Daily Ohio statesman. [volume] (Columbus, Ohio) 1855-1870, 1868-11-26
New Scheme of the Treasury Rims

New Scheme of the Treasury Ring.
The Nee5 York Herald gives prominence
to Washington rumor, that the Treasury
/ ring are eoneocting another and a gigantic
scheme,tos fill their pockets and plumber
the public. It is nothing less than to give
all the bondholders the opportunity of be-
coming national bankers In other words,
it is to extend the banking privilege and
the profits Of national currency to all
who choose to combine and deposit United
States bonds with the government and
receive ninety per cent. of National Bank
notes for circulation, as the existing Ma
tional Banks do at present. This project
throws all the swindlingr operations of
the Erie Railroad Company and other COM
panies in the shade, for it amounts to wa
tering the entire national debt for the benefit
o. the bondholders. Such a scheme would
seem incredible did we not know the un
scrupulousness' of the Treasury ring and
grasping cupidity of most of the bondhold-
ers. The bondholders of the existing Ma
tional Banks draw six per cent. in gold in
interest on their bonds, which is equal to
IuOEG tLdll pei SSht. Ah
d .rive a profit of six or seven per cent
besides on their circulation, making about
fifteen per cent. on their capital. This, too,
Ills independent of other profits on their
banking business Of course the other
bondholders would like to enjoy the same
advantages, and may be preparing for a
movement in combination with the Treas
ury ring to acquire them. s-5> t-a-l..
1t is we'll known that the National Bank
circulation and privileges are very une-
oually distributed throughout the country.
NewqEngland has by far the largest share,
the South has small proportion, and the
West, with all its activity, vast business
and surprising growth, has not more than
a third of the East in proportion to popu-
lation. 1t is reasonable to suppose the
West and South will soon demand an ap-
proximate equalization of bank circulation
and privileges, and it is not likely the East
will be willing to give up portion OF them
for that purpose. We need not be sur
prised, then, if desperate effort be,
made to extend the National Bank priv
ileges and to initiate the currency in the
interest OF the Treasury, ring and bond
holders. The only way to avert such .,
scheme, to equalize thecirculation, to break
UP this dan gerous NationalBank monopoly,
and to save about twenty-five millions
year to the Treasury, is for Congress to re-
peal the act creating the National Banks
and in place of their currency to issue le
gal tenders. There need be no limit to the
number of banks in any part of the coun-
try using legal tenders only for their cir
culation, and no danger of their being too
many, for the business wants. of every To-
cality would regulate that. The total
amount of circulation could be regulated
by Congress, Sc that there should be neither
imitation nor contraction. Thus it would
be equalized, uniform and permeate every
section according to the wants OF trade
Increase in ihe Public Debt.
If the Washington specials are to be re-
lied on, the monthly statement of the Pub
lie Debt for the month ending the 1st OF
December will show considerable in
crease. 1t is stated the receipts from inter
nal revenue for this month, so far, have
been small, while the expenditures of the
Government have been about the same. as
last month. All this shows that the coun-
try is not prosperous. g noiioG af't .uoi5
V4f- nF fg7t-4-5r..1 tltfslH ~ -rrl.F e. y