The Jasper weekly courier. [volume] (Jasper, Ind.) 1858-1922, 1867-07-12
The Journal and National Banking

! system - superior 10 any which hiss beef
attempted. because the bills Of the broken
) nstionsl bsnks are 1t . premium. This i
queer logic. II the bills Of the broker
bsnks ere better than the sound ones, srs
worth handsome premium over them
would not the bill holders be benefited II the
whole brood would bursii A national bank.
e. informed us that the bills Of tse broken
national banks were worth four per cent.
premium. This would amount 10 about
tweivs millions OF dollars on the whole a.
mount in circulation. So II they would al
TAI every three or six months. il would be
quite speculation. And such is the srru.
ment grsvely put forth - evidence Of The
soundness and value Of the national tanking
system.
We have not argued that becsuse one or
more national banks have failed. hence the
whole system il rotten. We think the
system itself is wrong and unequal and un-
Just, and that !. 10 monopoly which impo-
ses large burdens upon the country with
oos conferring any benefits This We have
demonstrated BY figures. showing the work
ings OF the system, but the Journal sndl
lie proxy. with all their combined financial
knowledge. have not attempted 70 meet our
argument. There must be something rad
ically wrong in banking system which will
enable On individual or company; with on.
~ ffty ihsusand dollars capital to hold
hall million Of bonds yielding elk per cen.
snm interest iu gold. and carry circulation
Of four hundred and fify Thousand dollars.
We suppose this will be conceded and finas
ciers know that such is the basis OF a large
number Of the National banks in The couu.
try. We inss, thas il ID wrong Ter The Gov.
ernment to confer such prsileges, and thstl
i y doing great injustice thereby 10 the busil
nsss interests Of the country. II is tolsrs-
Bile smooth sailing with the National bspks|
just nov, and Il may be q long - shey can
redeem thsir currency In the same kind oil
cats, but should there Be I resumptiop ofI,
specie payments there would be an explo-
'ion among them, much resembling an H.
nited bunch Of Chinese FIRE crsckers. Andll
! is such sys,em Of wild cat bankinr-sI,
monopoly which..costs The TAX payers twenty
millions Of dollars sDnuslly-ihsf the Jour.
nal spPiauds ss the perfection Of financial
wisdom.
The Journal says we are in love withls
and want to substitute them :
or nation al bank notes. We have no spe. Ia
'isI regard for any kind Of psper currency, .
'us we yield to whst the public exigenciesl ID
'emsnd. As long ss We are to have an II i
edeemab's paper currency, not convertible h
nio gold or silver at the will Of the holder {
md only redeemsble in similar kind oil
'aper we think ths, the government should
etsn al the advantages By furnishing the
urrency directly herself, instead OF confer
ng oil the privileges and benefits upon
'snking system. The nsticnsl banks have
circulation Of about three hundred millions !,
4 dollars, which the government eusrsn- !
ees upon the deposit Of her own bonds, and
he bankers draw the interest upon ihem.-
Tow the government should Issue shree
undrsd milIions Of greenbscks, certainly
safe as national bank notes, for they are
ased upon precisely the same security, . !.
such policy would enable her 70 retire three \
undred millions OF her interest besrina
onds. eaying thereby about twenty millions Z I
dollars annually. twice % much as sIll. !.
ie State. county and local taxes o. Indiana.
not such sum worth saving. No. the \.
ouina' and iss National bsnk proxy ssy.-l,,
he argue u is oil right 10 give that sum %. q
uslly 10 the National banks for furnishing
psper currency and grind il ont Or tax
dden people. The tax payers may see i n
this light, sut We doubt very much wheth- IN
! they will appreciate this charming fea. IA
IRE 10 the National bank system. E'
No doubt national banks are good things a.
u the stockholders. We heard II i:lussrs. ",
d 10 this wise. A gentlemen told us be n
'ok some $40 900 Of stock 10 First Ns Ice
onal Bank and gave his note for the same lm'
elk per cent. interest. He said that the lof
vidends Of the bank paid tho interest upon i'm
. note and the excess wss applied 10 i,s
ludstion. 10 this way BE- expected 70 ee, vii
= stock without . cent invested. The -
-. ~. -