The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-11-07

| Taxasios and the National BANKS.
There is an animal, the most oppressed and
worst abused Of animals, which is regarded as
he emblem Of patience, but we have seen BIN
kick and refuse to 60 further when burdened
| beyond his strengti. Though accustomed to
blows and oppression, he sometimes revolss !
and once, we are told, he spoke out boldly
against his oppressor. So it will be with the
people Of this country. They have shown 50
much accomplishing good nature under tho
most frightful weight of taxation, that the gov
eminent, Congress, politicians, the bondhoders
and privileged capitalists imagine there is no
limit to their patience /; but patient as they have
been they will not always endure heavy and
unnecessary burdens. While the war lasted
| while the great struggle for national unity
absorbed every thought, our people bore these
heavy burdens without murmnr. Ever since
| the war ended they were not unwilling to bear
the burdens as long as they appeared to be
necessary for recognizing society and estab-
fishing permanent peace and harmony Now,
however, dissatisfaction and alarm seize the
public mind. 1t is two years and half since
the war closed, yet we have war taxation,
war revenue, and war expenditures. Seven
years ago the revenue or entire expenditure Of
the government was not over seventy millions
| Of dollars year now it is five hundred mil
lions. There is no parallel in the history of
any country to this enormous augmentation of
taxation within 80 short period. Never, in
deed. was any government before so reckless
and extravagant Millions upon millions are
lavished where there is no necessity for spend
ing dollar, and often for the most corrupt
and dangerous objects
| We might notice specially the enormous ex-
penditure Of maintaining military govern
ment over ten States and nearly third Of the
territory OF the country, which was absolutely
unnecessary; for these States might have been
restored long ago and need not have been q
dollars expense to the federal government We
might show how all this cost, probably not less
than hundred millions, has been solely for
party purposes-solely to keep the radicals in
power. We would refer to the Freedmen's
Bureau-a sort Of great poorhouse to
feed negroes in idleness-upon which
have been recklessly lavished nearly twenty
millions a year. We might expose the
monstrous bounty and pension laws which
call for as much money annually as would
! support all the departments OF government.
The revenue system, which seems to have been
made for the purpose Of maintaining an army
Of officials, and which gives birth to frauds OF
frightful magnitude, might be ventilated.
These and many other cases Of astounding
expenditures and loss Of the public money,
through radical republican legislation and
Standardization, if thoroughly exposed,
would starte the public.
| But we shall notice only for the present the
gross fraud upon the people in the organiza-
| ton Of the national banks. The clean gift, or
bounty, as we may call it, Of nearly thirty mil
lions year to these institutions exceeds any
thing in the way Of wicked extravaganza In
the history Of legislation The interest on ,
the people is clean gift Of so much money
| to capitalists without consideration or any
benefit in return. 1t is robbing the poor to
make the rich richer 1t is taxing an over
taxed people to swell the incomes of capital
lists and national bank bondholders. The
creation OF such privileges was the most
wicked and stupid piece of legislation ever
! heard Of. The perpetuation of them is an as
tonishing anomaly in q republican country.
The privilege given to the banks Of q national
circulation, based on government bonds, was
aptly characterized by former American
statesman when discussing the proposition of
Mr.. Dallas to establish a similar bank, with
stocks He solved the monstrous proposition
| by designating it as BLENDING our credit to the
bank for nothing and borrowing it back again
at six per cent interest" This is just what we
do in the case Of the national banks. Worse
than that, we create a stupendous moneyed
oligarchy, with Its ramifcations throughout
every nook and corner of the republic, which
has power to control all trade and industrial
| operations to absorb the profits of industry,
aud to make the wealth thus concentrated the
government Of the country. II these banks
should be allowed to remain in existence till
they consolidate their power, the votes Of the
people win count for little. They will consti-
tute the political machine that will control the
destriss Of the republic. We are not without
hope, however, that they are doomed to de-
ftruction. The significant vote of New York
! aud other States in the elections just over
shows clearly that both the negro and national
bank policy Of the radical republicans has
reached its climax.
| General Grnnf,a (lplninna.