The New York herald., 1868-05-06
THE yxElSURY RIyG AND TIE NAT0KlL
BANKS

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WASHINGTON, Nay s, lsea
The traditional slave power, even ip II pAlny
days, was less imperfous In its demands upon the
dominant party of the day than tho Treasury fing.
"Dare to oppose the national banks and We win de.
feat and destroy your party At the nex electonr
the ever ready and effective threat whenever any
question Of finance is discussed. This financial Ku
Kiux Kan impresses the minds Of our politicians far
more fearfuly than its namesake possibly can the
least intelligent OF contrabands. -
Though ubiquitous and more powerful than any
political organization ever formed In the United
States the Treasury ring has not particle Of popu-
lar support or influence Indeed, It's end has como
when the people are thoroughly informed Of It's aim
and operations. 1t exists, therefore. BY Tightening
corrupt politicians and making alliances with every
interest that has the least popularity with the peo-
pie or influence in Congress- 10 took advantage -
tho peoples Determination to put down the rebellion
and restore the Union st all hazards 70 make IT.
financial schemes appear absolutely necessary to OBJ
tain the result 80 much desired by all TO doubt
that the sale Of bonds on commission BY that imam
sisl Peter Funk Jay Cooke, was absolutely essential
to the salvation Of the country or that the national
banks were anything less than philanthropc insttu-
tions established for the same purpose was regarded
as ''disloyai" In the extreme up 70 the period Of
Lees surrender. ca. 20 trct-tJlI cd 1r
During the war excitement tho ring was able to
obtain legislation entirely changing the monetary
policy Of the government and to denounce as "dis-
loyal" all who opposed them. Now, however, that
the disloyal dodge has grown threadbare
they must cast about for new elements OF
strength, In alliance with every outside interest
possible. Is there church to be built Members
Of the ring are the first to subscribe and its inlu.
ence is secured. Does railway company require
mt "a vfn % Az 20
and that influence Is secured. Does rival railway
company desire to prevent such egtslaoni Other In
9ividua members Of the ring are ready with aid ana
both corporations ere made friends. Il the Presi-
sides. so that whoever q President the ring has
Or 8 least furnish Secretary OF the Treasury -
% s ns n nSas srn
s Pessr %sSpg ks sasp
Stone JoSn was russell " e.
United States Senator Henry Wilson, Executive
j. %ss q q sSas sa aSS Sss5 q
!. The names Of other prominent mon appear IN the
E three principal branches. % they n manage A1o to
the present political parties by E agtatns % the princ
pies OF tnat defunct organization as adapted TO the
Hon. D. j. Morre member bs: Of congress from, an in
teror mountain district Of Pennsylvania treasurer
Of the national bank unless recently resgned at his
Iron Works s, by virtue Of his double oice In the
Industrial League ian honor granted to no other Con-
@ naa
dentsfrom the interior. In short he Is the great
Hogul OF the league shall be excused, therefore,
tn giving his legislative exerti0ns more attention
fnan those Of abler men with less powerful influence
roNnH, +. f-.k ~.
rs nj n hn 1Ss and saGn n n H
prst session present Congress-to provide for the
boarding Of gold in the United States Treasury and ha
Means, and there it viii remain His last, and let us
pope his nnal effort was his great speech delivered in
fayors increasing the nstlonai BANK circuation two
hundred million dollars 1920 Ooo instead Of re-
firing the present circulation, as provided by law.
hona burden his plan, II carried into execution,
would place upon tine people, he cooy tells US the
Wound reae them 70 % lodge With the
Treasurer, TO secure circulation not less than $780,
600 Of bonds bearing sSs GOO Of Interest,"
annually merely to enable the national banks TO
but Of sight the fact that greenback circulation has
me same security, without costing cent, as the
" pSSo s Sne asns s Y
- correct, the proposition 10 outrageous; but he
rossy misrepresents the SIX per cent gold interest
together with the average premium on gold during
the past three years. brings the rate Of interest at not
less than twelve per cent making the annual cost OF
occurring the present national bank circulation fully
go, 600, 600 and that proposed by Mr. Morrell not
Sess than t73000 900. It can be safely assumed that
the national banks will manage by hook or by crook,
10 get governments rates ON their circulation Of
$500, 100000. or 100000, 900 annually. f ~,
In brief Mr.. Norrell's ring plan, stripped Of its
phiianthropic phraseology and subterfuge, would
cost the people annually as f0llows:-
Interest bonds to secure circulation. 900
Interest ON national bank circulation.. 60000,00
interest on bonds deposited to secure de-
posits.... ....:...... SsooV,VsV
In national banks. .s...: 100000
Annual national bank burden. ......... S143 SOC, 900
The plan OF national finance advocated by the NEW
YORK HERALD, Philadelphia Public Ledger and other
nonpartisan Journals, and approved by leading
pie Just f148, 1000 annually less than the rings
plan and s in every other respect vastly preferable
Which shall Congress choosei -- ..'.-- .- ft.