Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1868-06-19
DIR GOODS:
Tha national pankl Que,tian.


People will not forget that this Is one
Of the leading questions involved In the
coming Presidential election. The Rad
icsl party is the author Of the present
National bank system, They are com
mitted By their antecedents toits support.
If Mr.. Grant is elected, il will be psrpet
ual upon the courtry. What is the Ma
tionai bank system2 In brief it is this:
The banks have $3.50, 600. 900 or $io0,-
OO0, 900 Of United States bonds, and
upon these bonds, as security for their
notes, they issue their National bank
circulation. The Government pays six
per cent interest in gold upon these
bonds, amounting, say, to $500, ,0O0, 900 a
year. What is the consideration the
Government receives for. this interest
| Nothing The Government could keep
i,s bonds and issue three hundred and
| City or four hundred millions Of dollars
of greeubacks which would not cost il
any interest at all, instead of paying
| twenty millions Of dollars for the issue
Of these national bank notes. The peo-
pie prefer the greenbacks to the blue
backs. The greenbacks are legal
tender, and will pay all private debts.
The biusbacks are not yYou can not
oblige anybody TO take the latter, except
the tax-gatherer, without they are willing
to do so. The national bank currency
is, tbaefore, inferior in vital respects
10 the greenbacks. Yet ihe Gov
eminent which can issue the best cur
rency, free of expense, pay $40, 900, 600
year to the National bankers to issue
an inferior Currency. Only think of it,
twenty million dollars thrown away on
these National banks, and no benefit
whatever derived from it. 1t is q larger
sum than il cost to defray the whole ex-
penses Of the army or the Postoffice De-
partment under the Administration OF
President Buchanan. II is sum worth
saving. II is equal to the income tax.
Why give the whole income tax to 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 IFS own currency, instead OF
paying $40, ,000, 600 to favored class for
issuing it. They do not believe that the
currency of the Government should be a
m after of private speculation. They be-
heve what circulates as money should be
money, and should pay all debts. II it
will not do that ii is not fit TO be in cir
culation. There is probably not human
being in the country, except those d.
rectly interested, 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 buebacks, which cost
500, ,000, 600 annually. Yet this prefer
ence is disregarded We have two thou
sand national banks in existence. We
have them because, although they are a
costly incubus to tue country, they can
be made available for the services of the
parry in power They are good cleo
tionesring machines Il is for that rea-
son they we're brought into being. 1t is
for that reason that they are soughtto be
continued by the Radical party. Ii is a
question, az We have said, for the people
TO decide Do they want 10 throw away
$4,000, 600 annually upon two thousand
natiooal banks, or do they prefer to save
itin their own pockets aMr. Pendleton
is for the people saving it. Mr. Grant IS
for the people giving it to. the national
bankers as a grstuity.-7 Ciaciaaah En-
. Oftfrer. . Is t.-s ~ r1v 1Erss