Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1868-10-29
! AGAINST THE PEOPLE.

There are Of course exceptions, but the |
great body of these classes are the men
who furnish money freely to secure the
election Of Gen. Grant. Why is this
Because they know that it is through the
continuance of Radical rule that they
are to make immense fortunes, as thou
sands of them have already done. These
are the men who contributed the money
with which the October elections were
carried for the Radicals. 1t is stated
that at least million Of dollars was
contributed by New England capitalists
and manufacturers to carry Pennsylvania,
and doubtless an equal amount was fur
nished for Ohio and Indiana. In addition
to the contributions from New England,
the Chicago Times charges that Chicago
bankers sent tens of thousands of dol
lars into Indiana to carry the late election
for the Radicals in that State. These
statements will give US some idea of the
immense sums of money that have been
contributed by the bondholding, the
National Bank, and the manufacturing
interests of the Northern States to carry
the Presidential election. The National
Bank system plays very prominent part
in this crusade of capital against labor,
for majority Of the farmers and work.
ingmen, and men Of small capital in the
country are acting with the Democratic
party in the present political campaign.
A very large proportion Of these institu-
tions in the New England and North
western States are in the hands Of the
active supporters of the Radical candi-
date. The National Banks have as their
capital deposited with the Comptroller Of
the Currency, $40, 100000 in govern
ment bonds, on which they receive $780,
100000 interest in gold, while they have
currency issued to them to operate in
whatever channel may present itself. 1t
| is estimated that their earnings amount to
from S3OO00OO0 to S50,0000O0 in cur
rency in addition to the $20,0O0OOO inter-
est paid them by the government. This will
explain to the reader why the National
Bank interest is made to play so impor-
tant a part in this canvass in behalf oil
the Radical candidate. We have said
that these banks are mainly in the hands
Of the Radicals in the New England and
Northwestern States. Here are some
facts in regard to the distribution ofthest
banks which show the political bearing
they were intended to exert. In re-
cent speech, the Hon. A. G. Thurman
the Democratic United States Senator
elect from Ohio, said {:
"Of all the contrivances to give one
section Of the country an advantage over
the other, the National Bank system is
the most cunningly devised and the most
effective. You know that this system
was created by an act Of Congress, and to
make way for it, Congress taxed the
State banks out Of existence. Under the
State bank system, each State regulated
for itself the amount Of bank notes Its
banks should issue, regulating the
amounts by the wants Of its own people
By the National Bank system, the Fed
! eral government furnishes the notes tC
the banks organized under it, giving tC
each bank ninety dollars in notes fol
every one hundred dollars of government
bonds it deposits with the Treasurer o.
the United States. The consequence is
that the section Of the country that
holds the most bonds can have the mos
banks, and consequently the most money
"But, as | have shown, the Eastern
States hold far the greater number o
the bonds and what is the consequences
| / will state it from this official report G
the Comptroller of the Currency, that
hold in my hand, transmitted by the Sec,
rotary Of the Treasury to Congress, a
the opening of its session last winter. Ii
this report is a table, with the caption
"The following table will exhibit thu
number of banks, with the amount o
capital and circulation in each State anG
territory" From this table it appear:
that the six New England States have ar
actual circulation of Sl04 300,629.
"The six great Northwestern States
Chic, Indiana, Illinois, Wisconsin and
Iowa-have an actual circulation Of S4S.
554, 1856.
"The six great cotton, tobacco and rice
States Of the South-North and South
Carolina, Georgia, Alabama, Mississippi
and Administrative an actual circulation
Of two million two hundred and fifty-six
thousand one hundred and twenty-five
| dollars.
THE population of the six New Eng.
land States, by the census Of 1860, was
three million one hundred and thirty five
thousand two hundred and eighty-three.
| Of the six Northwestern States, seven
million six hundred and one thousand
eight hundred and twenty-five. OF the
six Southern States, four million nine
hundred and forty-four thousand five
hundred and seventy-two.
These eighteen States increase in pop
ulatiOn in very different ratios, the in
crease in the West and South being
much greater than in New England.
Making a proper allowance for the in
crease since 1860, their present popula-
ton is, in round numbers, as follows
The six New England States............... 800 900
The SIX Northwestern 600 900
he I've Southern 5,5OO, 900
Total. l9 OOO. 900
" From this it appears that the Ma
tional Bank circulation in the six New
England States is at the rate Of 500 so for
each man, woman and child. In the six
Northwestern States, S4 s.. In the six
Southern States, fOrty-one cents. So the
effect of the National Bank system is to
give to the six New England States over
SIX times as much money per head as it
gives TO the six Northwestern States,
and over seventy-twO times as much as
it gives to the six great Southern States.
Or if you take the number Of voters as
the basis Of comparison, you find that it
gives to each New England voter $3.50,
to each Northwestern voter about $29,
and to each Southern voter less than
81 so. When you had your own bank
system you regulated the amount ofyour
bank circulation yourselves, according to
your own necessities but now, if you
need more money than you have, you
must borrow of New England, and all
the interest you pay leaves the State, and
is another drain in addition to those |
have before mentioned"
Here it is shown that this great pOliti-