The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1867-02-20

The Revenue from the National hanks.
1t has bee repeatedly suggested that by
Withdrawing the notes of the National Banks
from circulation and substituting United States
notes, the country would in effect obtain aloan
of $300OO0,O00 without interest, thereby saw
ing annually some 1s,OOO,OOO. The suggestion
has been received with favor in various quar-
tiers. Newspapers as far apart as the Inde-
pendent and the Argus have treated it as
wise and economical measure Mr.. McCul-
loch's main objection to il was that the levy
ing ofsuch forced loan was only defensibe
bound in honor to recall the greenbacks al
ready afloat instead of issuing more. The
distinction which the Secretary makes in this
argument between the government and the
people has not been generally regarded as well
taken, and Mr. Randall, of Pennsylvania, in
troduced bill in the House of Representa-
tives a few weeks ago, to effect the substitu-
ton named. This bill has been elaborately
reviewed BY Mr.. George Walker, in a PAM
phlet published at Springfield, Massachusetts
Mr.. Walker has made these topics subject
ofspecial investigation for the last ten years,
having for nearly four years held the Of
flee of Bank Commissioner in Massachusetts,,
and having more recently been connected
with the Treasury Department of the United
States government. In the summer and fall
of 1865, he was in Europe on business of the
Department, and was specially instructed by
the Secretary of the Treasury to look into the
questions then and still under investigation
in France, respecting banking and currency.
He was then brought into communication
with some of the best authorities on these
subjects in France, as well as in England
As result of these enquiries he declares that
the United States have now the best banking
system in the world, and adds that this opin-
on is shared by some of the soundest French
and English thinkers. He opposes Mr.. Ran
dalls bill, on the ground that it will destroy
the present system of banking. The contem-
plated saving of eighteen millions, Mr.. Walker
regards as wholly illusory, since a revenue ex-
ceeding that sum is now derived from the
banks and would be sacrificed by the change.
| His treatment of this branch of his subject is
especially instructive. We copy from the
pamphlet, as follows:
We have thus far attempted to show, that
| without the privilege of circulating their own
notes, the majority OF banks in the United
States could not do living business, and that
the suppression OF these banks would be a
blow to the industry OF the country, which
| has always been promoted by banking facili-
ties, and is dependent on them We have al
so shown that the weight of this blow would
fall upon the country districts, and that the
cities, though not intrinsically the gamers by
the suppression of the National banks would
be relative gamers by our loss We have
hitherto been silent with regard to the econo-
my of Eighteen Millions, which the nation is
promised out OF this movement. But we are
now prepared to assert. that no such econO-
| ma can, in fact, be realized, and we thlnk we
can establish, by indisputable figures, tnat the
nation will not be dollar rcher Tor the
change. If the National banks are TO be sup
pressed. the Government will, OF course, lose
ali the revenue now derived from them
What Is that revenue? Let us see. 4tt
The taxes paid by the bankers are as fol-
lows. Except circulation, which has now
| reached its maximum, the items are from the
Compile oilers report:
| Circulation 800 millions at per cent, x3OOO mn
Deposits 566 millions at IL Of per cent 2s30 OO(
License on AT millions capital, at t2a
Dividends and surplus, 5 per cent, on say ''''''
10 per cent. earnings, 2,os5, 90,
a Totalpirsct Taxes, 1s,71s,e0'