The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-12-05

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Report Of che Comptroller Or tho Currency.
We published yesterday the annual report
Of the Comptroller of the Currency, but our
space was too much occupied 70 admit Of
comments then, though, in truth, there Is not
much to say in addition to our remarks on the
report Of the Secretary Of the Treasury. The
secretary's report covers mos. Of the ground
Of that Of the Comptroller. They are from the
same establishment and have the same i'm
preston. Nearly the whole Of this Is labored
defence Of, or an apology for, the national bank
system. No hungry lawyer working for .
large contingent fee could plead more earnestly
for cause than do both Mr.. McCulloch and
his subordinate for the national banks. Judg-
ing from the earnestness of these advocates
one would think the banks were ON trial for
life or death. II these Treasury officials have
not much sagacity in anything else, they
evidently see the danger their client Is in.
They fear in advance the verdict of the people,
and make desperate efforts to avert it.
Most of their falls. assumptions and weak
arguments we have already replied to, but We
have one charge especially to make against
them now. We say them, because Mr..
McCulloch is equally as censurable as the
Comptroller. We charge them with peryert-
ing facts in their efforts to bolster up the
national banks. For example, they pretend to
show that the national banks make little or
nothing out Of the privileges granted them by
the government, and that the government
would save nothing by issuing legal tenders in
tho place Of national bank currency. In this
report Of the Comptroller he endeavors to
make out that tho banks draw less than seven
teen millions on their bonds deposited, and
then. that as they pay over sixteen millions in
taxes to the government, as he alleges, the
balance Of profit or gain is less than million.
II Is surprising how person holding such a
high official position can have the audacity to
throw dust In the eyes Of the people in this
way. FIRST as to the taxes Three to four
hundred millions Of capital invested or en-
ployed in anything has to pay heavy taxes.
The HERALD business, the business Of A. T.
Stewart, the business and capital Of all have
to pay taxes It is not because they are
national banks that these institutions pay.
Indeed, they pay less on the whole than is paid
by other kinds Of business. II is simply
absurd, then, 70 set of their taxes against
the profits derived from their privileges.
But Il Is not true that they derive only
little over sixteen millions from the bonds
deposited for their circulation. They draw
interest in gold, or in IN amount Of currency
equivalent to gold, and the whole amount in
currency would be about twenty-five millions
year. This, we maintain, is clear gratuity to
the banks by the government This the govern
ment would save annually by issuing legal ten
ders In place Of their notes; for with these legal
tenders about three hundred millions Of the
bonds could be bought up and cancelled and
the interest saved. The case IL 80 plain that
the commoness understanding can comprehend
II; yet tho Comptroller Of the Currency and
Mr. McCulloch have the audacity to attempt to
pervert the facts. The national banks really
make about fifteen per cent on their circula-
ton out Of the public, reckoning the interest
on the bonds and the profits on the circulation.
There IL little else worthy OF notice In the
Comp,roller's report for 1t Is taken up almost
exclusively with . defence Of the national
banks The views expressed relative to .
system Of redemption Of the currency and
other topics we may discuss at some future
time. The Comptroller, like Mr.. McCulloch, Is
man OF one idea, and he 10 incapable Of rails
ing himself above It. That idea includes the
blessing Of the national bank system, contrac-
ton Of the currency, the great bondholding
interest and forcing specie payments. What
sad spectacle 1t Is that the finances Of this
great nation should be in the hands Of such
meni