The Plymouth weekly Democrat. (Plymouth, Ind.) 1860-1869, 1867-10-10
The National Banks.

lCNiCW VI lAC oClCulSS VI
our government without considering the
worst feature of it all, and the greatest
monsrel monopoly ever established by a
peoples government for the sole benefit of
mongrel aristocrrcy, to the practical ex-
clusion Of the laboring masses and the
poorer classes Of society.
But, say mongrel oligarchs of the non
taxable, interest bearing bOndholding per-
suasion What objection can be enter
tanned against the National Banks They
are the safest banking institutions ever in
augurated since the dawn Of political econ,
omy. Under our system, say they, no loss
es can possibly occur to the holders Of na
tonal bank notes.-the government holds
collateral security over and above every
dollar circulated by these bank, aud, if
bank fails, the holders Of its noles can
have recourse on the government to cover
every dollar"
The question Of sOlyency has not been
raised by the people in reference to their
highly favored banking institutions. They
ought TO be solvent. and what is more, they
ought to thrive as never banks thrived be-
fore the government is tributary to them,
in paying them heavy rate of interest on
their non taxable bonds, deposited as col
lateral, and in furnishing them with their
circulating notes without charging them
one cent OF interest. Under such favora-
be conditions, why should not these banks
be solvent! and why should they not flour
ish beyond all precedent in the annals Of
banking?
To prove conclusively that the Nation
al Banking system is an unmitigated
monopoly, enjoyed by the few to the great
embarrassment Of the laboring tax-paylng
masses Of the common people, the follow
ing Illustration is submitted:
AS an instance Mr. 4. a merchant pos
sessing a net capital Of $4,000, discovers
from his balance sheet that his estate is
not ;ncreasing,-he looks through his ex,
pense account and sees that his heaviest
items are for taxes paid during his recent
hsal year; he also perceives that his name
does not appear in the report of incomes,
published by the revenue officer; but he
does see the names Of his neighhors whose
estates are not supposed to be larger than
his own, representing thousands of dollars
ahNOH4S' INV SOOU
man, contemplates the sitaution, and his
enqurng mind soon comprehends the rea-
son why SO great discrepancy exists be-
tween his prosperity and that of his neigh
bors. He ascertains that his ncighbors
have invested their estates in non-taxable
interest bealing bonds of the government
ana that they are largely interested in Ma
tional Bank stock. This gentleman casts
about TO better his condition; he at once
resolves to wind up his mercantile affairs
and convert his estate into non taxable, in
, terest bearing bonds, and thereby, forever
4 lose sight Of the remorseless tax collector
I MIR. y now beholds hrs fnrtpno brighten
!, ing and in the midst of his felicity an
t other bright idea flashes upon his eager
e mind he realizes that just one more lift
: from his government carries him to the
t goal of his avaricious ambition.
: a. has a neighbor-M Mr.. t., an intclli-
: gent business man, owning an estate of
taxable property worth $50, 900 B. dis
3, Germs thas his estate is not growing, and
# his income, after supporting his family and
schooling his children, is only sufficient to
i pay his taxes. Being anxious to emulate
: the example of his prosperous neigh
: bors, he converts his taxpayng estate
e into non taxa Die, interest bearing securi-
: ties, and Immediately accepts proposition
from \. to unite their capital in joint
business.
They make an application and get per-
mission from the proper authorities to es-
tablish national bank. They deposit
with tie government their joint S100, 600
in bonds, and receive $4,000 national
bank bills. Now it would appear reason
able that interest on 800 QUO of bonds
should accrue to the government, to bal
y ance the interest bearing value of the 500
600 in circulating notes advanced by the
E government, and that A. and b. should
' receive interest only on the $4,000 sur
plus OF their bonds
t But, we find this is not the policy of
. . the Government. A. and B. are to have
t good heavy interest on every dollar Of
. their bonds, and are not allowed to pay Il
cent of interest on the capital advanced to
: them by the government
Now, let us take a review of the recuni-
airy experience of these two men. We
found them in the outset worth $4,000
:, each, yielding incomes sufficient to sup
: port their families and pay their taxes
: We find them now figuring extensively in
It the finances of the country; they WELD a
r joint capital of $4,000 and 100000 is
: exempt from taxation, national and State,
d on which they are paid 500 per cent in
: coin, (equal to 7-3O in currency,) and on
t the 100000 they may realize the usual
rates Of interest, varying in the West and
South from 10 to 20 per cent. producing
an income of S20,7SO per annum, and to
all intents and business purposes, their es-
tates are found to be duplicated. Instead
of being worth $50, 900 each, we find these
fortunate men representing estates of $685.
600 each, yielding incomes of $4,000
each, and at the same time yielding to the
+ government a great deal less amount Of
tax than did their estates of $50 900 each
before they embarked in the National
Banking business.
E The government, under present rule, is
made to be the agent of this enormous sys-
ten. of in justice to the people.