Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1868-10-18
THE NATIONAL BANKS ~ A
RREfTIEAL poMEE.


One of the most powerful influences
that We have TO contend with in the pres
ent contest slhe National Bank interest.
The projectors Of this money making
scheme feel thatit the Democrats should
get control Of the government, the law
under which they are literally coming
money would be repealed, and hence the
desperation with which they fight for
supremacy. The New England States,
through some species Of lavoritism, enjoy
monopoly Of the benefits arising from
the National Bank system This will cN,
plain why those States sent million Of
dollars TO Pennsylvania to aid in carrying
that State for the Republicans. They
doubtless also contributed a large portion
of the money used for electioneering pur-
poses in Ohio and Indiana. The great
mass Of the people, especially Of the
South, have hut little idea what a power
in the land these National Banks are, for
the reason that they have given the sub
ject but little thought A correspondent
Of the Chicago Times has shown why
the Bational Bank interest is 50 powerful
in the contest. From his article We quote
as follows
at seems ,hat the Democratic papers
Of the country vAIic 81 0Sglv and fully
discussing other branches Of the great
financial question. are now almost as still
as death about the IaonsuOus swIndle
known rs the National Banking system.
have recently made some calculations, q
la Atkinson, a. 70 the amount Of money
that can bomade UJ- af il by the bankers
have invested an imaginary capital OF
100000 Of gTccnbachs IN 90 bonds. J
deposit those bonds in the Treasury De-
partmeut. organize my bank, and am
furnished with an.lSsue OF --lOD0J ll
other , 20 bonds, and deposit them in like
manner, and draw an issue Of S2I5OUO
of national currency. l again with that
amount buy other bonds and deposit the
same IN hike manner as the first, and
draw an issue of S2lS, 100 O. national
currency. And SO on until have $4,000
IN national currency Lit to operate my
bank with beSids the deposits of custo-
mers. Aud, having only invested $500
900 of rrcenbackS, I am vet the owner OF
~%Il.l23 Of United State 30 bonds,
and draw an annual interest N gold OF
SIJ2 GGl &S: and in grcenhacES, at
II lU 1t would Doe S2lGG3l J3. Re
member. have only 100000 Of
actual capital invested, and that IN
greeuhacks. anu draw an annual
interest on thai Investment OF nearly
S2llOu0. might still further continue
the calculation. until ] had only $1,000
left; and then ] would draw an annual
interest on my $4,000 capital Of N2iI,-
llG. That is. nearly ONE HUNDRED PEE
CENT. ON the capital invested
Is it wonderful ,has the men who aTl
roaming SO large a harvest from their in.
,,stmcnt, are fighting desperately to Re.
tain in power party that is-plcdgcd t'
sustain these banks New EnglabJ
would I,se immensely 10y the repeal O
The National Banking law, for her capi
toIists could invest their money in moth
M that would yield so large a per cent
Let the Democratic doctrine OF paying
the bonds oil in greenbacks prevail, an.
then repeal BE law creating Nationa
Ranks and the Northern capitalists fol
whose special benefit this law was en-
acted will be unable to find any invest
meat that will yield them such iarg
motifs This is therefore the most pow
.ru! interest against which the Demo
erals have to contend in this contest.