The Tiffin weekly tribune. (Tiffin, Ohio) 1859-1868, 1867-10-31
NUMBER 2.
.s oa smanHt 9 1hs 18th a.ni ~ f's rsn,i s.eeI

9. One half Of ono Per cent per annnfD
tar on dlvideuds and amount placed
pss, $4,000
license laI o. s,li 90, 90 dfeapiiai.' sa,Ooo
.. Amount o. State taxes paid bv the
National banks during the past year
~ reported TO the Treasury Depart
mont ..............-.. soO.eo
SESSION
pe lur,ed sr per cent. interest on
po,oeoon OF circulation furnished
to tho oeanss...~................,... ooOooo
siosls,oo
This balance sheet botweon tte
banks and the people, every item #
which is based upon official data.
shows that only IS the "eighteou mil
lion subsidy swallowed up BY the
very terms sud stringent provisinrs ~
the law, but N excess of ten mili,as
eight hundred ard forty three thou
sand (SlO,s43 000) ia paid, in cash,
TO the Government by the banks fsr
the privilege Of existing This /
call taxation with vengeance And
lot tho people remember, that uou,
this National system was adopted and
the Government took entire control
Of the currency. no revenue whatever
was derived by the nation from either
the circulation or deposit Of the
banks, or in return for their chartered
privileges.
TO sum up the whole matter in
word The American people, By de.
stroying the National Banking sys-
tenn, retiring the National BAuk cur
reucy, aud substituting greeubAcks
therefor, would lose more in not rev
enue alone, now paid to the Govern.
meut by the banks, than they would
gain in the cancellation of their own
interest bearing bonds. This state
meut OF the case can be comprehend
ed by all, and cannot be denied by
any. Aud this is leaving wholly out
Of view the far greater loss which the
people would sutfcr by the destruc-
ton Of the present noble system, aud
return to the financial confusion and
insecurity Of other times. 1t seems
to me impossible that auy large por-
ton Of the American people, after
fully understanding the facts in the
case. can advocate the abolition Of
tho National BANKING system, unless
they are deliberately determined to
commit financial suicide.
~. PRESENT POSITION OF THE
NATIONAL RANKS.
Those banks that have changed
from the State to the National system,
having given up their former aud
much larger liberty of circulation and
deposits, together with the new banks
find themselves threatened with being
deprived, not ouly of their national
circulation, but also Of their positions
as financial agents of the Govern.
ment.
The profits of the banks during the
war, like those Of almost all branches
Of business, were large aud unusual
but as matters now stand, | think |
only express the opinion Of bank
officers generally, when state that, in
view of the aggregate Of taxstion
already imposed upon their profile,
and business, the National Banks
can not, for the immediate future.
declare average annual dividends OF
moro than seven per cent, aud do a
safe aud legitimate banking business.
These National Banks constitute
now our only system Of banking, aud
interwoven with all our business and
industrial Interests So far as the
officers and stockholders of the Nat
ional Banks are concerned, | venture
the remark that large majority 0f
them would, if it we're q mere que-
ton of profit, gladly return TO the old
State system could they be assured
Of the same privileges formerly enjoy
ed under it, Are our merchants, far
mers, mechanics aud worsing men
generally, prepared for such change
for such change they will have if
they do not rally TO the support of
the national system. Already, | un-
derstand, an enabling act has been
applied for, or has been obtsiued,
from the Legislature Of New York,
to enable the banks Of that powerful
commonwealth to return to their for
mer condition as State Institutions.
The fact is, the stringency Of the Nat
iopAl Banking law, the reduced liberty
of circulation, the compulsory reSer-
yes of funds, the State and National
taxGtion--all combine to rcnder the
present system much more favorable
to the people and less attractive TO
the banker than that formerly ia
vogue.
Tho number Of National Banks
now in existence and in good stand
ing, is 1893, having an aggregate
capital Of i24,4l1, ,562. The nun
ber Of National Banks used a.
repositories of public monies is sSs.
having an aggregate capital of $780,
OOO,90G. These depository banks
had on deposite at Washington, July
!, 1867, as security for Government
deposits with the banks, United
States bonds Of various issues amount
ing TO S39, 1853, 450, to secure total
amount of Government deposits ~
that date, of $40, 1854 ,O99 o. 'l..e
average amount of non-interest bear
ing legal tender notes held BY the
banks during the last fiscal quarter,
was Sl02, ,431 300. The National
Banks have on deposit at the Ma
tional Treasury, to secure their cir
culation, six per cent. bonds amount
ing to 1851, al $50. and 1--WE per
cont bonds amounting to $50, ,268,-
100, being total of s3i0, 500. 800
with which TO secure an aggregate
circulation Of S300,000,O00 The
National Banks that have failed siuce
the Inauguration Of the system are
nine, having an aggregate capital OF
81 100000. Twenty-three other
hanks have voluntarily gone into
lquidatiou--their aggregate capita
being 50, ,36O,00O
Regarding the failure OF national