Nashville union and dispatch. [volume] (Nashville, Tenn.) 1866-1868, 1868-05-02
AN ODIOUS FAVORITISM.
How the Treasury FaVOFs the Nation
al Banks at the Expense of the
PeGptR.

How the Treasury EaV0Fs the Nation
People.
The National banks are not satisfied
with the bonus Of S25,000,000 per annum
which the people pay them ia the shape Of
interest on bonds, which bonds most Of
them bought with their own circulation,
bot they must also have the use Of an i'm
mense amount Of the peoples money de-
posted with them, and for which they pay
no interest whatever; at the same time that
the people are paying from 9 to l0per cent.
interest In currency on money borrowed, in
| order 10 enable the government to loan that
money gratis TO the banks This is nothing
more nor less than robbery reduced TO a
system. Many of these National Banks
are actually kept up, and enabled to make
loans, for which they get a very high rate
OF interest," by the government money de-
posted with them. Thus the bank ofthe Me
tropoiis, ofthis city, failed the very moment
the government money, which appeared
TO have been Its only capital was removed
from itS vaults. Congress some time since,
directed Mr.. McCulloch to report the
amount Of money which had been placed
with National banks without interest,
from June 30, 1866, TO October l, 1867.
One Of the strangest features of this re-
port Is, that the First National Bank of
this city, aud Of which Mr.. II. d. Cooke
of Jay Cooke & CO.. is President, and
which stands right across the street from
the Treasury Department building, has an
aggregate government deposit of 81. AT
Oo6. Another strange feature il, that the
Coin Exchange National Bank of Phila-
delphia, which is within a few rods of the
United States depository in that city, has
an average government deposit Of between
S250,00 and $3.50, 900. United States
Senator A. s. Cattell is President of this
bank, and one Of the most recommending
impeachers Of the President. Last Jan.
uary, the House Of Representatives passed
bill prohibiting the deposit of any gov
eminent in any national bank within GER
tain distance Fifteen miles, Of a United
States sub-treasury depository. The bill
was sent TO the Senate, and, BY the Senate
Finance Committee, referred 10 Senator
Catteil o., who, very naturally, being a
very interested party, voted adversely
thereto, thereby killing ii. Now, how can
the people expect anything like honest and
dislnterested legislation, as respects our
finances, when both Houses Of Congress are
virtually owned and controlled by such an
overshsdowing monopoly as these National
Banks, and when the Secretary Of the Trea-
sury Systematically plumbers the people. to
the tune of the interest on nearly $4,000
OOO per annum for their benefit, to say moth
ing OF the facilities which the use of this
money gives them to make money, to specu-
late in stocks, to raise or depress prices, and
thus to constantly take the means from the
mass Of the people and accumulate it in
the hands Of the few. Directly and indi-
rectly, the national bonds under their pre-
sent management take the following sums
from the people:
Interest on sos Con 600
Interest on government deposits. for
which banks pay nothing ................ 1900 900
Interest charged people for loan Of said
deposFts..::.;;,;.. ............-. 5000 900
Interest paid BY people on loan Of cap
Ital really furnished by government. 50, 600 coo
Total 600 900