The New York herald., 1868-05-25

- national banking system" Indeed he
,oV', "a N . OF season, defended and advocated
las ~ anu ou' nstrosity which sits like a night
'a' nnano'aI 'h' tustria interest OF the country.
"pol e'y .u rxiliary to the ring language
is hoax and black Is WIN, ,or .,. .,
The statement OF the Seci> - 'Ia' ne Neasuo
las made no movement whats -, ~ ..s1.0 W VIC
increase or diminution Of the vo,. 80.
has no foundation in fact In truth, sr.,
sides Of the currency question, The : atins on the
adopted az their Metropolitan Hotel me- to snects
M asHsd Isss ach @sans
other ther srea Mogu advoces On door
OF Congress, an additional issue Of $500 900 00e y"
national bank notes. 1t is not, therefore, difcult q
see that they favor contraction OF the peoples,
money money ana an expansion OF that issued 70 the ma
| A few days ago sent you copy OF a confidential
circular Issued 6y the Industrial Leagne over the
tive Council in VIII ich they claim or rather boast OF
having largely Influenced Speaker Colfax in selecting
also intimate that the result those manipuiatons
was quite satisfactory nearly equal In value to the
cost or the entire organization. II such operations
taken together with the doctrines OF the operators
are not movements for tAe increase or dimnuton OF
the currency, perhaps the manipulators win explain
Another resolution, adopted at their last meeting.
8 IN the Of %
the United States In the questions reat'ns 10 Indus
ut is quite true,r continues the Secretary, "thas
the Hon. Daniel j. MOrrel occupies the position Of
responsibility and influence In this organization.
HERALD correspondent aludes, was masterpiece
OF financial statesmanship pointing out the sate ana
certain road to the resumption OF specie paymene
and exhibiting the excellence OF the national bank
ing system"
doubt that the League isrealy an auxiliary Of the
national bank Treasury rtriYf I trust not, since
furnished specimens of the instructions given and
eXcelencies exhibited In my letter Of the
praVsa nssa ss n hsy csps ou
the present national bank burden would be increased
%no as given h 'ssassS .s nsns
perhaps than any man living. assures me that those
@ as %nder m ae
nearly all the real and personal property In the coun
people utterly beyond calculation.
Justice. however, to the author OF "the master.
piece of OF financial sateHsmanship'' REQUIRES me to
ing the additional issue Of $500 600 Of cur
rency to :. national banks y and do not and any.
any portion OF the sum issued to the First National
Bank OF Johnstown OF which he Is president, unless
president elected to Congress- and there advocating
the issue OF 5000 subsidy to those corporations
Is suggestive to say the least and decent respect
for the opinions OF mankind II he has none for the
interest Of the people, should induce him to give US no
more exhibitions Of his "nnanolal statesmanshp.",
His bank has 100000 Of Its own capital invested
in United States bonds exempt from tax and draw.
e Sm en as ss%ed %
rency so that the bank owners are drawing interest
$114 O0O nearly double the amount OF their IN.
vestment. This is called Financial statesmanshp."
Taxpayers may be for time deceived by high sound.
ing phrases. but not long. In all the resolutions
adopted by these reformers at their last meet
ing not one word is found against tne
or national banks. Plenty of vigorous denunciatio1
OF repudiators who do not exist, and other men OF
| straw. give one more sample Of their buncombe
resolutions and with 1t finish for the present. IL de.
clares, "that at all cost % individuals or casse3
| the public faith with the national creditors must be
kept unbroken and any attempt to evade under any
preext the just obligations Of the country would Oe
| at once dishonest and unwise exposing the nation
| to the contempt and execratOn OF the civilized
| world and undermining the foundations OF all pri-
vate credit"
Inasmuch as no one talks of or contempates break
ing the nations faith or evading just obligations,
excepting these hypocrtes OF honesty they 9nd % ~
fects OF their own internal policy, which must pc
| changed or reputation is inevitable az mte. Ine
| resources OF the country cannot stand the drain
caused by the national bank Treasury ring. When,
therefore, you hear OF man pratng OF public laitn
with national creditors '.spot" him. he Is repudl'
| atOr in disguise.