The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1868-10-28
-UATIONAL BANKS.
letter from United States Treasurer
Spinner.

Spinner.
The following letter has been addressed to
| John c. Hamilton of New York.
WASHINGTON, Oct. 24-My Dear Sir:-I have,
IL, looked over that part of Mr.. seymour's spe-
cious speech wherein he finds fault with the
unequal distribution of the National Bank cur
rency. His figures are substantially true, but
he purposely SO states them as to convey false
formed and unthinking men; and It is to such
that he mainly addresses them. His
woSd weT he ana his "friends SSaV 6aVeq ThSs
the West, In whose behalf he speaks. and
secureh te currency, for the very reason that
they most needed f." should establish banks
under conservative" democratic rule banks
used TO be so created; But, thanks TO better
that time has passed. Then bank charters with
exclusive banking privileges were freely
granted to favorite insolvent politicians. for po-
real money was then required or needed to be
paid in, or even secured to be paid in. These
favored stockholders might borrow the ficti.
tious credit in the shape Of bank bills. OF these
time everything was lovely. The bills were ex-
changed by these swindling bankers for the pro-
ducts of the ia rmer and for the services of the
mechanic and the laboring man. But then,
when they came back for redemption, 1.-THE
of these bills lost their face value, they never
had any other, and the luxurious idle swindlers
6se % Wn0% GSS 10 b9 a6s w9a
dustIious, laboring poor. Does Mr.. Seymour
for himself, or on behalf OF his friends" desire
the return of this state of things? The whole
West, and especially illinois. that he now con-
trass with Eastern States, has had its surfeit
put TO a vote, would no doubt decide against all
banks and all kinds of paper currency. rather
than have such banks and such O currency
forced upon its peope. But then, would the
West have any more currency If 1t had used Its
order to procure 1t from its own people and
banks, rather than from those of other States
that had 1T in abundance? Can the West, or
not ? Does not Mr.. Seymour know that needed
money, like everything else that is. de-
and not where it is no99 How, let me ask
him. can the West borrow money Of itself, IT, as
does Mr.. Sey mour thus speak for Illinois? That
noble state. that did so much to crush Rebels.
ashes OF Douglas and the martyred Lincoln.
does not need nor ask his interference In its
behalf II can take care of itself. and of him
citizens VIII, In few days. admonish him tnatt
uncaied for. Ali Illinoisans know that tue
door for them to come in and to organize Ma.
national currency, was left wide open to them
for years. They know that the Government in
its time of imminent danger and great pecu-
MARY need sent its agents not only to them,
but TO all other loyal sectionsan communities,
impiorng ali to buy its stocks and establish
sorely pressed Government of the
eope met 9y 9ne hen S @ ana
the invitation of the peoples Congress. were
anxious to aid the Government in It's distress.
They petitioned your Legislature to enact a law
to authorize them to surrender their State char.
ters, and to convert themselves into national
institutions. loyal Legislature patrioticaly
granted their and the nations prayer. aud
passed q law permitting the conversion OF the
State banks into National banks. Governor
Seymour, foreseeipg that this would in effect
be lean of the whole banking capital OF the
ena6ling il to % Prosecute tSe Wsr against tSs
Rebels, who were seeking the nations lie,
and thus prompted by his Copperhead in
aid the Rebellion, vetoed the bill. Massachu-
setts Rhode Island, and other loyal States that
loyal Legislatures, and loyal Governors withai,
came nobly TO the nations rescue. They took
the risks-risks they then were, for had the
Government failed In its efforts to sustain the
life of the nation, these banks, who had staked
their all on the issue, would have. with our re.
gether. Can this be doubted. when 1t Is known
mat these National Banks had olle3tively
suppression of the Rebellion might be more
vigorously prosecuted, more than the entire
banks hold more than one fourth OF the entire
funded debt OF the United States. They took
Mr.. Seymour, boast that they never took or
bought dollar of Government stocks, that
they would lose their whole Investment. This
course Of Mr.. Seymour and his friends"
admits Of but two explanations. They are
welcome to either horn. They refused TO take
tionRl banks because they believed it would
bring sid TO the Government, and injure their
Rebel allies; or They had then already made up
their minds to repudiate the sacred obligations
of the Government, whenever the people should
so far forget themselves as to trust them and to
restore them TO political power. That banking
capital and bank. note circulation should be
distributed by wise craftsmanship" and an act
of Congress per capita. and not according to the
commercial wants of business communities is
an invention of Mr.. Seymour's, for which he is
| entitled 10 a patent His inventions will pro-
baby die with him, without loss to
the rest OF mankind. In January. 1861,
governing the subject OF banklng-when
| banks hOurished or decayed under the laws of
that Mr.. Sey mour loves TO contrast stood, capi.
tal com mpared with circulation, as folloWs:-In
New York. the capital of the banks was about
| three times the amount of the circulation; in
| Massachusetts about four times, and In Rhode
Island six times; in Illinois, on the contrary,
| the circulation approached nearly TO double the
| capital. The last named State had, at the be.
| ginning of 1861. capital S6750,743, and crcula.
October capital Sll 100000. and circulation
| S9,544TlO Which of these conditions does Mr..
seymour prefer? Certainly not the one that the
| sound business men of Illinois, and the country
saved, In part by the action OF these banks,
| ana the scheme that then looked so omlnous
| 70 lhem, and dark even to loyal people, these
| then prophets OF evil turn round and ask that
| there shall be new deal They want a "new
shake OF the hat" and they want to do the
| shaking themselves. They intend 1t shall be q
what's The matter" These fellows sea care nothing
| about Illinois or any other State having cur.
| rency. What they want. Is TO get bank stock,
as OF old, without paying for It, on which they
rency themselves and for themselves, but To
| the detriment OF all honest people. This branch
| of Copperhead impudence Is only surpassed bv
| that OF now asking TO govern the country thai
| for fnaU Iah aO hoN AoH a