Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1869-12-18
National RaNrZa


injurious effects of the National Bank
system upon the various industrial pur-
suits of the country. We have spoken of
the imperative demand for greater vol
ume of currency. We see that some Of
our fnanciers propose to supply this de
mand by en- increase of the number Of
National Banks. Against this, we enter
our emphatic protest. Already we are in
the hands of the PAilistines. The power
Of the National Banks throughout the
country, in all the various departments Of
government, State and national, is almost
irresistible. Directors and stockholders
in those institutions are TO be found in
every legislative assemblage. But few
days since the Washington correspondent
of the Cincinnati Enquirer, in comment
ing upon the growing influence of these
banks upon the legislation of Congress,
said:
''The banks are stronger in this Con
gress than in the last, which, according to
Ben. Buffers count, contained sixty-fye
directors / have not been able to get at
the exact statistics of this matter for the
present Congress, but am very positive
that there are at least seyenty-five nation
al bank directors now in the House. And
it is worthy of note that nearly every 'di-
rector who was a member of the last
House has been reelected, and is here
again. This shows the power of the ma
tiOnal banks in moving the political ma
chinery of the country, and it shows, too,
what we may expect when any struggle
involving their rights and privileges comes
up in Congress.
As another evidence of the influence
which National Banks have, we give the
following extract from the Cincinnati
Enquirer
''The reader of Congressional proceed
ings will have noticed that Mr.. John A.
Garfield, of the Western Reservoir Ohio,
the successor of Joshua R. Giddings, ap-
pears TO be the leader of the bondholding
and National Bank forces in that body.
Who and what is Garfield2 He arose to
be Brigadier General during the early
part of the late civil war. We have
heard that previous to it be was q pro-
fessed minister of the Gospel. A any rate
be was worth nothing pecuniarily, speak
ing after the fashion and manner of this
world But in 1862 he was elected to
Congress, and since then, during the past
seven years, he has managed, on s., 900
per year, to acquire large fortune His
estate and his monetary resources are said
to be worth hundreds of thousands of
dollars. This increase in property was
simultaneous with his advocacy of the
monetary monopoly interests in the
House. OF course we make no charges.
But at the late election it was so well IN
deTstOOd among his Radical friends of the
Western Reserve that he was intimate
with New York capitalists, that if there
had been a reasonable chance they would
have brought out an independent candi-
date and defeated him. Even in the Rad
ical district which he represents, his I'M
disguised employ by the bOndholders has
created unusual disgust and dissatisfac-
ton"
Even the President OF the United States
is well understood to favor the Bank in
terest. In his message he recommends
the buying up Of greenbaclls with the gold
in the Treasury, and thus withdraw them
from competition with the National Bank
notes. Would it not have been more in
accordance with the interests of the peo-
pie, if he had recommended an increase Of
greenbacks, and the redemption of bonds
bearing interest payable in gold. Green
backs are nothing more nor less than Gov
eminent bonds, and their excellence con
sists in their being used as a circulating
medium and they 6earRO interest Upon
the contrary, the bonds, so-called, cannot
be used as a circulating medium, and bear
interest, a very large amount of which
is payable in gold We suggest that
President Grant change his policy.
Let him recommend an increase Of
the little bonds, called greenbacks,
which bear 10 interest, and reduce the
amount of large bonds which do bear in
tcrcst. If he win not do that, we beg
of him at least TO recommend the repeal
Of the ten per cent tax on the notes of
banks chartered by the States, thus
opening the way to competition with the
National Banks. If this were done banks
would soon be organized throughout the
South and the West which would com
mand the confidence of the people and
afford US the circulation that is abso-
lUtely essential TO our prosperity.