BANKS ~ "a.
TIOyAL BAHGER.

controversy about naoGai nsAacss and ~ obvious
discrimination 70 destroy any politically who darcs
70 express an opinion adverse 10 the great monsysA
interest Of the day The nstan, that word IL said Ia
favor Of the whole people by any one no matter how
great may have been his disinssrsstsd his
tscsdsnts there goes up almost concerted CRY Of
pudiatos dishonor. bad faith from those who would
fain create the public sentiment OF the land There Is
legitimate inference that the people have the least
idea Of repudang their honest debts because they oc
casionay exhibit dssatBfaction sue manner that
the burdens Laid upon the The people are suffer
ing from the exhaustion OF long years OF war; slmar
experiences invariably follow convusons such this
country has passed hrougnproperty has boon heaped
up In almost fabulous amounts BY class Of middle men
contractors and favored parties, and there Ia
quently q dimnution OF means among the
many. Il was very similar during our Rsvou-
tionary struggle. All the old patriotic
chants who as tho commencement OF tho war
aided their country with their means and their credi.
were almost to ruined and out OF the war
Impoverished, while . class OF capitalists arose.
chiefly specuaios brokers and suffers who grew rich
out OF their countrys mIsiortunes. StiH the wide.
spread ruin consequent upon the total the
whole continental money and the shrinksge OF all values
everything was forgotten IN the numerical disasters and
dstres,es The necessariss OF lie day almos,
bevond the means OF the great OF people,
and regular legitimate business is almost at standsli
while honest labor is threatened with actual want
owing to the closing Of workshops and manufactures,
which brings ruin and too often despair 70 thous
ands at a time.
It precisely such times as this that the class
spirit which has for 80 many ages cursed the old gov
ernmenls OF Europe makes its approaches that spirit
OF favorsm that, by little indulgence makes the opu.
lent and powerful few consider every advantage their
prescrpve right and which on the other band induces
the poor and the weak to stodiy accep, their with
ont protest To-day the huge castles Of traders under
government patronage are rising in direction II
was but short time since we were treated to an ac
count of an almost regal residence that well
known government manipulation is putting UP some
where IN Pennsylvania that fairly outdoes many
try seat OF English lord while synchronous in time
OFT his defence Of the national bank stem which
we think We do not unfairly ortcse when We very
large part or the Interested portion OF people
look upon rather unIavoraby We grant that far the
currency OF these banks has proved safe and universal
one for our whole land though have axays supposed
that under specie basis the system would prove very
unmanageabe affair and sucn, we believe the honest
opinion Of the most experienced thinkers finance
We speak Of national banks because believe there
spirit OF favortsm here that dangerous 10 the whole
nation because il is favoritisu We think the people
do not complain Of necessary taxation thai is fairly
impartialy assessed. Taxation the country hs. made
up s mind to accept necessary fact We urging
simply the srictest and most partial apportonment OF
such taxation inevitable and indispensable require
mont for the nations existence 1t is time
create and sustain favored class nj tho expense OF the
nation, let middle and interested parties write
SO earnedly in favor OF their schemes Let give
lev iacs ana make ma rev ngTes 'saa every sspayer
most clearly what honest aud impartial apportion-
men Of our countrys taxes will DO strangely in
error.
There are three hundred millions OF our national debt
owned BY national banks On this amour. governments
has caused to be engraved and printed ct the public
penss an equal amount OF currency which IL has fur
nshed the banks We ignore the fractional proportions
as Il well known the government retains ten per cen
tum guaranty. though II pays interest the whole
amount. Why this system should have commenced we
can't well say though we presume Il was TO secure the
Let state financial axiom that the history OF trade
has made well known, VIZ that capital doubles, under
favorable and lar banSDR management every ten
years. Now IL our government were not committed 10
this present policy, but were to issue this sad
the interest Of the whole peopie-it would, OF
course, pay OF OF redeem 10 much Of our
debt ~, And now apply our principle IL ten
in ten years more the sum would be twelve hundred
millions Of dollars and in ten years more, thirty
millions or all our national debt In one generation ali
vast debt paid on and the people actually bstser
the government the interest OF the whole people,
Can there BE- au found with this logic BY those who
DO not live government II the debt we're not paid
the taxes would be jus, much less which Is the same
tsres, three hundred millions Of dollars furnishes
free OF oil charge. maintains all the cum
brous machinery necessary 10 carry on such
certainly prescribed class Of capitalists who arc CON-
binng their power to avoid paying the taxes necessary
are allowed Su' un"h Without cos. or charge
pensss other than express charges three hundred mil
lions Of circulating currency TO Tho people.
write in the interests Of system on which they have
risen into power and great wealth still there is
undercurent OF feeling that labor and industry
somehow treated unfairly under the system The peo
pie do not mean reputation whenever they speak
word this subject II Is all partisan cry to
During the French revolution when the people OF
France UNNECESSARILY more impoverished than
"a. day, not a dollar OF funded debt repu
dated lost II is all to-day either paid the gov
eminent records receiving interest but thu clergy
nobility, the rich and the powerful all alike made
pay their proportion OF the nations taxes and so
endsd the revolution.
We wish 10 say word about government brokers
The word bad Tue idea II all wrong: is anti
democratic smells of monarchy; IL 10 wholly SOLE
cistic In a republic. We choose our financial agents.
secretaries or treasurers pay them, besides
ferring the nations honor them, and look and
expect OPEN impartial republican conduct We do
desire import the financial machinery into land
Of the most inequable and partial government that
now exists this side OF Asis-the government Of Eng
land government that has not idea, not concep.
ton OF the rights OF man OF the rights of tho people
II all the rights OF property and look with dsavor
upon all rescrps issued that smack OF the literature Of
government broker. We never read one bearing the
sign manual OF that equvocs ofcia but the Western,
and perhaps rnther unpublished but significant name
sake, "Jay HawEer" comes into mind.
ALLEGED HnMCIDE