The Tiffin weekly tribune. (Tiffin, Ohio) 1859-1868, 1867-11-21

ccmmcndalion instead of sn oblcc.
ton TO resumptiom bat il would be
an objection to many who think that
coin alone should be used in the busi
ness Of the country.
II has been said that tho present
National Banking system, instead Of
being loss TO the Government, has
hcen largo gain, because, iu addi-
tim 10 the Anloant Of money paid TO
the National Government by indi-
yiduals, the banks also have contrib.
nsed their taxes. Il has been said
al2o that the establishment Of Ma.
tinhal Banks contributed to the sale
nr bonds. Now do not suppose that
une sane man in America believes
this. Those bonds were taken with
NJ avidisy never before known in .
national loan. True, II required
agents and promises. as DO all efforts
6ftho Kind. But point out tho man
Win had any money to lend, and, Pre-.
fcrring Interest to its lying Idle, ever
refused tj trust this Government with
II On account of the security, and then
will admit that they assisted in the
sale OF tho bonds Tho banks wcrc
established to absorb the bonds al.
ready held, rather than tho bonds
purchased TO establish the banks.
But why would they help TO sell
bnuds Of the Government and ccrtiii-
cares Of loan bearing six per cent,
unless those kinds Of securities we're
worth less than six pcr cent interest ?
if they we're worth less, who made up
the difference But il is said that,
besides the banks paying taxes, the
capinl ittclf pays some taxea 10 the
hands Of the holders. Ifthese banks
had not erected vaults for the protoc.
iidn Of this wrong, where would il
have been hidden away to escape tax
alion2 Could it have been put IN
any other form less likely to be pro.
tcctcd2 They must deduct these aud
inst as absurd items, not one ofwhich
ctn be chargeable MS an incrcse TO
thc taxation OF the country. What
should have bcen done after the cs
iablishment Of this system TO relieve |
the country Of its burdenS BY its
provisions, II the National Banks DO |
posted six per cent. bonds Of the
Government, redeenabie IN coin o
It's equivalent, the Government be ;
came liable To ltIio note holders of the
bank TO witch IL mado its circulation
to guseantee all such circulation aud
10 bake good any loss which the
holders might sustain in case of in.
snlvopcy. Those bonds were to be
deposited in tho banks, not to be
idle, so far as the owner was concern
ed, but to Bear tic highest rate of six
por cent. interest, payable just tho
same as if the bonds remained in the
hands Of the original holder. Did
the Government gain anything in the
way of interest by this deposit2 On
tho other hand, il withdrew portion
prthem from the taxation Of the coun.
Try, so far as State aud municipal
corporations wore concerned. 1t
gained nothing in any other way that
| can perceive, but the chance Of law
suits, vexation aud costs, in case Of
the failure Of the banks to redeem
their notes; and for this chance thus
70 deposit for safe keeping aud dislri-
hutton the $500, 900, 900 tho National
Banks were to recci Q SIS, 900, 600
rather high reward for such duty.
II any gentleman can show me
any other advantage, either in the
los. OF notes or in the diminution Of
interest. Is yet to Be pointed out to
me.
Afler tho establishment OF these
hanks aud their palpablc injury to the
country, brought in, as ] have al.
ready said, two or tiirco bills at differ.
cnt sessions cfCongrcss 10 borrow
sufficient quantity Of money in green.
bucks, aud as fast as tho Ave twcntirs
fell due to redeem these bonds whose
interest was payable in coin aud prin
cipal in money, That day has now
arrived, aud had that law been enact.
ed the outstanding five twcuries would
have been paid, not purchased, at the
rfto OF their lowest figure, aud might
have been bought, 1 have no doubt,
st much less sum some tiHc back.
Here, then, would have been tho pay.
ment Of the national debt at the rate
nf 800 for what is is now worth Sll3.
The amount saved to the nation
would have been s73T ,6l5,729. Had
the bill prevailed Of thc time, with
leave to borrow the money aud make
the tender, the probability is half
billion more might have bocn saved,
mikirg ten or twelve hundred mil.
lions. But tGpder consciences have
compelled the nation TO pay this sum
Ia addition to her legal debt, because
Mr.. Jay Cooke and tho Tribune had
pledged their word that il should be
paid. have no objection 10 their
pqying It, but l dislike to tako the
balancc left me by the rebels to pay
my part, unless the law requires that
nv Trustee should doit
How does the European creditor
stand with relation TO the bonds2 l
have no documents here 10 tell nc
where they are held but mos. OF
them, presume, arc held in Frank,
iort and London; for tne money
lenders thero are more sharp-seSnted
than those who were cudgolled out Of
the Temple, AT the time they were
bought 10, gold was 2St, or rather
grecnbacks were at that discount by
the arrangement Of the market Gold
was made TO purchase greonbaeks at
the rate Of about $50 to a dollar.
But suppose them to have sold at that
time for 80 per nt,-whieh was the
highest, think, they commanded
what was the operation2 The pur-
chaser paid TO day 500 ~ gold for
$1,000, aud next Monday, quarter
day, received the interest on 81 900
ia gold, aud so ever since and now
claims that when tha nrincinnr falls