The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-10-23

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This balance sheet between the banks and the people
every item OF which is based upon official data
that not only Is the eighteen millions subsidy swal
lowed up by the very and stringent provisions of
the law, but excess OF 0s43 900 is paid to
the government by the banks for tho privilege OF exist
eng This call taxation with n vengeance And let the
people remember that until this national system was
adopted and the government took entire control OF the
currency, revenue whatever was derived by tho
nation from either the circulation deposits Of the
banks, or In return for their chartered privileges
To up the whole matter In a word-tne American
people, by destroying the national banking system.
tirng tho national bank currency, and substituting
greenbacks therefor, would lose In net revenue
alone paid 10 the by the banks than they
would gain Ia the cancellation OF their Own interest
bearing bonds. This statement OF the be
pretended by all aud cannot be denied by any Andtn
leaving wholly the greater loss which
the people would suffer by tho destruction OF the pre-
nohe stem, and 10 the financial confusion
and iusecart, Of other times Il seems to me imposs-
fully understanding the facts In the case advocate
the abolition OF the national banking system, unless
they are dsiosnie'y determined TO commit nnancs
V.-rRrsssr POSITION ov THE NATIONAL RANKS
Those banks that have changed from the State tho
national system having gwen up their former and much
larger liberty OF circulation aud deposits together with
the new banks, nnd themselves threatened with being
deprivedl only OF their national circuiationt but
also Of positions fiscal agents Of the
The profits Of the banks during the war like Of
almost all branches Of business large and unusua
bat as matters stand, think / only express the
opinion OF bank officers generally when state that,
view Of the aggregate Of already imposed upon
for the immediate future declare average annual div
dends OF more than seven per cent and do safe and
legitimate banking business
these national banks constitute now our only system
Of banking ard are in,er~oven with all business
and industrial in,erests SO far 40 the officers and
holders OF the national banks concerned, venture
10 express nv belief that large majority Of them would
n il we're question Of profit gladly return the
old STATE system they be assured OF the same priv-
Icsos formerly enjoyed under IT, Are merchants
farmers mechanics and woknsmcn generally prepared
for such changer For such change they will have IL
tnoy do not rally support the national system
Already understand enabling act has been applied
for or has been Obtained from the Legislature Of New
York to enable the banks OF that powerful com.
mopwealth 10 return to their former condition
as state institutions The fact Is, the strngency OF the
National Banking law the reduced liberty Of circula
ton the compulsory Of funds, the State and
national taxation--a combine TO render The present
system much more favorable TO the people, and lees At
nactve TO thu banker, than that formerly in vogue
Tho number OF national banks now In existence and
IN good standing G39 having aggregate capital OF
el24 ALL SOL The number Of national banks used ~
depostores Of public moneys Ia asa, having an ar.
arssa,s capital Of $50 ooo, ooo These depository
backs had on deposit ~ wasbingten, July
i, 1857, a. security for governments deposits
Win me bAska Uuissd States ben<s Of vsriops