The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-06-24

National Bank Monopoly and Corruption.
Our exposures of the rottenness and corrup-
ton of the national banks have had the double
effect Of arousing public indignation against
the infamous system and of alarming the mo-
nopolist, connected with 1t. This system has
been weighed in the balance and found want
ing-found to be full Of corruption and oppres-
sion, and those interested in it see their DOOM
like Belshazzar Of old, in the handwriting on
the wall In their alarm for the fate of their
monopoly they are preparing to head of these
exposures and the growing disgust of the
people by combined effort to buy up Con-
gress. We have been informed that circular,
emanating from New York national banking
house, has been sent to the national banks
throughout the country, assessing them one
sixteenth Of one per cent on their capital for
this corruption fund TO buy up members Of
Congress, with view to defeat opposition and
perpetuate their monopoly. This is just what
we might expect Such corrupt institutions
oan only exist IL they can exist at all, through
corruption Of the national legislature. The
amount proposed to be raised for this purpose
- PAo0oDAy OuAy euO huCACu0 VI y i0TkcT CUT
ruption fund; for the banks can we'll afford to
spend many millions in this way. We have
little faith in the integrity or patriotism Of many
members Of the present Congress, and have no
doubt that they can be bought What the price
OF some may be we cannot tell-ten thousand
II may be the banks have ample means and no
scruples about using them. Besidesa great many
members are interested in the banks as man.
ayers, stockholders or directors OF them, or in
the ready accommodation they get from them
to secure their favor and votes. Then that
fourth estate Of the republic, the Washington
lobby, which the banks have been using for
some tim past will be largely subsidized
through the corruption fund.
But we give the monopolists warning that all
their money, schemes and appliances will be Of
no avail. Their fate is doomed. They cannot
buy the independent pre-, and 1t will continue
to pour not shot into their rotten institutions
Till they are sunk under the waves of popular
Indignation. They may buy up Congressman,
subsdize the lobby, rally capitalists to their
support, and enter into political combinations
with Chief Justice Chase, or other Presidential
aspirants and wire-pullers, but common sense
will prevail. The honest and industrious
masses must see and feel the evils Of this mon
strous and oppressive monopoly, and will de-
mand its speedy destruction.
Every day or two we have TO record the col
lapse Of some national bank. The system has
only been in operation two or three years, and
already about twenty banks have collapsed.
Latterly they have been going under more
rapidly than at first II required little time,
but not long, as we have seen, to develop their
character and condition. The last smash heard
OF was that Of the National Bank OF vicks-
burg, which occurred only few days ago.
Just before that banks at New Orleans, Mem
phis and other parts Of the country broke. We
need not enumerate all these failures or the
bad character Of some Of them. The public is
familiar with the facts. From the astounding
and reliable disclosures made by the special
correspondent Of the HERALD in the West we
may expect TO hear soon OF q general crash 10
that part Of the country. Several Of the banks
there have been driven to the last extremity to
meet the demand for even portion Of the gov
eminent funds deposited with them. II is
known that generally they have been speculat-
ing very extensively in grain, -four and other
provisions-buying up everything they could
get hold Of for the purpose Of forestalling and
controlling the markets. This was the real
cause Of the high price Of -four and provisions,
for there was plenty in the West They have
been using the peoples money deposited with
them by the Treasury Department and the
currency, which rightly belongs TO the people,
but which the government has given 10 them,
for raising the price Of the necesaries Of life.
The working millions Of our people have been