The Jasper weekly courier. [volume] (Jasper, Ind.) 1858-1922, 1869-10-08

the ONO canvass, defended the National
banks III laborod special plc:,. On
Wednesday last. speeches were made by
two prominent men, r. presenting he op-
posing parties Mr.. Hendricks in Ohio,
81 Nj. sumner in Massachusetts. Boih
&c oviewcd The leading political issues aud
both discussed the National banks, 80
that question may properly be regarded
a. a live issue. Ncwili quote the views
expressed by each. as tie sentiment of
tie two parties Oh the National bank
is. stem. Mr.. sumner said:
Among tie practical agencies 10
" liieh the country owes ninch already.
are the National Banks. They can not
fail 10 be taken into accoi.nt in ail iinan-
ciit discussions. AS they lave done good
" here they are now established, would
lgladly see them extended, especially ut
tie south and West, where they are
II uch needed. and where abundant crops
laircady supply the capital. But this can
be done only by removing the currency
limitation III the existing Bank Act.
Here should like the condition tina. Cor
very new bank note issued, green
back should be cancelled, thus substitute
IN, < the bank notc for the 1reenback. In
Il is way our grecnbacks would be re-
Iduced III volume. while the demand tor
lcurency would be supplied by the banks.
/ his wonld be an important Stage to-
ard specie payments. " hicll | am un-
Thing 10 see postponed, while the Aa-
ltional hanks in the south and West.
founded on the bonds OF the United
: ,atcs, would he new security lor tie
il tional credit
Mr. hendricks said:
In that same speech 10 wl;,n have
referred 10. Governor Morton ilalses a
Idriense OF tie national banking system,
and as that was the. speech III tie OPEN
! j. 4 OF HE campaign, il j. 10 be rcgalds d
"a declaring tic views oi the party in
| II + STATE.
Gan YOU see any advantage 10 the pco-
lple in !he national banking system !!
T. ovrinor Morton says Democrats want
to break down tie present system and
rc-es.ahlish tie state banking system.
isr SAYS that withuut finding il III The
platform, or declared by any OF tie can
lCidatos SO far as ! know. The Demo-
lcrais say t4is II the Government OF the
[ nitrd States must furnish = currency,
lwhy not issue il directly from the Treas
lu.!. Ike she did during the war, instead
20! intciposing the banking system be-
tween i'tr aud t!ia people. II i done n
4 this way: II man wants H. establish q
national hank, he goes 10 Washington
land deposits IN amount Of bonds sad
,ti..n sillhc. oii as many llnn balls as
ti'a. deposit viii allow. and hriags tho e
bahh An.s ont ard ciicuia;,a II as n.uitc u.
-itlc ionu~ oi tile United States standing
as s,ct.:ny 10. iLese hank bills. In other
" ords, the Government j. security for
the bank. A0.. ii tie Goveinn, nj is
to be security loi the banks, why not al
| low the Government TO issue our Treas
Jury notes at once! The treasury notes
are as good rs credit 10 the pockets Of
tie people, or are rs safe money in the
pockets OF the people as the bank notes
are when they rest ior their security up
on tie bonds of the Government. What
W ould be the effect OF that, gentlemen :?
IA he Government OF the United STATES is
to-day paying interest on over s3Oo.O0U,-
900 OF her bonds which are deposited as
security for these bank bills.
i ii that system be abandoned. and tile
direct treasury note system be adopted.
YOU will save, by lifting these bonds and
Oscharging them. the interest that is
paid upon these bonds, ~ declared in the
lplatioIIn OF The Ohio Democracy.
l am not going TO discuss the question
Iof the taxation of banks in Ohio. IL
would make no difference if the banks
transacted and carried on their business
by treasury notes direct, instead OF these
bank notes that arc secured by bonds.
In that event they would pay. no doubt
as much tax. The National Banks may
suit il YOU please. but let them deal not
in paper secured by the Government
bonds. but in paper issued by the Gov
lcrnment direct. Let them become bank :
ofdeposit and banks of exchange. instead
of banks of issue, and they would pay
as much interest into the national and
State Treasury as the present system
provides for, and. at the same time. save
II large amount Of interest paid out
There is wide difference between
these gentlemen as to the utility and
benefits of the banking system. as now
organized. Mr.. Sumner represents New
I. England and the interests of capital.
while Mr.. Hendricks speaks for tho
West and the interests OF labor. Shall
the Government be run in the interests
lof labor or in the interests of capital!
1 -)-e.