The Cadiz sentinel. [volume] (Cadiz, Ohio) 1864-1911, 1868-06-24
The National Bank Question.

People will not forget that this is one of
the leading questions involved in the com
ing Presidential election. The Radical
party is the author of the present National
bank system. They are committed by their
antecedonts 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
$3.50, 100000 or $400,000,000 of United
States bonds, and upon those bonds, as
security for their notes, they issue their
National bank circulation. The Govern
nent pays six per per cent. interest in gold
upon these bonds amounting, say, to S20,
600, 900 a year. What is the consideration
the Government receives Tor this interest?
Nothing. The Government could keep its
bonds and issue three hundred and fifty or
four hundred millions of dollars of green
backs 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 blueblacks. The greenbacks are Il
legal-tender, and will pay all private debts.
The bluebacks are not. You can not obige
any body to take the latter, except the tax
gatherer, without they are willing to do So
The National bank currency is, therefore
inferior in vital respects to the greenbacks.
Yet the Government which can issue the
best currency, free of expense, pays $780,
900 year to the Nationpl bankers to issue
an inferior currency. Only think of it,
twenty millions of dollars thrown away on
these National banks, and no benefit what
ever derived from it. 1t is large sum.
1t is larger sum than it cost to detray the
whole expenses of the army or the Postof-
fee Department under the administration
of President Buchanan. 1t is a sum worth
saving. 1t is equal TO the income 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 o paying $40,
000, 600 to favored class for issuing it
They do not believe that the currency o.
the Government should be matter of pri
yate specula'ion. They believe what circu
lates as money should be money, and shoult
pay all debts. If it will not do that it il
not fit to be in circulation There is prob
ably not human being 10 the country, ex
cept those directly interested, who are max
ing large sums out OF the privilege, VIII
would not prefer the United States green
backs, which cost the Government nothing
to the National bank blvebacks which cos
it $40 100000 annuallyw Yet this prefer
enee is disregorded We have two ,hous
and National banks in existence. We hav'
them because, although they are cost.
incubus to the country, they can be mad
available for the services of the party il
power They are good electionesring ma
chimes. it's for that reason they wer,
brought into being. Iris for that reason
that they are sought to be continued by the
Radical party. 1t isa question, as we hav,
said, for the people to decide. DO the.
want to throw away $40, 900 annual.
upon two thousand National Banks, or Z,
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 th,
|, National bankers as gratuity.