The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-11-09

then viii admit that they assisted in the sale Of
the bonds. The banks were established TO absorb
the bonds already held rather than the bonds pur-
chased TO establish the banks. But why would
they help to sell bonds of the government and
ceruncates OF loan bearing six per cent unless
those Kinds OF securities were worth less than six
per cent INTEREST," II they were worth less who
made up the difference but it il said that, he
SIDES the banks paying taxes. the capital itself
pays some taxes In the hands OF the holders.
II these banks had not erected vaults for the
protection OF this wrong where would il have been
hidden away to escape. taxation, Could It have
been put In any other form less likely to be pro-
tected. iney must deduct these and other just
as absurd Items, not one OF which can be charge
able as an increase to the taxation OF the country.
What should have been done after the establish
ment OF TINS system TO relieve the country OF
It's BURDEN BY its provisions, il the national
banks deposited six per cent bonds Of the
government, redecmable in coin or its
equivalent, the government became liable TO
the note holders Of the bank 10 which i made Its
circulation to guarantee all such circulation and
to make good any loss which the holders might
sustain Ia case OF insolvency. Those bonds were
TO be deposited IN the banks, not TO lie idle, 80 lar
as Tue owner was concerned, but TO bear the
highest rate OF six per cent interest payable just
the same as II the bonds remained in the hands OF
the original holder. Did the government gain
anything ~ the way OF interest by this deposit.
Un the other hand, it withdrew portion OF them
from the taxation Of the country so far as State
and municipal corporations were concerned. II
gained nothing in any other way that Ican rer-
ceiye, but the chance Of law suits, vexation
and costs. in case Of the failure OF the banks TO
redeem their notes; and for this chance thus to
deposit for safe keeping and distribution the
$500 600 900 the national banks were TO receive
SlS ,0OO .Oo0-rather high reward for such duty.
IL any gentleman can show me any other adyan-
tage, either in the loss Of notes or in the minu-
ton Of interest 1t is yet to be pointed out to me.
lAfter the establishment OF these banks and
their palpable injury TO the country. brought
l.. -. 81. L. tl..nA I. Ia NJ
different sessions Of Congress to borrow sufii.
cient quantity OF money IN qreenbacks, and as fast
as the ve-twenties fell due to redeem these bonds
whose interest was payable in coin and prlncipa!
in money. That day has now arrived, and had
that law been enacted the outstanding nve-
twentics would have been paid, not purchased, ut
the rate Of their lowest figure. And might have
been bought. have no doubt, at much less sum
some time back. Here then would have been the
payment Of the national debt at the rate OF 800
for what is now worth $l43 The amount saved
to the nation would have been H37 $40 729.
Had the bill prevailed at the time. with leave 10
borrow the money and make the tender, the
probability il . half billion more might
hundred millions. But tender oousciences have
compelled the nation to pay this suIi In additi9n
TO her legal debt because Mr.. Jay Cooke anu 40
Tribune had pledged their word that 10 should be
paid have no objections to their paying it. but
fdisike to take the balance left me 10y the rebels
to pay my part. unless the law requires that my
trustee should do it.
How does the European creditor stand with re.
lation to these bonds? have no documents here
TO tell me where they are held but most Of
them, presume. are held in Frankfort and
London for the money lenders there are more
sharp scented than those who were cud
gellrd out Of the Temple. AT the time they
were bought IN gold WAS Isl. or rather
greenbacks we're at that discount by the arrange
ment Of the market. Gold was made to purchase
greenbacks at the rate Of about go to dollar
But suppose them to have sold at that time for 40
per cent-wbich was the highest, | think, they
commandments was the operation? The pur
chaser paid to-day $400 in gold for 81 900, aud
next Monday. quarter day. received the interest
on 81 900 in gold. and so ever since; and now
claims that when the principal falls due in q year
or two it shall be paid in coin. This is what
they call honor. conscience, justice. through the
custom Of tho country, and tell the farmers Of
America that they were bound to pay the money
dealers Of Europe this enormous rate to their
property from destruction, and the moral men Of
New York denounce you and me and others as
dishonorable robbers and swindlers il we do moi
in forty years quadruple the capital Of the Roths
childs, Goldsmiths and other large money dealers
must beg leave to judge for myself Of this mon
strous proposition. and to see whether nm bound
to pay any more than he demands who, will
pistol of my breast. commands me to stand ant
deliver.
do not blame the European and America,
holders at whatever price the loan was fairly
obtained; but ] scorn the denunciation which
would drive me to pay such enormous rates
most probably to those who never advanced tn,
money. and which was never legally bound Il
pay. find. my dear friend, am likely never Il
stop-the sure symptom OF chronic old age. Blu
it il sweet. when you have discovered an old FRIEND
or made new one. to be permitted to hold unre
strained intercourse with him.
Garrulity IL one Of the enticements to old age
IL any iuducement were necessary to carry you t.
sweetest OF them all. l advise Cicero, when b,
again attempts to instruct upon the chief solac,
OF old age. like Demosthenes who proclaimed &C
ton. action as the chief merit of an orator II b,
has not already done it, for ii is long since reas
De Senecf,te, to insert garrulity garrulity gar
ruliiy, Yours, THADDECS STEVENS.