The Hancock Jeffersonian. [volume] (Findlay, Ohio) 1857-1870, 1867-11-01

: note issued by the National Bank {
{ an obscure ANeetorn vifinge IS IN!
/ as current in New York or New o.
leans as the note of National Ban
, in Wall street; and on the othe
hand, note of National Bank {
New York or New England is accept
ed by the farmers west of the Missis
sippi just as confidently as they &C
cept the notes of their own local bank
!, whose officers and stockholders the
personally know. Let the peopl
compare these facts with the state O
things before the war, and say if the,
have gained nothing by the change
/ Third--To prove the perfect, i'm
pregnable security of the Nationa
currency, it should only be necessar,
to cite the laws by which Nationa
Banks exist. 1t is simply impossi
bic for National Bank note to be
come worthless, or even to depreci
ate in value, so long as the Govern
ment shall exist and continue to full
fill its pledges. Indeed, in one very
important particular, the notes of the
National Banks may be said to bt
safer than the greenbacks, if such {
thing is possible or desirable, for
while the greenbacks are the nation:
promises topay, unindorsed by any
special pledge of private capital, the
National Bank notes are the promise:
to. pay of q private corporation o.
capitalists indorsed by the nation
both public and private credit being
thus united to secure the payment Of
these notes held by the people. The
double and triple character of the
guaranty by which the circulating
notes of the National Banks are Sc
cured. is well illustrated by an Incl
dent occurring in the early days o.
the new National system. e
! In,1S63, shortly after the organi
zetion of National Banks in Harris
burg, solid Dutch farmer, Of whom
Pennsylvania has many, and whom
shall call Mr.. Schmidt, entered the
Harrisburg National Bank and sig.
nified to the cashier, Mr.. Wier, thai
he wished to draw out two thousand
dollars of his balance. Mr.. Schmidt
by the way, was a stockhOlder in the
bank to the amount of ten thousand
dollars, besides being depositor
and it was his habit, as it is of many
of his class, to keep his balance al
bank comparatively small by drawing
out his funds and storing them in
valous old places about his dwelling.
This was done for the double pur.
pose of preventing the "boys" OF the
family from learning the precise
amount of paternal funds on hands,
and to satisfy sort of vague belief
that money was safer in his own
hands than in any body else's. The
cashier stepped to his desk and filled
upa check for Mr.. Schmidt to sign,
and then handed him two one thou
sand dollar greenbacks or treasury
notes, clean and bright from the
printers hands-ju just such as the old
gentleman has, until now, preferred.
The bank officer was not little sur
prised to see his customer return the
notes with the remark:
Thank you, Mr.. Vier, / tink ]
not want dem dis morning; l take
gov, q .-our Nash'rn' Raw retns a,r
time"
Certainly" replied the cashier,
the bank having just received its cir
culating notes from Washington, and
he counted out the required amount
in the notes of his own bank and
handed them to Mr. Schmidt. The
latter deposited the currency care
fully in his waisteoat pocket, pinned
it fast, and was about to depart, wher
it occurred to the cashier to ask him
why he should prefer Nationa
Bank notes to greenbacks. The far
mer took the proffered chair and pro
ceeded to state his reasons somewha,
as follows.
Veil, Mr.. Vier, / bin readin the
| law of Congress vich autorize these
Nash nal Bank, und l bin studyin il
too. Den / bin studyin Mr.. Cookies
leetle book about low TO organize
these banks and set EN- going. Und
l tells you vat 1 finds-I finds the
Nash'nal Bank notes ish te pesht-
peter as greenbacks. -
What in the world brings you to
that conclusion ?" said Mr.. Wier, tc
whom this view was new one.
o." Vell," was the reply, "green
backs is goot, very goot, goot enough
for anybody, but belief the notes o.
our Nash'nal Bank ish leetle better
hecauseI finds in the law that pefors
tis bank can issue one dollar Of cir
culation it must deposit nit te treas
ury at Washington, one toflar und
ten cents in government bonds, und
so if tis bank wants to issue one hun.
dred tousand tollars, it must deposit
nit Mr.. Shpinner, United States
Treasurer. one hundred and ten tou.
sand tollars in bonds to secure thai
circulation; so if the bank runs away
und don't pay the notes, the govern
ment piu pay 'em. Und this. mar
gin of ten per cent. must be KEEP
goot. If the bonds goes down in The
market, den the banks must deposit
more NIT the treasury, to keep Il
bonds always wort ten per cent. mor'
as te circulation. Veil. that make:
te Nash'nal bank notes joost so goo
as grecnbacks and ten per cent mor'
only they is not legal, tender
Den, Mr.. ayier,I finds on der Nash
nal Bank notes te great seal of t.
Government, und te names of Mr.
/ SPINNER unds Mr. Colby--te same
Ivich is signed to te greenbacks; unt
desc gentlemen say on all te banl
notes that desc notes villpe received
by the United States in payment o
all dues except gold customs, unt
will be paid out py te government il
payment of all debts except gold in
terest. Veil, that makes. EN- 80 goo'
as sreenbaeks ttcice.} = Il q } G
Den, Mr.. Vier, / looks ON des
, Nah'nal Bank notes in mine pocke
und | sees yOor name und te nam
OF Mr.. Kerr, te president of dis panL
und I knows you poth ish goot hon
est men, und l knows your names o.
: de notes makes te pank liable for
I payment just as mooch as if de gov
4 ernment vas not held for 'em.
: Veil, / finds all dis is true, MI
; Vier, und someting more. find
dat every stockliol.ier~ in dis bank
Liable for te notes und debts Of d