Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1869-08-26

gether, present the simple issue OF re-
pudiation. The income upon the bonds
Is already taxed like the income OF other
species of property, but that is not the
Kind of tax referred to in this resolu-
.tion.l 1s5 Hsa ihzaH ~ frisls,tsli-. g. -e
.s..s., EAT1OFAL Ranks. ye-,.-,.
The third resolution in. /, r the series
reads as follows That we denounce
the National banking system as one Of
Lie worst outgrowths OF the bonded
debt, in that it Unnecessarily increases
The burdens of the people. thirty millions
of dollars nnualIy and we demand lis
Immediate repeal This RESOLUTION Is
either true or false. If ithe true, then
the National banking system should be
abolished, unles there be other advan-
tages which will compensate for laying
the additional burden upon the people
of thirty millions. 1t will appear by a
little examination, that this resolution
is wholly and absolutely false; and as it
is-an old rebel soldier, that.has served
through several campaigns, i will pay IT
a little special attention. And to show
that il is false, it is not necessary TO
argue that the National banking system
is perfect, or that it is the best system
that could de devised. How is 1t at
tempted to be shown that this system
imposes an additional burden OF thirty
millions upon the people? They say II
imposes such q burden because the Gov.
eminent pays interest to the amount OF
thirty millions on the bonds which are
held by the banks. and deposited by
them with the Government for the Sc
curity of their currency. But would not
the Government have to pay the same
interest on these bonds whether they
were held by the banks or not? If those
bonds were held by private individuals,
the Government would have to pay the
sanle.interest it does now The purchase
of the bonds by the banks, to deposit
with the Government as security for
their currency, does not increase the
amount of interest which the Gouern-
ment has to pay on them to the amount
of one cent Whether the bonds are
held by the banks or by. private fndi-
viduais, makes no possible difference TO
the Government. How is National
bank established? Why, they have TO
deposit with tile Government before
they receive their currency, bonds to the
amount of the ten per cent. more than
the amount of the currency which they
receive. How do they get those bonds2
They go into the market and purchase
them, Just as you would 60 and purshase
bonds if you want them. The purchase
of bonds by the banks does not increase
the amount of bonds-does not Increase
the interest the Government has to
pay-but the bonds simply change bands.
Whereas, the Government paid the in
terest to private persons, now the is-y
tefest is paid to the backs. The official
r. 49, 1000 Hot, bot rhn
banks held and had deposited with the
Government, as secrity for their curren-
cy, three hundred and thirty-nine mill
lion six hundred and eighty-six thous-
and dollars, and as security for their
deposits thirty-seven million four hun
dred and forty-six thousahd dollars,
making an aggregate of bonds three
hundred and seyeDty-seyen million one
hundred and thirty-two Thousand dol
fars, upon which the aggregate interest
bald by. the Government per annum,
kaany of the bonds being five per cents.
was less than twenty-five; millions; of
dollars. During the past year the
National Banks paid into the Treasury
OF The United States for taxes, nine
million FIVE hundred and twenty-five
six hundred and seyen dollars,
and thirty-one cents, and into the Treas
uries of the several States for taxes
eightmiHions eight hundred and thirteen
thousand. one hundred and twentysix,
dollars aud ninety-twO cents. making an
Of eighteen millions three
hundred and thirty weight thousand
seven hundred and thirty. four dollars
and 7twenfy-three cents, which the
National Banks paid back in the form
of taxes. IL is true the interest is paid
=. ba t,xy as,I oof oil hoe NJ
In currency, but giving'to the coin its
full value in currency it will be found
that more than one half of all the inter
est paid on the bonds owned by the
banks is received back in the form of
taxes, thus practically reducing the rates
of interest on the bonds owned by the
banks to about two and one-half per
cent. -f,..-Li..-
The hecapitalstock ofthe National Banks
in Ohio for that year amounted to twenty
two million four hundred and four thous-
and and seven hundred dollars, upon
which was paid an aggregate OF one
million thirty. five thousand six hundred
and thirty-two dollars and sixty-six
cents in taxes, which was small frac-
ton over four and six tenths per cent.
upon the entire. capital; and Of this
amount five hundred aud twenty thous-
and nine hundred and fifty-one dollars
and twenty cents were paid into the
State, county and city treasures. Dur
ing the same year the average loans and
of all the banks to the busi-
ness men of the country amounted to
more than six hundred and sixty millions
Of dollers. What the consequences
would be to the country-what panic,
and ruin must ensue should
Ix<. rtxv <uffh "A 20 ~, oc
thew have to be if the banks were abol-
ished as demanded by this Democratic
platform need not illustrate to an in
telligent audience like this. Therefore,
the statement that the National Bank.
ing system Increases the burden of the
to the amount of thirty
millions, is not only totally but shame
full v false, aud is q sheer attempt to
impose upon and defrandthe people.
On the contrary, it is clearly shown
that the National Banks, so far from in
the burden of interest to be
paid by the people,, absolutely diminish
ID. to the amount of more than eighteen
millions of dollars, for the reason that,
although the bonds are not liabe to tax
alton. the bank stock. the currency and
deposits created and feurded upon them
are subject to taxation. And, in fact,
it will appear upon examination that
the National Banks are the most heavi-
ly taxed property in the United States.
AZ said before, to show the utter false
hood of this resolution, it is not neces-.
sary that i should affirm that the
National Banking system is perfect, but
I do say that it is far betterthan the old
State Bank system which it superseded,
and to which it would seem that these
Ila., ocra tie r,oiitioiapa " isf TO return -
In 1860, before the war, the notes of the
Band of the State of OhiO-as good n
bank as there was in the Northwest
would not pay a hotel billin the city of
New YORK. The notes of all the banks
N ttss N,,rth yytsst were at a d discOtIut n