New-York tribune., 1868-10-28
THE NATIONAL BANKS.
LETTER FROM q. 5. TREASURER SPINNER TO MR.
JOHN c. HAMILTON

LETTER FROM u. :. TREASURER SPINNER TO MR..
JOHN c. HAMILTON
wAsnRGToN oct. ~. 1853.
My DEAR SIR: | have, since you have spe-
clay called my attention IT. looked that part OF
Mr. scymours specious speech. wherein he finds fault
with the unequal distribution Of the National Bank cur
renoy. His nguros are. substantially true but he pur
poscy states them to convey false impressions Of
facts 10 the minds OF uniformed aud unthlnng men;
and IL is such that he mainly addresses them. His
very statements absurd. What would be and his
friends" hnvei That the West. IN whose behalf he
speaks and that he says was then IN condition 90
secure the currency the very that they most
needed IT, should establish banks without catalf True,
under state laws ana under Conservative" Democratic
rule banks used 10 bc created Bnt thanks To better
financial counsels aud wiser political action that time
has passed Then bank charters with exclusive banking
privileges. were freely granted 10 hyorte insol.
vent politicians, for political services rendered anu
| 10 be rendered No real money was then required
20 be paid in These institutions were gotten up, so mat
be few favored stOckhOlders borrow the fictitious
credit In the shape bank bills. Of these bogus aud
utterly rotten Institutions For time every thing was
lovely Ihc bills were exchanged by those swindling
bankers for tho products OF the farmer and for the ser
ces Of the mechanic and the laboring man But then;
when they back for redemption, the bank" closed
as doors and the honest holders bills lost their
face value they had any other and the luxurious
idle swnders pOckcted without cost 10 themselves, what
had been 30 hardly earned by the honest industrious,
abOrng poor Does Mr Seymour for himself, or on be.
half OF bis frends desire The return of this state OF
thnesI The whole West and especially illinois, that he
contrasts with Eastern states has had Its sureit or
3 9d a 81 oSSI SSRsS ag %a m banks and all Kinds
paper currency rather than have such O1ks hhu Such
currency again forced upon its people. But then, would
the West have any more currency had used It's scanty
TO buy Government stocks In order To procure u
from is own people and banks rather than from those Of
other states that had II In abundance Can the West
or any other people. borrow money NheIo ~ II
like everything else that is desirable, must be sought
where 1t is and not where /! Is noti How, let me ask
leges IL has by what authority does Mr. Sey
thus speak for Iinoist That noble state that dl
much TO crush Rebels aud that holds In tho bosom OF
tts
does need ask his interference IN It's behalf IL
can take OF ITSELF and OF him too. Illinois makes no
complaint ana her citizens WILL in few days, admOnish
HIM meddlng IN her affairs is gratutous and un.
called for. All lnosans know that the door for them
to and TO organize National Banks. and thus o
secure their share Of national currency, was left Wide
open 10 them for years They know thht te Government
In time OF imminent danger and great pecunary need
sent agents not only To them, but 10 all other loyal
sections and communities. mporng all 10 Duy s stocks,
and establish these banks How were these ap'
plicatlons Of sorely pressed Government OF the
people met by the then Gov Seymour and his JIends =
Your bankers In New York under the invitation OF the
peoples Congress, anxious 0 aid the Government
In s distress They pettoned your Legislature 10 enact
law 10 authorize them surrender their state char
ters and convert themselves into national institutions
loyal Legislature patrotcaly granted Their ana the
nations prayer and passed law permitting tho eOnyer'
sion OF the state banks into National banks GOV sey-
mour foreseeng this would In effect be loan OF the
whole banking capital OF the States to tho General dov
ornment. and thus enabling II 70 prosecute the war
against the Rebels who seeking the nations life
and thus prompted by his Copperhead instincts to EN-
the Government and to ad the Re9elon rstoed
Me biM Massachusetts Rhode Island anu Otner lOyhI
that Mr. seymour names dlsparhglnsy' naying
lOyal Legislatures and tOydE GOrdH0fs Wlthai
came nobly TO tho nations rescue. They took
the risks.rsks they then were, for had the
Government failed in its efforts 20 sustain
the fe OF naon these banks who had staked Their
all on the issue, would have with our Republican form
OF government gobe under together. Can this be
doubted when II IL known that these National Banks had
collectively loaned the Government, in order that the
suppression OF the Rebellion might be moro vigorously
proseeuted gore than The entlre dgGe0dte Of her egP
hisy Aud to-day these banks hold more hdn ohe,tUm
or me e,re Jnded debt OF The United States They took
the risks although told by those who now like Mr. Sey
mour boast that they never took or bought dollar OF
Government stocks that they would loose their whole
investment This course OF Mr. Seymour and his
friends" admits OF but two explanations lhey are
welcome 10 either horn They refused TO take these
stocks or 20 aid in tho creation Of National Banks be-
cause they believed It would bring AID to the Govern
nent and ujure their Rebel allies or they had then
already made mp their minds TO repudato the sacred OBJ
legations OF tho Government, whenever the people
shoud so far forget themselves as TO trust
them. and 90 restore them 10 political power.
That banking capital and bank note should DO
distributed by " Use saieSmaHshp aud an act OF Con,
gress per capiia and not according 20 the commercial
wants OF business communities Is an invention OF MIR.
sey mour's for which he is entitled 10 patent HIS IN
vcntlon will probably die with him, without loss 10 tlo
rest of mankind In January 1891, when there was no
United States law governing the subject OF banking
xUbat itukA uOuIilAau uoCtySu under the laws vi