The Bolivar bulletin. [volume] (Bolivar, Hardeman County, Tenn.) 1865-1888, 1868-06-27
The National Bank Question.

People will not forget that this is one of
the leading questions involved in the coming
residential election. The radical party is
the author Of the present National bank
system. They are committed by their ante
cedents to ITS support. If Mr. Grant is
elected, It will be perpetuated upon the
country What is the National bank sys-
tenn In brief it is this The banks have
S350,OOO,0 600 or 800, 100000 Of United States
bonds, and upon these bonds, as security
Tor their notes, they issue their National
bank circulation. The Government pays six
per cent interest in gold upon these bonds.
amounting, say to S20,000000 a year
What Is the consideration the Government
receives for this interest? Nothing The
Government could keep It's bonds and issue
three hundred and fifty or four hundred
millions Of dollars Of greenbacks which
would not cost it any interest at all, instead
Of paying twenty millions Of dollars for the
issue Of these National bank notes The
people prefer the greenbacks to the blue
backs. The greenbacks are a legaLtender,
and will pay ali private debts. The blue
backs are not You can not Oblige anybody
to take the latter except the tax-gatherer,
without they are willing to do so The Ma
ti0nal bank currency IS, therefore inferior in
vital respects to the greenback8 Yet the
Government which can issue the best cur
rency, free Of expense, pays S20,0O0000 a
year to the National bankers to issue an in
ferior currency. Only think of it, twenty
million dollars thrown away on these Ma
tional banks, and no benefit whatever de
rived from it. 1t is a larger sum than it cost
to defray the whole expenses Of the Army
or the Post Office Department under the adj
ministration Of President Buchanan 1t is
sum worth saving. 1t is equal to the in
come tax Why give the whole income tax
to a few National bankers?
The Democracy are in favor of saving this
twenty million of dollars. They are in favor
Of the Government issuing directly all its
own currency instead Of paying $50, GOO, 900
to a favored class for issuing it. They do
not belive that the currency Of the Govern
ment should be a matter Of private specula-
/ ton, They believe what eirculates as money
] should be money, and should pay all debts
/ If it will not do that it is not to be in circu-
lation. There is probably not human be-
! ing in the country, except those directly in
/ terestcd, who are making large sums out of
/ the privilege, who would not prefer the
United States greenbacks, which cost the
/ Government nothing, to the National bank
! bluebacks which cost $20,00O,O00 annually.
/ I e5 this preference is disregarded We
have two thousand National banks in exis-
tence. We have them because, although
/ they are costly incumbus to the country,
/ thew can be made available for the services of
the party in power They are good election
eering machines. It is for that reason they
were bought into being. 1t is for that reason
that they are sought to be continued by the
; radical party. 1t is a question, as we have
said for the people to decide. Do they want
to throw away $40, 100000 annually upon
two thousand National Banks, or do they
/ prefer to save it in their own pockets? Mr.
Pendleton is for the people saving it. Mr..
Grant is for the people giving it to the Ma
tiOnal bankers as a gratuity. Gin Enquirer